Tax law in Minnesota is changing constantly and seems to get more complicated every year. How do you know if you are utilizing tax benefits available to you when handling farm insurance and payroll? Our goal at Phil Thompson & Associates is to minimize your tax liability by understanding the tax law and applying this knowledge to your benefit. For our tax services, we attend training throughout the year to keep up to date with the current tax changes and have staff members who are experts in various areas including:
- Individuals
- Farms and businesses
- Partnerships, including joint-ventures, LLC’s and LLP’s
- Corporate tax, including S-Corps
- Estate and gift tax
- IRS and State audit representation
Tax Services for All
Tax preparation is probably one of the most important tools that people overlook until it is too late to make changes.
We are here year-round for clients in Warren, East Grand Forks, and Crookston, MN to offer guidance on the tax consequences of life’s choices, whether it is retirement, divorce, starting a business, or sending your kids to college. We believe in taking a proactive approach when it comes to our client’s tax affairs, using strategies to make sure you pay the least amount of tax throughout your lifetime. Some reasons to contact us for tax planning include:
- Buying and selling real estate and equipment
- Prepaying expenses and deferring income
- Stock sales
- Retirement
- Purchasing and selling your home or investment property
- Purchasing or selling a business