March 2023 Newsletter

The March 2023 edition of our monthly newsletter!

We are a locally owned small business accounting firm, located in downtown Anoka.

We value our relationships with our clients, and offer accounting and tax planning services designed proactively to save you as much time and money as possible. We believe that having a great relationship with your accountant is key to ensuring your financial success! 



Want to discuss tax preparation or bookkeeping? Or how about ways you can proactively reduce your tax burden? Send us an email, we'd love to hear from you! 

A recurring question we've been hearing from our clients this year is,

"I sold my home last year, will I be taxed on it?" 

The real estate market was hot last year, and some homeowners decided to take advantage of the upswing and sell their homes in 2022. 

What does this mean for their taxes?

Well, the good news is that if you are selling your primary residence, you most likely will not have a tax liability. As a home owner the first $250,000 ($500,000 if married filing jointly) of profit from the sale is excluded from your taxable income if you've lived in the home as your primary residence for at least 2 of the most recent 5 years. 

If you have questions about being taxed on the sale of your home, be sure to make an appointment with Havig Tax & Consulting, or your accountant, to discuss before you submit your tax return to be filed. 

Interested in tax preparation or tax planning services?

Schedule a drop-off time or a virtual meeting.

If you're self-employed and you work from home, don't forget to claim your home office expenses!

Not only do you get to write off the portion of your rent, mortgage, interest, and utilities that go to your physical home office, but you also get to deduct the office expenses that you use every day to get your work done.

These can include: 

• Portions of your rent, real estate taxes, and mortgage interest
• Utilities, internet, and phone service
• Technology: computers, iPads, printers, software, online services
• Office supplies: paper, pens, folders, whiteboards, promotional products
• Office furniture: desks, chairs, filing cabinets, etc.

We've heard from a few clients that their past tax preparers did not let them include their home office as an expense because they were afraid of being audited. Unfortunately, this is a common fear among some tax preparers, but it's also completely unfounded. If you're using your home office to run your business, you can rest assured that you can claim those expenses. Think of it this way: if it's ordinary and necessary for your business, you should not leave that money on the table. 

If you'd like to hear more ways you can save on your taxes, reach out to discuss!

Every month we put the spotlight on another local business. 

This month we're featuring:

Meet our friend, Michelle, from R Marketplace! 

What do you do?

R Marketplace sells household and personal items that eliminate the need for single use plastic. 

What is your specialty and who do you help? 

Taking care of the planet and community is important to us. We help our community by providing products that are earth friendly and local. We also provide tips and suggestions on how we can be better stewards of the earth.

What is the best way to reach you to get started?

I really enjoy meeting people in person and love doing show and tell in my store. I view my business as a place to learn and grow and feel success when teaching others how to take better care of our planet. My website rmarket-place.com has my hours and links to social media and email for those who are not available face-to-face. 

What do you do when you're not working?

When not working I am spending time at home with my family, usually cooking and cleaning up in the kitchen. I enjoy cooking an entertaining at home, live music, and getting out in nature. Most nights after the kids go to bed you will find me snuggling on the couch with my husband watching nerdy TV shows.