TAX EXPERTS WHO ARE TRULY THERE FOR YOU

Brown County, Minnesota: Best Business Tax Preparers in the county – Hire the Right CPA Today

Let’s find you the

right CPA

Within minutes!

What do you need help with?

Taxes

Accounting

Chris *********
Seller (Online or independent seller)
Q. I'm a part-owner in a partnership for which I receive a K-1. I receive both guaranteed payments and owner distributions. My wife also earns income from this business through as a 1099 contractor. I also earned additional consulting income for other businesses. I've set up an S-Corp with myself and my wife as employees to reduce our tax burden in 2024 but I did not have this in place in 2023 so I'm expecting our tax obligation to be high and looking for ways to reduce our taxable income. We've worked with a CPA for the past few years but your model looks quite interesting. As part of your tax prep offering, are you able to file the necessary paperwork for showing foreign assets (Forms 1116 and 8938)?
Need help with Forms 1116 and 8938? We've got you covered. Sign up on our platform to get started. Simply head to the "Tax Filing" tab to begin the process. We are eager to assist you with your tax requirements.
Sarath
engineer
Q. I had a rental in California in which we evicted the tenant in November of last year. We are making repairs/improvements to the tune of about 50K. We plan to make it our primary residence till the end of this year or into early next year. We plan to rent it out again at some point in the near future and that can be either this year or next year. My question is the 50K we spend on it to get it fixed, can we use that as deductible towards our taxes if are only able to rent it out next year
Absolutely, the $50,000 spent on repairs for your California rental property can be deducted in the tax year it was incurred, even if the property isn't immediately rented out. If the expenses include improvements that increase the property's value, they are typically capitalized and depreciated over time. If you have no reportable income this year, you can carry forward these expenses to offset future income when you decide to rent out the property. Remember to consult with a tax professional for personalized advice.
Sam
Freelance software developer
Q. I recently participated in a sports competition and won a prize of $100,000 USD in a foreign country. There are two rounds in the competition. I participated with a teammate in the first round, then won the final round myself. The teammate and I agreed to split the winnings, however the organizers could only give the prize to one person. As a result, I received an international wire transfer of $100,000 from an Israeli bank to my US bank account. In the affidavits and agreements that I signed that they submit to the bank, it says that I myself won the $100,000 rather than both me and my teammate. In terms of tax implications, would there be any issues if I transfer half of what I received ($50,000) directly to my teammate so that we could file taxes seperately? Or does the entire $100,000 taxed by me as income, and I "gift" half of the after-tax money to him?
"Upon receiving $100,000 as the sole winner of a sports competition, it is advisable to fulfill tax obligations on the amount before considering gifting part of it. If you transfer $50,000 to your teammate, it may incur gift tax based on IRS regulations. However, there are exclusion amounts and lifetime limits for gifting before incurring gift tax. Reach out for tax filing assistance if needed."
Hide
Seller (Online or independent seller)
Q. I reside in California, but I want to open a single member llc in a state with no income tax, would the rules of the state I reside in or the state the company is going to be filed in apply? <a href="https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies" rel="noreferrer">https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies</a> I'm referring to this website but I couldn't quite get it.
Establishing your LLC in a state like Texas, Florida, Nevada, or Wyoming could help you avoid state income tax. However, if you are conducting business in California, you may still have to pay California state taxes on any income that your LLC makes.
David
Rental host (Airbnb etc.)
Q. My wife and I are looking to buy an RV with another couple that we will share for personal use and also share as a rental (similar to a VRBO or AirBnB). Should we be looking to do an LLC or an LLLP for our "company" to minimize our risk and also to make taxes simple?
Opting for an LLC or LLLP for your RV rental business can minimize risks and optimize tax procedures. They offer limited liability protection and shield personal assets from business debts.
