The number of people engaged in the “gig” or sharing economy has grown in recent years. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare rooms, delivering food and walking dogs. Generally, if you receive income from these gigs, it’s taxable. That’s true even if the income comes from a side job and if you don’t receive a 1099-MISC or 1099-K form reporting the money you made. You may need to make quarterly estimated tax payments because your income isn’t subject to withholding. Some or all of your business expenses may be deductible on your tax return, subject to the normal tax limitations and rules. Contact us to learn more.

Device policies pertaining to smartphones and other technology tools are evolving. Loose “bring your own device” (BYOD) policies are giving way to stricter “choose your own device” (CYOD) or “corporate-owned, personally enabled” (COPE) policies. A CYOD policy lets employees buy a device for combined personal/work use from a company-approved list. Generally, the employee owns the device while the business owns the SIM card and any proprietary data. Under a COPE policy, the employer buys and owns the device, which is intended for business use. The cost is higher, but it comes with greater control. We can help you analyze the potential costs of a device policy and make the right choice.

You may wonder if you can get a tax break for medical and dental expenses, as well as prescription drugs. Here’s what it takes and how you might be able to benefit by moving certain expenses into 2019.

There may still be opportunities to reduce your company’s 2019 tax bill.

The best salespeople are closers, who seal the deals and pull in the revenue that drives a company’s bottom line. And they all have these three things in common.

The 2019 Minnesota MANUFACTURING CONFERENCE Strengthen. Unify. Educate. Wednesday & Thursday, October 16 & 17, 2019 Minneapolis Marriott Northwest 7025 Northland Drive, N., Brooklyn Park, MN 55428 The Minnesota Precision Manufacturing Association (MPMA) and the Manufacturers Alliance are co-hosting The…

LB Carlson was a proud beverage and hole sponsor at the Minnesota 63rd Annual PIM (Printing Industry Midwest) Golf Outing on August 8th, 2019 held at Bunker Hills Golf Club, Coon Rapids, MN.

ALERT!!!! You could get an unexpected tax bill or a refund for 2017 or 2018 from Minnesota Revenue! Minnesota Legislature’s 2019 Special Session partially conformed Minnesota tax law to 2017 federal tax law. Retroactively! The Minnesota legislature has a hard…

The IRS has launched a special campaign encouraging taxpayers to perform a “paycheck checkup” to ensure the right amount of tax is being withheld from their paychecks for 2019. This is particularly important given changes implemented by the Tax Cuts…

A Rumor is Floating: Did our Whippersnapper Legislators in St Paul Decide to Conform to Federal Tax Law? In 2017, Congress and President Trump passed the Tax Cuts and Jobs Act of 2017 (TCJA). It dramatically changed the definition of…

LB Carlson was involved throughout the entire process including; initial valuation and assessment of investment opportunity, Letter of Intent negotiations, preparation of financial projections, due diligence, financing assistance, review of definitive agreements, structuring, general consultation and advisory to John Roberts…

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…

The Research and development (R&D) tax credit is a permanent fixture in the tax code. Some estimates put the amount of credit claimed at over $13 billion annually. This credit was established by congress to encourage business innovation, process improvement…

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…