Hesley Shoquist & Company, Ltd. is a member of The American Institute of Certified Public Accountants and the Minnesota State CPA Society. In addition to its staff of Certified Public Accountants, it also employs computer consultants and certified financial planners. The CPAs and staff at Hesley Shoquist & Company, Ltd. can help most businesses and individuals with all of their accounting and financial needs.
We perform services for a wide range of businesses large and small and individuals of all income levels. We are a group of professionals with many years of experience in all areas of accounting, taxation, financial and estate planning, business succession planning, and business consulting. We are a small firm with large resources and we are committed to helping our clients achieve success.
The firm of Hesley Shoquist & Company, Ltd. is dedicated to serving all of your accounting, tax, and financial service needs. Our continuing mission is to serve you by providing the highest level of expertise and professionalism possible at affordable rates.
We perform services for a wide range of businesses large and small and individuals of all income levels. We are a group of professionals with many years of experience in all areas of accounting, taxation, financial and estate planning, business succession planning, and business consulting. We are a small firm with large resources and we are committed to helping our clients achieve success.
The firm of Hesley Shoquist & Company, Ltd. is dedicated to serving all of your accounting, tax, and financial service needs. Our continuing mission is to serve you by providing the highest level of expertise and professionalism possible at affordable rates.
Services
Hesley Shoquist & Company, Ltd. provides a wide range of services to individuals and businesses in a variety of industries.
At Hesley Shoquist & Company, Ltd., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Hesley Shoquist & Company, Ltd., we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
At Hesley Shoquist & Company, Ltd., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Hesley Shoquist & Company, Ltd., we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
But what should be done with those documents after your check or refund request is in the mail?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
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