Chris
Real-estate agent
Q. I would like to know the tax implications of “gifting” money. I know there is a annual amount that you can give every year, however, I want to do a larger amount, say $100K. Now I know that an additional Form 709 would have to be filed, which is fine. I just want to know if there are any tax consequences for the donor and the recipient?
If you surpass the $17,000 annual gift tax exclusion, you must complete Form 709 for the IRS. Even if you do not owe gift taxes immediately, any gifts over $12.92 million throughout your lifetime will be subject to taxation. Donors are generally accountable for gift taxes. To learn more, refer to the IRS FAQs on gift taxes.
Chris *********
Seller (Online or independent seller)
Q. I'm a part-owner in a partnership for which I receive a K-1. I receive both guaranteed payments and owner distributions. My wife also earns income from this business through as a 1099 contractor. I also earned additional consulting income for other businesses. I've set up an S-Corp with myself and my wife as employees to reduce our tax burden in 2024 but I did not have this in place in 2023 so I'm expecting our tax obligation to be high and looking for ways to reduce our taxable income. We've worked with a CPA for the past few years but your model looks quite interesting. As part of your tax prep offering, are you able to file the necessary paperwork for showing foreign assets (Forms 1116 and 8938)?
Need help with Forms 1116 and 8938? We've got you covered. Sign up on our platform to get started. Simply head to the "Tax Filing" tab to begin the process. We are eager to assist you with your tax requirements.
Sarath
engineer
Q. I had a rental in California in which we evicted the tenant in November of last year. We are making repairs/improvements to the tune of about 50K. We plan to make it our primary residence till the end of this year or into early next year. We plan to rent it out again at some point in the near future and that can be either this year or next year. My question is the 50K we spend on it to get it fixed, can we use that as deductible towards our taxes if are only able to rent it out next year
Absolutely, the $50,000 spent on repairs for your California rental property can be deducted in the tax year it was incurred, even if the property isn't immediately rented out. If the expenses include improvements that increase the property's value, they are typically capitalized and depreciated over time. If you have no reportable income this year, you can carry forward these expenses to offset future income when you decide to rent out the property. Remember to consult with a tax professional for personalized advice.
Sam
Freelance software developer
Q. I recently participated in a sports competition and won a prize of $100,000 USD in a foreign country. There are two rounds in the competition. I participated with a teammate in the first round, then won the final round myself. The teammate and I agreed to split the winnings, however the organizers could only give the prize to one person. As a result, I received an international wire transfer of $100,000 from an Israeli bank to my US bank account. In the affidavits and agreements that I signed that they submit to the bank, it says that I myself won the $100,000 rather than both me and my teammate. In terms of tax implications, would there be any issues if I transfer half of what I received ($50,000) directly to my teammate so that we could file taxes seperately? Or does the entire $100,000 taxed by me as income, and I "gift" half of the after-tax money to him?
"Upon receiving $100,000 as the sole winner of a sports competition, it is advisable to fulfill tax obligations on the amount before considering gifting part of it. If you transfer $50,000 to your teammate, it may incur gift tax based on IRS regulations. However, there are exclusion amounts and lifetime limits for gifting before incurring gift tax. Reach out for tax filing assistance if needed."
Hide
Seller (Online or independent seller)
Q. I reside in California, but I want to open a single member llc in a state with no income tax, would the rules of the state I reside in or the state the company is going to be filed in apply? <a href="https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies" rel="noreferrer">https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies</a> I'm referring to this website but I couldn't quite get it.
Establishing your LLC in a state like Texas, Florida, Nevada, or Wyoming could help you avoid state income tax. However, if you are conducting business in California, you may still have to pay California state taxes on any income that your LLC makes.

