Federal & MN Tax Updates for 2023

 

W4 Withholding:

It’s never too late to adjust your W4. Extra tax can be withheld for the remainder of the year if you think you may owe on your tax return.

Remember:

You are in control of your own W4; not your employer.

Did you know?

Auto license fees are deductible on your itemized deduction form. This seems to be a surprise year after year!

Keep those kids in mind: Invest in a 529 plan for their future education.

The Tax Benefit is: The distribution will be non-taxable as long as it's used for education expenses.

Do yourself a favor

Invest in 401K, 403B, Keoghs, SEP, and IRA's to reduce your tax burden and do something for yourself.