For 2026, the federal gift and estate tax exemption is $15 million — effectively $30 million for a married couple. “Portability” allows any unused portion of a deceased spouse’s exemption to be transferred to the surviving spouse. But it isn’t automatic. The executor…
Small landlords: You may be eligible for a valuable tax break. Unless you’re a “real estate professional” for tax purposes, rental losses are typically treated as passive and can’t offset nonpassive income, such as wages or business income. But some landlords may…
Tax scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money. The IRS warns taxpayers to remain cautious because…
If you filed your federal income tax return and expect a refund, you can track its progress. The established tracking methods are to call the IRS’s automated hotline at 800-829-1954 or use “Where’s My Refund?” at irs.gov. Refund information is usually available within…
You might shudder when you hear the word “debt.” But if you’re a business owner, chances are you know that debt is often necessary, and it doesn’t have to be a bad thing. Taking out a business loan is a common and useful tool for funding a business, especially in its…
Selling your company is one of the biggest business decisions you will make as a business owner. You’ve spent years growing your organization and you’re a trusted expert in your field. But when it comes time to plan your exit strategy, you may have more questions than…
You may have heard of estate planning and figured it wasn’t for you. Maybe you thought you were too young or not wealthy enough to bother. The truth is everyone should have an estate plan. This important set of documents gives you a say in what happens to your…
Designing the optimal deal requires a thorough understanding of market dynamics and key issues that affect various industries. Balancing transaction objectives with accounting, tax, regulatory, HR, and commercial considerations is critical to ensure that the…
As a small business owner, it can be easy to get caught up in your day-to-day affairs without giving a second thought to your long-term goals. After all, each day brings enough work for itself. But taking time right now to invest in your company’s future will pay…
It’s not common that tax law changes all at once. That said, 2026 is shaping up to be a vital year for business owners. There are several federal changes scheduled to shake things up, and Minnesota has some changes right alongside them. These business tax updates…
