KDV Advisor - January 2009


advisor@kdv.com	E-Newsletter January 2009

The home sale exclusion may be more limited than you think

The capital gains tax exclusion for home sales may be the best-known provision in the tax code. But it’s also widely misunderstood. Many people assume they can sell their homes tax-free, but that’s not always the case. And a recent tax law change further limits the exclusion for certain sellers. This article looks at the eligibility requirements for the home sale exclusion so that homeowners don’t receive an unpleasant tax surprise when they go to sell their homes. For additional information, please contact Russ Sand at
320-251-7010.
Full Article

Succession story — Estate planning for family business owners

Many families invest a lot of time, energy and resources into building successful businesses but pay little attention to how their companies will make the transition from one generation to the next. According to a 2008 study by Campden Research, Protecting the Family Fortune, a majority of affluent family business owners “are not implementing succession plans, don’t have asset protection strategies and are not updating estate plans, leaving their professional and personal interests vulnerable.” Failure to address succession is risky: According to the study, only 15% of family businesses survive past the second generation. To improve your odds and protect your family’s wealth, review this article for strategies to ensure your succession is successful and the tax impact is minimized.
Full Article

Ensuring your business structure is the right one

Selecting the right business structure — either C corporation, S corporation, limited liability company (LLC), partnership or sole proprietorship — for your business is a complex decision that requires you to consider a number of interrelated tax, liability and administrative factors. There’s no one right answer because it depends entirely on your circumstances, which may change over time. That’s why it’s essential to periodically review your business structure. This article focuses on some of the factors that will affect whether you keep your current structure or, if needed, elect a new one.
Full Article

Tax Tips

News items briefly discussed are government incentives for business growth, the new law requiring processors
of credit card transactions to file 1099s reporting a merchant’s annual gross payment card receipts, and municipal bonds.
Full Article

2009 Tax Deadlines

January 2009
31 – Employer’s Quarterly Payroll tax return due
        Employer’s Annual Unemployment tax return due
        Federal Unemployment tax deposit due
      Distribute W-2, wage & tax statements to employees
       Electronic Filing of Wisconsin W-2s

February 2009
5 – Annual Minnesota Sales Tax return due
28 – Form W-3 Due
Forms 1096, 1099, & 1098 Due
Electronic Filing of Federal and Most States W-2s

For additional deadlines throughout the year, click here.