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Barton Walter & Krier, P.C. - CPAs

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Barton Walter & Krier, P.C. - CPAs

CPAs & Business Advisors providing premier tax, accounting, and advisory services. Tax Preparation Service

10/02/2026

If you’re opening a small business, you’ll need to get up to speed on tax compliance, pronto. Start by separating your personal and business finances (including bank accounts and credit cards) and choosing your business structure, which will determine how your business is taxed. Research small business deductions (https://bit.ly/3VlQ894 ) so you’ll know which items will require substantiation at tax time, and get into the habit of keeping excellent records. If you have employees, you’ll need to comply with payroll tax laws. If you don’t have payroll expertise, consider outsourcing this function. Indeed, knowing when you need professional assistance is critical. Contact us for help.

09/30/2026

A Health Savings Account (HSA) isn’t just for today’s medical expenses. It can also help you build additional tax-advantaged retirement savings. If your finances allow, consider paying current qualified medical expenses out of pocket and leaving your HSA funds invested. Earnings grow tax-deferred, unused funds carry forward indefinitely and withdrawals for qualified medical expenses are tax-free. After age 65, you can also take penalty-free withdrawals for nonmedical expenses, though they’re subject to income tax. For 2026, if you’re eligible, you can contribute up to $4,400 for self-only coverage ($8,750 for family coverage), plus $1,000 if you’re age 55 or older. Contact us with questions.

09/24/2026

Business owners may be able to transfer wealth more tax efficiently by gifting ownership interests to family members. For 2026, the gift tax annual exclusion is $19,000 per recipient. Certain interests may qualify for valuation discounts. For example, a minority interest may qualify for a lack-of-control discount because the holder can’t dictate business decisions. A lack-of-marketability discount may apply when there’s no ready market for selling the interest. Assuming a combined discount of 25%, this year you could gift an interest worth up to $25,333 (on a controlling basis) tax-free because the discounted value wouldn’t exceed the $19,000 annual exclusion. Contact us to learn more.

09/22/2026

The stepped-up basis rules can help ease the capital gains tax bite of an inheritance. Under the rules, when your family member inherits an asset, its tax basis is adjusted, or “stepped up,” to its fair market value at your death. If the heir later sells the asset, he or she will owe capital gains tax only on any appreciation after your death, rather than on the entire gain from when you originally acquired it. However, only certain assets qualify for the step-up, including securities, bank accounts, business interests, investment accounts, real estate and personal property. Retirement assets, such as 401(k) plans or IRAs, don’t. Contact us for additional details.

09/18/2026

Many people wait until year end to think about tax-deductible charitable donations. But summer is a great time to clean out your closets and donate clothing and home goods to local nonprofits. In 2026, taxpayers who itemize can deduct cash and noncash contributions that exceed 0.5% of their adjusted gross income (AGI). For donations valued at $250 or more, be sure to get a receipt from the charity that includes a description of the items. Finally, though nonitemizers can deduct up to $1,000 in cash contributions to charity in 2026, they can’t deduct noncash donations.

09/16/2026

Does your business receive advance payments from customers? For federal tax purposes, these payments generally are taxable in the year received. But accrual-basis businesses may have another option. If certain requirements are met, these businesses can defer some or all eligible advance payments to the next tax year. That means qualifying payments received in 2026 can be deferred to 2027. Gift cards, software licenses, warranty contracts and subscriptions are examples of payments that may qualify for deferral — if the income won’t be recognized for financial reporting purposes until next year. Contact us to discuss whether advance payment deferral can be part of your year-end tax strategy.

09/15/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created under the One Big Beautiful Bill Act. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Contact us for help preparing for the new requirements.

09/14/2026

The IRS is reminding taxpayers that an effective way to combat tax-related identity theft is to sign up to receive an Identity Protection Personal Identification Number (IP PIN). It’s a six-digit number, and obtaining one is voluntary. An IP PIN is valid for one year and automatically replaced after expiration (typically in mid-to-late January). In Tax Tip 2026-56, the IRS explains that anyone with a Social Security number or an Individual Taxpayer Identification Number can request an IP PIN, including taxpayers living abroad. The IRS notes that it never calls, emails or texts taxpayers to request their IP PINs. Contact us with questions regarding an IP PIN or visit: https://bit.ly/3RHMfKh

09/11/2026

If you’re considering gifts to family members in a lower tax bracket, giving long-term appreciated stock rather than cash can offer valuable tax savings. You may be able to eliminate federal income tax on the capital gains if the loved one is in the 0% tax bracket for long-term gains. The recipient can potentially sell the stock tax-free. But the 0% rate applies only until the gains fill up the gap between the recipient’s taxable income and the top of the 0% bracket. Before acting, make sure the recipient won’t be subject to the “kiddie tax” and consider gift and generation-skipping transfer tax consequences. We can answer any questions and suggest other ways to reduce taxes on investments.

09/09/2026

Business owners and self-employed individuals with extended 2025 federal income tax returns may still have an opportunity to reduce their 2025 federal income tax liability. If you extended your tax return, you can make deductible 2025 employer contributions to certain retirement plans until the Oct. 15, 2026, extended deadline. If you don’t already have a plan, you can set one up by then and make 2025 contributions. Common options include defined contribution plans (such as profit-sharing or Simplified Employee Pension plans) and defined benefit pension plans. But generally, any eligible employees must also be allowed to participate. Contact us before the Oct. 15 deadline to learn more.

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Maple Grove, MN
55369

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://www.bwkaccounting.com/

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