Barton Walter & Krier, P.C. - CPAs

Barton Walter & Krier, P.C. - CPAs CPAs & Business Advisors providing premier tax, accounting, and advisory services. Tax Preparation Service

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewin...
07/21/2026

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes. For example, if you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains this year, consider selling some depreciated investments to generate losses you can use to offset those gains. And if you’d like help evaluating these and other midyear tax strategies, contact us.

The IRS has increased the 2026 cents-per-mile rates for calculating tax-deductible vehicle operating costs due to rising...
07/20/2026

The IRS has increased the 2026 cents-per-mile rates for calculating tax-deductible vehicle operating costs due to rising fuel costs. Effective July 1, 2026, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 76 cents per mile, up from 72.5 cents per mile for the first half of the year. The revised rate for medical and eligible moving purposes is 23.5 cents per mile, up from 20.5 cents per mile. For charitable driving, the 14 cents per mile rate remains unchanged. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. To protect your deduction, keep detailed mileage records. Contact us with questions.

If you want to transfer some of your wealth to your adult children or other family members, one of the simplest tools av...
07/15/2026

If you want to transfer some of your wealth to your adult children or other family members, one of the simplest tools available is the gift tax annual exclusion. For 2026, the exclusion is $19,000 per recipient. If you’re married and your spouse consents to a joint gift, also called a “split gift,” the exclusion is effectively doubled to $38,000 per recipient. If you make gifts in excess of the annual exclusion (or gifts ineligible for the exclusion), you can tap your lifetime gift and estate tax exemption ($15 million for 2026). Gifts must be of a “present interest” to be eligible for the annual exclusion and, to be covered by your 2026 exclusion, be made by Dec. 31. Contact us for details.

Qualified charitable distributions (QCDs) let traditional IRA owners age 70½ and older make tax-free distributions direc...
07/13/2026

Qualified charitable distributions (QCDs) let traditional IRA owners age 70½ and older make tax-free distributions directly to eligible charities. QCDs also can count toward required minimum distributions (RMDs). Because QCDs don’t increase reportable income, they can reduce or eliminate the risk that RMDs will trigger income-based reductions of various tax breaks. For example, the $6,000 “senior” deduction is subject to income-based phaseouts. So is the auto loan interest deduction. With the 2026 QCD limit of $111,000 per person, QCDs can be a tax-smart way for seniors to satisfy their RMDs this year. Contact us to learn more.

Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a larg...
07/02/2026

Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a large tax bill. If you sell your principal residence and meet certain requirements, you can exclude up to $250,000 of gain ($500,000 for joint filers). Gain that exceeds the exclusion or doesn’t qualify for it, however, is subject to long-term capital gains tax (or short-term capital gains tax if you haven’t owned the home for more than a year). It also could be subject to the net investment income tax if your income is over a certain amount. Contact us before putting your home on the market. We can help you estimate the tax impact and discuss possible planning opportunities.

Are you thinking about selling your commercial or investment real estate? If the property has appreciated significantly,...
06/30/2026

Are you thinking about selling your commercial or investment real estate? If the property has appreciated significantly, a Sec. 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange the property for another qualifying property, generally deferring tax until the replacement property is sold.

But common misconceptions about Sec. 1031 exchanges can lead to missed opportunities or costly mistakes. For example, the property types don’t have to be identical, and receiving cash or debt relief (“boot”) may trigger taxable gain.

We can help demystify this tax strategy and determine whether it’s right for your situation. Contact us to learn more.

The Taxpayer Advocate Service is reminding small businesses of an upcoming deadline for filing an amended return to clai...
06/23/2026

The Taxpayer Advocate Service is reminding small businesses of an upcoming deadline for filing an amended return to claim a domestic research and experimental (R&E) deduction. Tax legislation signed into law last year allows businesses to deduct domestic R&E expenses in the year they’re incurred, starting with the 2025 tax year. It also allows eligible “small businesses” to file amended returns to claim the deduction retroactively for 2022 through 2024. For many businesses, the deadline to make this retroactive election is July 6, 2026. To learn more, see: https://bit.ly/44dMvDk. For help filing an amended return, contact us.

Using social media platforms is a quick and easy way to glean tax-related information and advice. However, it can be dif...
06/19/2026

Using social media platforms is a quick and easy way to glean tax-related information and advice. However, it can be difficult to gauge the accuracy of the information available online. Our firm is one source of trusted information. Another is the IRS. Consider following its official social media accounts (https://bit.ly/4dVN1KP ) and subscribing to its e-News subscription service. Among other things, subscribers can opt to receive IRS Tax Tips that are written in plain language on a range of general interest tax topics. If you’re a small business owner or a self-employed individual, the IRS offers e-News for small businesses. For more information: https://bit.ly/3Q8ARWY

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand ...
06/17/2026

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand the rules. Don’t let this happen to you.

Follow this golden rule: Business expenses must be ordinary (common in your industry) and necessary (helpful and appropriate for the business). Of course, you can deduct supplies, materials, and employee payroll and benefits. But don’t overlook other deductible costs — such as for your home office, education, business meals and travel, and business vehicles.

We can help you identify qualifying business expense deductions and establish recordkeeping practices that support them. Contact us to learn more.

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