Kallsen & Associates, CPA's, LLP

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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 individuals 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.

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee ev...
10/21/2026

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee every disaster, you can put together a comprehensive business continuity plan that addresses most potential threats. If you don’t have a plan in place, implement basic protections immediately, such as an evacuation strategy and insurance. But, from there, take your time to get it right. Call us at (712) 336-2632 for help identifying and managing the costs associated with a business continuity plan.

Estate planning can take on added significance when a loved one has a disability. Leaving assets directly to that person...
10/20/2026

Estate planning can take on added significance when a loved one has a disability. Leaving assets directly to that person could interfere with his or her eligibility for certain means-tested government benefits. A special needs trust (SNT) allows assets to be held and managed by a trustee without being treated as the beneficiary’s countable resources for certain government benefits purposes. An SNT’s assets can pay for virtually anything government benefits don’t cover. The trust must not pay money directly to the beneficiary. Rather, it must distribute funds — on behalf of the beneficiary — directly to the third parties providing goods and services to him or her. Call us at (712) 336-2632 for more details.

The gift tax annual exclusion is a simple way to transfer assets gift-tax-free. To qualify, a gift must be of a “present...
10/19/2026

The gift tax annual exclusion is a simple way to transfer assets gift-tax-free. To qualify, a gift must be of a “present interest” — an unrestricted right to the immediate use of the property or the income from it. So a gift to a trust generally doesn’t qualify. But gifts to a trust with a “Crummey” provision can. After each gift to a Crummey trust, beneficiaries receive temporary withdrawal rights lasting at least 30 days. If they don’t withdraw the gift, the amount remains in the trust until distributed in the future according to the trust’s terms. Call us at (712) 336-2632 for details.

Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant val...
10/15/2026

Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant value to a business. Examples include copyrights, licenses and customer lists. The tax implications can be complex. IRS regulations require the capitalization of costs to 1) acquire or create intangibles; 2) create or enhance a separate, distinct intangible; 3) create or enhance a future benefit identified in IRS guidance as capitalizable; or 4) facilitate the acquisition or creation of intangibles. Capitalized costs can’t be fully deducted in the year paid or incurred. They generally must be ratably deducted over the asset’s life. Questions? We’re here to help. Call us at (712) 336-2632.

The IRS says you’re deceased, but you’re very much alive. It sounds unbelievable, but this unusual situation can happen ...
10/14/2026

The IRS says you’re deceased, but you’re very much alive. It sounds unbelievable, but this unusual situation can happen when an incorrect Social Security number (SSN) is entered on your tax return or when Social Security Administration (SSA) records mistakenly indicate that you or your spouse have died. If you receive IRS Notice CP01H, verify that the SSN on the return in question matches your Social Security card. If it does, contact the SSA to see whether its records need to be corrected. Then follow the notice instructions to unlock your IRS account. Call us at (712) 336-2632 for help resolving this issue promptly.

If you’re getting remarried, you may have different expectations than you did during your first marriage, especially whe...
10/13/2026

If you’re getting remarried, you may have different expectations than you did during your first marriage, especially when it comes to estate planning. For example, you may be concerned about preserving assets for children from your prior marriage and feel that your new spouse should have more limited rights to your assets. Most states provide a surviving spouse with a specific minimum share of the deceased spouse’s estate, regardless of the terms of his or her will or certain other documents. Call us at (712) 336-2632 to discuss updating your estate plan in light of your new marriage.

When employees change jobs, they often leave behind balances in a previous employer’s 401(k) plan. If your plan accepts ...
10/12/2026

When employees change jobs, they often leave behind balances in a previous employer’s 401(k) plan. If your plan accepts rollovers, making it easier for eligible employees to move those balances into your plan can boost participation and engagement. Rollovers may also increase plan assets, which could help you negotiate lower plan services and fees. Meanwhile, providing departing and former employees with rollover instructions may reduce abandoned accounts and plan administration costs. Call us at (712) 336-2632 for guidance on managing your employer-sponsored retirement plan effectively.

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employm...
10/08/2026

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employment tax advantages. But it may also limit your ability to deduct partnership losses under the passive activity loss rules. Passive losses are usually deductible only against passive income unless you materially participate in the business. Limited partners face a tougher standard than general partners. Certain work, such as investor activities or tasks not customarily performed by owners, may not count toward material participation. Other limitations may also apply. Before investing in a limited partnership or claiming losses, contact us at (712) 336-2632 to discuss the tax implications.

Are you planning to buy a business vehicle, furniture or equipment before year end? The timing of your purchase could af...
10/07/2026

Are you planning to buy a business vehicle, furniture or equipment before year end? The timing of your purchase could affect your 2026 tax bill. Depending on the asset and your circumstances, you may qualify for Section 179 expensing, 100% first-year bonus depreciation or a combination of both. To claim these breaks for 2026, qualifying property must be placed in service by December 31, 2026. Before making a major purchase, consider your projected taxable income, cash flow, financing needs, and any applicable deduction limits and eligibility requirements. Call us at (712) 336-2632 to discuss your options and help determine the right depreciation strategy for your business.

For many people, the possibility of incurring significant long-term care (LTC) expenses is one of the biggest threats to...
10/06/2026

For many people, the possibility of incurring significant long-term care (LTC) expenses is one of the biggest threats to achieving their estate planning goals. These expenses (such as for nursing home stays and home health aides) can quickly deplete funds you wanted ultimately to go to your family. One possible solution is to purchase an LTC insurance policy. This insurance generally provides benefits when you can no longer perform several basic activities of daily living (such as bathing, dressing and eating) or if you become cognitively impaired. Once that occurs and you start receiving benefits, your premiums cease. Contact us at (712) 336-2632 to discuss whether LTC insurance may be appropriate for you.

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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