Personal Tax Advisor Minneapolis - Individual Tax Planning St. Paul

From tax preparation to tax planning, and everything in between.

We’re willing to bet that doing your taxes isn’t your number one pastime. That’s why we’re here. Our accountants and tax consultants in Minneapolis & St. Paul can help you with everything from tax preparation to tax planning—and more.

Our individual tax consulting services include:

Tax preparation
Tax planning
IRS and state controversy representation
Residency issues

Don’t fret about your tax deadline

With the support of John A. Knutson & Co., PLLP taxes are no longer something to dread. Expect a hassle-free tax return process—starting with our user-friendly tax preparation checklist. Rely on the expertise of our tax consultants in Minneapolis & St. Paul to take advantage of applicable deductions. Breathe a sigh of relief knowing your tax return is complete and in compliance ahead of the filing deadline. And if you should need a filing extension, we can take care of that, too. contact us tax advisor Minneapolis

Take steps to reduce your tax bill

Taxes, as the saying goes, are certain. But that doesn’t mean you shouldn’t explore ways to minimize your tax burden. As a first step, your JAK + Co. tax professional can help you accurately identify your income and losses to make sure you’re not paying more than you should.

Pay attention to tax planning services

Tax planning is part science, part art, and a continual process. First, our tax consultants get to know you and your goals. From there, we create a tax planning strategy designed to minimize your tax liability.

Of course, a shift in state and/or federal laws could dramatically change your outcome. For this reason, we stay up to date on tax law changes, and are always prepared to adjust your tax planning strategy if needed.

Confidently resolve IRS matters

Dealing with the IRS can be stressful, not to mention intimidating. With years of tax accounting and tax controversy experience, we work on your behalf to iron out issues involving state and federal tax agencies.

Contact us today to get started on your tax planning!

Electronic Organizer Option

Current John A. Knutson & Co., PLLP clients can now request an electronic version of their tax organizer. This includes completing and submitting tax documents electronically. We use My1040Data, which keeps all information secure. If you would like to complete your organizer and submit tax documents electronically, please request login credentials. After you receive login credentials you can login here.

Request My1040Data Login Credentials My1040Data Login

Individual tax planning can look like these tasks:

Tax preparation
Tax planning
IRS and state controversy representation
Residency issues

The IRS requires individuals who earn income that is not subject to withholding, such as earnings from sole proprietors, partnerships and S-corps, interest, dividends, rents, and alimony, to pay quarterly estimated tax payments, also known as “estimates.” If these payments are on your to-do list, click here to read a few things you should know.

For 2020 estimates, we recommend paying electronically as the taxing authorities are extremely behind on opening their mail due to COVID-19 and campuses being shut down. Watch this video for tips on how to pay online: What to have ready and how to pay IRS estimates electronically

The IRS recommends the following guideline for keeping tax records:

Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
Keep records indefinitely if you do not file a return.
Keep records indefinitely if you file a fraudulent return.
Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

We’ve created this guide for you to reference as needed – especially if you are moving homes, undergoing renovations or spring cleaning!

The IRS recommends the following for online tax payments for businesses and individuals:

Estimated Tax Payments for Individuals. If it’s easier to pay your estimated taxes weekly, bi-weekly, monthly, etc. you can, as long as you’ve paid enough in by the end of the quarter.
- IRS : HOW TO MAKE ELECTRONIC ESTIMATED TAX PAYMENTS TO THE IRS CLICK HERE.
- MN: HOW TO MAKE ELECTRONIC ESTIMATED TAX PAYMENTS TO MN DEPARTMENT OF REVENUE CLICK HERE.
Federal Taxes: Using the Electronic Federal Tax Payment System (EFTPS) is the easiest way for individuals as well as businesses to pay federal taxes. Make ALL of your federal tax payments including federal tax deposits (FTDs), installment agreement and estimated tax payments using EFTPS. Using EFTPS, you can access a history of your payments.
Corporations must deposit the payment using the Electronic Federal Tax Payment System.

The IRS has outlined important individual tax deadlines in this calendar. We recommend setting up an appointment with us to review any questions you may have.

A few tax amounts will depend on your filing status, income, and age. However, we’ve outlined the base amounts for 2023 here. We encourage you to reach out with any questions you have about contribution limits.

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Individual Tax Advisor