ZooMN Financial Services, LLC

05/03/2022

Thinking about starting or currently running a business? Check out how it might change going forward.

“This time it’s different.” Some say these are the four most dangerous words uttered on Wall Street. Here is another concept: “People like the famili

03/20/2021

If you have happened to file your return already with unemployment being taxable, don't file an amendment yet. The IRS will figure it out for you. I guess we will see how that goes!

The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said.

03/18/2021

An additional 30 days to file and pay your 1040's. IMHO this has more to do with the backlog at the IRS but it also helps out tax preparers nationwide that are struggling because of late tax code changes (Unemployment, etc) and stimulus regulation.

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02/05/2021

Need to figure out what you received for the Economic Impact Payment Amounts (AKA Stimulus) for 2020 taxes? Go to the below llink. If you haven't created a login / password it's worth it. You can make payments, pull transcripts and now pull your EIP payment amounts.

01/27/2021

Well summarized thoughts (not my own) on potential of 3rd stimulus.

There's a big push in Washington for a third round of stimulus payments. But the amount and eligibility rules for your third stimulus check could be different than for earlier payments.

01/12/2021

IRA to HSA transfer. Unique but simple way to help fund future medical expenses while limiting taxes at retirement.

One of the benefits of having an HSA is the ability to set a one-time contribution from an IRA. This is a once in a lifetime opportunity - so consider all of the technicalities that comes with this unique transfer.

12/25/2020

From the ZooMN Financial family to yours, Merry Christmas & Happy New Year. I think everyone wants to move onto 2021 but 2020 has taught us to be patient with each other, spend more time outside and be thankful for what we have in this wild ride we call life.

11/23/2020

New 2020 tax year changes to 1099-Misc and 1099-NEC. If you need assistance in completing them please reach out. Thank you.

A roundup of key changes in Form 1099-NEC for 2021.

08/27/2020

Lots of questions as if late from clients in this situation.

Planning to work and receive benefits? Keep these key points in mind.

07/10/2020

Treasury Secretary Steven Mnuchin said Thursday the administration wants to cap enhanced unemployment benefits in the next coronavirus package to make sure...

06/16/2020

Were your tax withholdings causing you to owe more then you liked at the end of the year? Was the "new and improved" W4 even more frustrating (join the crowd)?

An easy way to get your withholdings more in line would be to to take your average tax rate (not your marginal) and have that withheld by the IRS. To calculate your average tax rate take your total taxes (after credits) and divide it by taxable income. If your taxable income (after deductions) was $175,000 and your total tax was $31,500 your average tax rate is 18%.

Adjust your W4 to have 18% of your taxes withheld to get you more in line at the end of the year.

Remember all situations are different and can change year over year.

05/19/2020

Initial guidelines on how to apply for PPP forgiveness. These will change with further clarification but this should help those who applied and received PPP funds.

On Friday, the SBA released an application for borrowers of a PPP loan to request forgiveness. How does it work?