Inheritance Taxes in Minnesota: What You Need To Know

There are several different ways an inheritance can be taxed in the North Star State. Whether you’re preparing your own estate or have found yourself the beneficiary of one, it’s important that you understand all the tax implications (including any potential tax breaks) so you can plan accordingly. At Wood CPA, we make sure our.

What Happens When You Over-Contribute to Your HSA, IRA, or 401(k)?

Setting aside money for retirement or healthcare expenses through an IRA, 401(k), or HSA is a smart thing to do. So contributing as much as possible to these accounts is a great idea, right? Well…yes and no. What many people don’t realize is that you can contribute too much to these tax-advantaged accounts. The IRS.

How To Choose Which Business Structure Is Best for You

When you start your own business, there are seemingly millions of decisions to make. From financial and legal considerations to hiring and training staff, it can feel like a lot.  Of all of the decisions you have to make as you set up your business, choosing a business structure is one of the most important..

How To Find the Right CPA: Hiring a CPA That’s a Good Fit for You and Your Business

Hiring the right CPA can be a game-changer for your business. A good CPA can save you time, prevent costly mistakes, help you choose the right business structure and accounting method, make tax time less stressful, and even help you set goals and make decisions for your business. But how do you find the right.

Preparing for Tax Season 2021: What Your CPA Needs From You and What To Expect

Tax season is upon us, which means it’s time to start preparations for your 2021 tax return. Whether this is your first or your fiftieth year filing taxes, preparing for tax season can be stressful and often frustrating as you try to gather the information needed to file your taxes (or even remember where you.

sales and use tax

What Is Sales and Use Tax, and How Does It Affect Your Business?

Sales and use tax management and compliance issues are not limited to retail companies — they can pose a challenge for businesses of all types and sizes.  Collecting, calculating, reporting, and paying sales and use taxes are often some of the most confusing aspects of running a business. And because these taxes impact your business.

starting a business

The Basics of Starting Your Own Business: A Guide

Starting your own business can feel daunting. I know — I started my own accounting firm nearly two years ago.  Starting a business involves vast amounts of planning and preparation, and there are seemingly a million and one details to take care of…and that’s all before you even open your doors! It can feel like.

A Brief Guide to Accounting For Cryptocurrency

Cryptocurrency has gained a lot of interest all over the world in recent years. Both individual consumers and corporations are exploring the addition of cryptocurrency to their investment profiles, and some users are beginning to utilize cryptocurrency as a form of payment for goods and services. Since cryptocurrency is a relatively new and evolving technology,.

1099 form questions

Your 1099 Form Questions Answered: What They Are, Who Should Get Them, and More

If you are a business who utilizes the services of independent contractors, freelancers, or other non-employees, 1099 forms are likely already on your radar. The same is true if you are one of those independent contractors or freelance workers. But, as with many tax forms, 1099s can be confusing. Read on for answers to the.

Tax Refund

Has Your 2020 Tax Refund Been Delayed? You’re Not Alone. Here’s What You Need to Know

If you’re experiencing a delay in receiving your 2020 tax refund, you’re not the only one. While the normal processing time for an e-filed tax return is around 21 days (with many people seeing theirs sooner), right now some taxpayers are experiencing significant delays in receiving their refunds. There are many factors contributing to the.