Kallsen & Associates, CPA's, LLP

Kallsen & Associates, CPA's, LLP Certified Public Accountants, Enrolled Agent, QuickBooks Pro-Advisors, Business Advisors

We guide paths by providing Professionals who actively engage themselves in benefitting and enhancing Individuals and Businesses with Financial Satisfaction. Mission

"We are here to help you-and your business-prosper!"

Vision

To be premier management advisors for privately owned growth enterpirses. To provide timely, valued advice, training and compliance services to help businesses and indivi

duals prosper. We will provide coaching, consulting,measurement and compliance assitance aligned with the vision of the individual and business. Values

Clients, Vision, Teamwork, Service

Cause

We empower our clients to improve their business and personal success by developing their business skills. With effective skills, we help our clients understand complex accounting and tax issues so they can turn our knowledge into value. Our clients get professional assistance to ensure their long-term business and financial success. We help them maximize their cash potential, increase efficiency and minimize their tax liability.

If you’re thinking about financing a new vehicle, you may be able to deduct up to $10,000 per year of interest paid. The...
07/22/2026

If you’re thinking about financing a new vehicle, you may be able to deduct up to $10,000 per year of interest paid. The deduction is available for certain personal auto loans originated after Dec. 31, 2024 — even if you don’t itemize deductions. Modified adjusted gross income (MAGI) limits apply, and only qualifying vehicles assembled in the U.S. are eligible. Before purchasing, consider whether eligibility for the deduction should factor into your vehicle choice. We can help run the numbers. Call us at (712) 336-2632.

A Sec. 530A account, also known as a “Trump account,” is a custodial, tax-advantaged account opened by a parent or guard...
07/21/2026

A Sec. 530A account, also known as a “Trump account,” is a custodial, tax-advantaged account opened by a parent or guardian for an eligible child under age 18. The IRS recently issued guidance that allows qualifying 530A account contributions to be treated as completed gifts rather than gifts of a future interest. The upside is that, if the requirements are met, your contributions can qualify for the gift tax annual exclusion and you may not have to file a gift tax return. If you don’t meet the requirements, your contributions can still be tax-free, but you’ll have to apply your lifetime gift tax exemption — and your generation-skipping transfer (GST) tax exemption if the GST tax also applies. Questions about the guidance? Call us at (712) 336-2632.

Roth IRA and Roth 401(k) accounts help you save for retirement with after-tax dollars. Both accounts grow tax-free, and ...
07/20/2026

Roth IRA and Roth 401(k) accounts help you save for retirement with after-tax dollars. Both accounts grow tax-free, and distributions are also tax-free if you meet certain conditions. However, higher earners may be ineligible to contribute to a Roth IRA. Income limits don’t apply to Roth 401(k)s, which also allow higher annual contributions. If you’re unsure where to put your retirement savings, contact us at (712) 336-2632 for more information on the tax considerations.

The IRS has expanded its Business Tax Account (BTA), making the self-service platform available to partnerships; tax-exe...
07/16/2026

The IRS has expanded its Business Tax Account (BTA), making the self-service platform available to partnerships; tax-exempt organizations; federal, state and local governments; and Indian tribal governments. The BTA is a centralized platform that allows eligible users to manage their federal tax responsibilities online. Among other things, BTA users can view tax balances, make payments and see payment history, access eligible payroll and income transcripts, if eligible, and download select digital notices. The newly eligible entities join sole proprietors, S corporations and C corporations that are already able to access the platform. Call us at (712) 336-2632 to discuss your business’s tax obligations.

The IRS is more likely to audit certain types of businesses, such as those that are primarily cash-based. Although you p...
07/15/2026

The IRS is more likely to audit certain types of businesses, such as those that are primarily cash-based. Although you probably can’t change the nature of your transactions, you can control the accuracy of your tax returns. Minimize errors by maintaining meticulous documentation. Generally, you should keep tax records for at least three years — the normal statute of limitations for an IRS adjustment. And don’t try to go it alone: Call us at (712) 336-2632 for help reducing the likelihood of attracting IRS scrutiny, as well as for support if your tax return is ever questioned.

Should you and your spouse establish a single joint living trust or separate trusts? Living trusts, also known as “revoc...
07/14/2026

Should you and your spouse establish a single joint living trust or separate trusts? Living trusts, also known as “revocable” trusts, allow you to minimize probate expenses, keep your financial affairs private and provide for the management of your assets in the event you become incapacitated. If you and your spouse are comfortable with each other inheriting your combined assets, a joint trust can be a good choice because of its simplicity. On the other hand, if shielding assets from creditors is a concern, separate trusts usually offer greater protection. There are also tax implications to consider. To determine which option is right for you, contact us at (712) 336-2632.

If your trust is subject to high state income tax, you may be able to change its residence (or “situs”) to a state with ...
07/13/2026

If your trust is subject to high state income tax, you may be able to change its residence (or “situs”) to a state with low or no income taxes. Relocating a trust may offer a tax advantage if the trust is an irrevocable nongrantor trust, accumulates (rather than distributes) substantial amounts of ordinary income or capital gains, and can be moved to a state with low or no taxes on accumulated trust income. Call us at (712) 336-2632 for more information.

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners...
07/09/2026

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners are LLCs taxed as partnerships and S corporations. Both offer pass-through taxation, meaning tax items pass through to the individual owners and are reported on their personal returns. But they differ in important ways, such as self-employment tax, loss deductions, ownership flexibility and eligibility requirements. Before making your decision, contact us at(712) 336-2632. Taxes play a pivotal role in this decision. We can work with you and your legal advisors to determine the optimal setup for your situation.

Whether your business sponsors a 401(k) plan or is considering it, automatic enrollment deserves a fresh look. This feat...
07/08/2026

Whether your business sponsors a 401(k) plan or is considering it, automatic enrollment deserves a fresh look. This feature automatically enrolls eligible employees in the plan unless they opt out or choose a different contribution rate. Under the SECURE 2.0 Act, many 401(k) plans established on or after December 29, 2022, must include an auto-enroll feature for plan years beginning after December 31, 2024. (Some exceptions may apply.) Older plans generally aren’t required to add this feature, but doing so can benefit both employers and employees. Call us at (712) 336-2632 for more information.

For many people, it’s important to share their values and encourage their children or other heirs to lead responsible li...
07/07/2026

For many people, it’s important to share their values and encourage their children or other heirs to lead responsible lives. One tool for achieving this goal is an incentive trust, which conditions distributions on certain behaviors or achievements you wish to inspire. Providing flexibility can make your trust more effective. Leading a worthy life means different things to different people. Rather than dictating specific behaviors, it’s better to establish the trust with enough flexibility to allow your loved ones to shape their own lives. Indeed, a well-designed incentive trust should accommodate nonfinancial measures of success. Call us at (712) 336-2632 for more details.

Address

605 Lake Street, Ste 6
Spirit Lake, IA
51360

Opening Hours

Monday 8:30am - 5:30pm
Tuesday 8:30am - 5:30pm
Wednesday 8:30am - 5:30pm
Thursday 8:30am - 5:30pm

Telephone

(712) 336-2632

Website

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