Facts and figures about
Brown County, Minnesota

minnesota
population

25,819

County Population

population

New Ulm

County Seat

population

610.86 sq mi

County area

population

7.88%

Brown County sales tax rate

😵‍💫 Smart CPAs are accessible and affordable, but there's only 1 Minnesota CPA for every 300 residents.

😓 19 million taxpayers filed late last year. Smart CPAs can help taxpayers be prepared.

😨 Smart CPAs can help the 30 million Americans who miss tax deductions each year.

😣 Smart CPAs can put an end to the overpaying on taxes that half of Americans do every year.

Download now

Minnesota State Income Tax Rates & Brackets for 2023

The following tables represents Minnesota's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

$0 - $28,080

5.35%

$28,080 - $92,230

6.80%

$92,230 - $ 1,71,220

7.85%

$ 1,71,220+

9.85%

MARRIED FILING JOINTLY

Brackets

Rates

$0 - $41,050

5.35%

$41,050 - $ 1,63,060

6.80%

$ 1,63,060 - $ 2,84,810

7.85%

$ 2,84,810+

9.85%

Filing Status

Standard Deduction Amt.

Single

$12,900

Couple

$19,350

Brown county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

New Ulm

7.88%

New Ulm

Sleepy Eye

7.38%

Redwood Co Tr

Springfield

7.38%

Redwood Co Tr

Hanska

7.38%

Blue Earth

Comfrey

7.38%

Brown Co Tr

Essig

7.38%

Brown Co Tr

Searles

7.38%

Brown Co Tr

Frequently Asked Questions

How does Brown County Minnesota tax filing work online?

Exactly what is a Brown County Minnesota CPA?

What does an online Brown County Minnesota Certified Public Accountant do?

How does a FlyFin Smart CPAs work online?

Ask a CPA in other Counties of Minnesota

Ask a CPA in AitkinAsk a CPA in AnokaAsk a CPA in BeckerAsk a CPA in BeltramiAsk a CPA in BentonAsk a CPA in Big StoneAsk a CPA in Blue EarthAsk a CPA in CarltonAsk a CPA in CarverAsk a CPA in CassAsk a CPA in ChippewaAsk a CPA in ChisagoAsk a CPA in ClayAsk a CPA in ClearwaterAsk a CPA in CookAsk a CPA in CottonwoodAsk a CPA in Crow WingAsk a CPA in DakotaAsk a CPA in DodgeAsk a CPA in DouglasAsk a CPA in FaribaultAsk a CPA in FillmoreAsk a CPA in FreebornAsk a CPA in GoodhueAsk a CPA in GrantAsk a CPA in HennepinAsk a CPA in HoustonAsk a CPA in HubbardAsk a CPA in IsantiAsk a CPA in ItascaAsk a CPA in JacksonAsk a CPA in KanabecAsk a CPA in KandiyohiAsk a CPA in KittsonAsk a CPA in KoochichingAsk a CPA in Lac Qui ParleAsk a CPA in LakeAsk a CPA in Lake Of The WoodsAsk a CPA in Le SueurAsk a CPA in LincolnAsk a CPA in LyonAsk a CPA in MahnomenAsk a CPA in MarshallAsk a CPA in MartinAsk a CPA in McleodAsk a CPA in MeekerAsk a CPA in Mille LacsAsk a CPA in MorrisonAsk a CPA in MowerAsk a CPA in MurrayAsk a CPA in NicolletAsk a CPA in NoblesAsk a CPA in NormanAsk a CPA in OlmstedAsk a CPA in Otter TailAsk a CPA in PenningtonAsk a CPA in PineAsk a CPA in PipestoneAsk a CPA in PolkAsk a CPA in PopeAsk a CPA in RamseyAsk a CPA in Red LakeAsk a CPA in RedwoodAsk a CPA in RenvilleAsk a CPA in RiceAsk a CPA in RockAsk a CPA in RoseauAsk a CPA in ScottAsk a CPA in SherburneAsk a CPA in SibleyAsk a CPA in St LouisAsk a CPA in StearnsAsk a CPA in SteeleAsk a CPA in StevensAsk a CPA in SwiftAsk a CPA in ToddAsk a CPA in TraverseAsk a CPA in WabashaAsk a CPA in WadenaAsk a CPA in WasecaAsk a CPA in WashingtonAsk a CPA in WatonwanAsk a CPA in WilkinAsk a CPA in WinonaAsk a CPA in WrightAsk a CPA in Yellow Medicine

Ask a CPA in Cities of Brown

Ask a CPA in CobdenAsk a CPA in ComfreyAsk a CPA in EssigAsk a CPA in EvanAsk a CPA in HanskaAsk a CPA in New UlmAsk a CPA in SearlesAsk a CPA in Sleepy EyeAsk a CPA in Springfield

How do FlyFin CPAs save freelance taxpayers time and money?

Unlike employees, who have taxes automatically deducted from their paychecks, freelancers, sole proprietors, gig workers and independent contractors have to be responsible for everything tax-related. FlyFin was designed to meet all of their unique tax needs in one place. The A.I.-powered tax app automatically tracks business expenses to find every write-off and lets taxpayers of all kinds file their taxes. FlyFin CPAs answer any tax question at no cost and take 95% of the effort of doing taxes out of taxpayers' hands by filing 100%-accurate state and federal tax returns and saving taxpayers $3,500 on average.
https://dem95u0op6keg.cloudfront.net/image/PriceCalculator.webp

Expert tax CPAs ensure 100% accurate tax filing

https://dem95u0op6keg.cloudfront.net/image/AiBrain.webp

A.I. finds every tax deduction eliminating 95% of your work

https://dem95u0op6keg.cloudfront.net/image/MoneySack.webp

On average users save $3,700

rightCTAImage