Estimated Taxes Guide for Self-Employed & Small Businesses

Learn how to manage estimated taxes with this comprehensive guide. Whether you’re self-employed or a small business owner, Torkelson & Associates can help simplify your tax journey.
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Secure Your 2025 Tax Return with an IP PIN

Protect your identity this tax season with an Identity Protection Personal Identification Number (IP PIN) from the IRS.
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End-of-Summer Tax Checkup: Avoid Surprises Next Year

As summer comes to an end, it’s the perfect time for a tax checkup. At Torkelson & Associates CPA, we emphasize the importance of reviewing your tax withholding and payments to avoid surprises next year.
Letters of the alphabet ERC or with the word Employee Retention Credit.

IRS Warns Businesses of New Red Flags in ERC Claims

With the IRS ramping up compliance efforts on Employee Retention Credit claims, it’s crucial for businesses to review their filings. Learn about the new warning signs and what steps to take if your business may be at risk.
A collection of 2019 tax documents, a pen, and an open mileage logbook displaying handwritten entries photographed by Olga DeLawrence

IRS Reopens Voluntary Disclosure Program for ERC

The IRS has reopened its Voluntary Disclosure Program for businesses with questionable Employee Retention Credit claims. This limited-time opportunity allows businesses to correct improper claims and avoid future audits and penalties. Learn more about how to take advantage of this program before the November 22 deadline.
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Qualify for Home Energy Credits in 2024 with these Home Improvements

Learn how making energy-efficient updates to your home can qualify you for valuable home energy credits. Torkelsons & Associates explains the benefits and requirements.

A tax-smart way to develop and sell appreciated land

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including […]

Advantages and disadvantages of claiming big first-year real estate depreciation deductions

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section […]

Education benefits help attract, retain and motivate your employees

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can […]

Tax To Do’s for newly weds

Tax to-dos for newlyweds to keep in mind

Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they tie the knot.
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2023 limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet […]

Corporate officers or shareholders: How should you treat expenses paid personally?

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you […]
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