What to do When You Get a Traffic Ticket

James Gempeler / January 5, 2015
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At some point in your life, you’re bound to get a traffic ticket – most likely a speeding ticket. If you are smart (and lucky) enough to avoid this, take a bow. But for the rest of us, what to do next may be an unknown. So here is a quick article that can hopefully […]

Year End Tax Planning Part 4: Minnesota Changes

ET Kelly & Associates, LLC / December 30, 2014
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In addition to changes intended to align Minnesota tax with Federal calculations, the state also made several additional benefits available. If any of these may apply to you, please a tax professional for more in-depth information. Dependent Care Credit As part of the federal update legislation, the federal credit computation the Minnesota uses was updated […]

Year-End Tax Planning Part 3: Health Care Reform

ET Kelly & Associates, LLC / December 24, 2014
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This is the first year that taxpayers are required to carry health insurance. Administration of the various health care payments, penalties and credits flows through the individual tax return. Health Care Reform Tax Penalty For 2014, if a taxpayer does not have qualifying coverage for himself/herself and any dependents, and does not qualify for an […]

Year-End Tax Planning Part 2: 2014 Tax Law Changes & Planning Ideas

ET Kelly & Associates, LLC / December 22, 2014
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For 2014 and subsequent years, the individual income tax rate schedules reflect a continuation of the rates in place for 2013. The 2014 individual tax rates are as follows: Tax Rate                Income (Single Taxpayer)                 Income (Married Taxpayers) 10%                         Up to $9,075                                           Up to $18,150 15%                         $9,076 – $36,900                                  $11,151 – $73,800 25%                         $36, 901 – […]

Year-End Tax Planning Part 1: Overview

ET Kelly & Associates, LLC / December 18, 2014
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This is the first in a series of posts over the next two weeks to assist Epilawg readers with year-end tax planning. The opportunity to take advantage of income timing exists particularly for taxpayers who are: In a different tax bracket in 2014 than in 2015; Subject to Alternative Minimum Tax (AMT) in one year […]

Helping Families Today, Tomorrow & for the Future Generations – Part 2

Anne Denny / December 16, 2014
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Part 1 of Anne’s post focused on the 5 strategies of an effective healthcare directive. This week’s post shares insights regarding the selection of healthcare agent(s). Well-written healthcare directives require more than checking boxes on a perfunctory form. Clear treatment guidelines can provide meaningful support to decision-makers, reduce the risk of family conflict, and ease […]

In the News – The Estate of James Brown

Jennifer Santini / December 14, 2014
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It will be the 8th anniversary of James Brown’s death on Christmas of this year and yet his estate still has not been administered according to his wishes in his Will. As we have witnessed with other celebrity estates, Mr. Brown’s estate is locked up in disputes between family members contesting the Will, fiduciaries’ decisions, […]

Helping Families Today, Tomorrow & for the Future Generations – Part 1

Anne Denny / December 10, 2014
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As trusted advisors, attorneys and financial advisors, you are uniquely poised to coach individuals and families on the merits of preparing thoughtfully for end-of-life decisions. Most likely, posing questions regarding a client’s financial assets and estate intentions is part of your everyday practice. But ask yourself: Are you comfortable engaging clients in deep, probing conversation […]

Getting Your Second Chance: Expungements

James Gempeler / December 8, 2014
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Effective January 1, 2015, the expungement law is changing dramatically in Minnesota to the benefit of those that continue to be hamstrung by their criminal past. The end result is that more Minnesotans will finally get a meaningful remedy when they successfully petition for an expungement. Expungement Basics An expungement is a court-ordered sealing of […]

Don’t Delay! To-Do List for the End of the Year

Jennifer Santini / December 2, 2014
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It is hard to believe we are at that time of year again when a new year will be upon us in only a matter of days. The countdown is on – only 30 days until 2015. Here are a few reminders of things to do before we say goodbye to 2014. Take Your Required […]

Qualified Small Business Deduction

Jamie Held / November 26, 2014
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The Qualified Small Business Deduction (“QSBD”) under Minn. Stat. § 291.03, provides an additional deduction for Minnesota estate tax purposes for the value of qualified small business property passing to a qualified heir. The statute was originally enacted in 2011 (and has subsequently been updated).

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