Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are…
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017,…
We are pleased to announce the following promotions to Principal at LB Carlson: Dan is a leader in the Minneapolis office attest department providing outstanding client service and creative solutions that contribute to the success of our clients. His dedicated…
Speaker Mel Enger, LB Carlson: Planning for Profits on What You Have
Mel is the president of LB Carlson, and the managing partner of the Minneapolis office…
The Tax Cuts and Jobs Act made major changes to the tax code including a new deduction for business to take a 20% deduction on Qualified Business Income. For many operating businesses it is pretty straight forward as to whether…
What’s all the hype about this new tax law? The Tax Cuts and Jobs Act of 2017 encompassed many federal tax law changes that will affect your 2018 tax filings. A highlight of some changes include: Higher standard deductions…
On October 25th, LB Carlson was a sponsor for the MPMA Manufacturing/NEXT 2018 meeting featuring Titon Gilroy as the keynote speaker. His powerful message was “Inspiring the Next Generation of Manufacturers” by engaging the younger generation through the utilization of…
We attended the Minnesota Multi Housing Association’s Convention Products Show on October 9, and this year’s theme was “Game On!”. Attendees stopped by our booth and had fun playing a bags game in order to win a drink ticket. We…
Carlson Advisors, LLP Announces Name Change and Move of Minneapolis Location Effective July 1, 2018, we are changing our name to LB Carlson, LLP. The name LB Carlson was selected in honor of the firm’s founder Lawrence ‘Lary’ B. Carlson….
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not…
A manufacturer’s current accounting policy related to revenue recognition could change in the upcoming months with the recent passage of new revenue recognition standards by the Financial Accounting Standards Board. Previously, the standards treated contract and other manufacturing arrangements as…
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several…
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under…
The recently enacted Tax Cuts and Jobs Act (“TCJA”) is a sweeping tax package. Here’s an overview of one specific important business tax change in the new law; Meals and Entertainment. In general, the new TCJA provides for stricter limits…
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will…