Kathy Rollinger Consulting LLC - QuickBooks ProAdvisor - Quickbooks Consulting and Training - Managed Cloud Accounting - Payroll - Winona MN

Kathy Rollinger Consulting LLC - QuickBooks ProAdvisor - Quickbooks Consulting and Training - Managed Cloud Accounting - Payroll - Winona MN

Ph (507) 459·3333

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The American Rescue Plan Act: Stimulus, Unemployment, MN tax

March 17, 2021 By Rollinger Consulting

Stimulus 3.0

Provisions affecting individuals Stimulus 3.0
A third round of recovery rebate credits will be advanced as economic impact payments.
EIPs will be issued in 2021 and reconciled on 2021 tax returns filed in tax season 2022.
The EIP will be $1,400 per individual ($2,800 for MFJ) plus an additional $1,400 for each
eligible dependent, including children 17 and older and adult dependents.
Advances will be made based on 2020 tax return information, or if not available, 2019
information. If the 2020 return is filed after EIP3 is released and would result in a larger
payment, the IRS is directed to issue a supplementary payment within 90 days of the
earlier of the filing deadline or September 1, 2021.
The payment phases out for AGI:
$75,000 – $80,000 S and MFS
$112,500 – $120,000 HOH
$150,000 – $160,000 MFJ and QW

Child Tax Credit

Taxpayers can receive the credit in advance of filing a return. The act makes the credit fully refundable for 2021 and makes 17-year-olds eligible as qualifying children.

The amount of the credit has increased to $3,000 per child ($3,600 for children under 6). The increased credit amount phases out for taxpayers with incomes over $150,000 for married taxpayers filing jointly, $112,500 for heads of household, and $75,000 for others, reducing the expanded portion of the credit by $50 for each $1,000 of income over those limits.

The IRS is directed to estimate taxpayers’ child tax credit amounts and pay monthly in advance one-twelfth of the annual estimated amount. Payments will run from July through December 2021.

The IRS must set up an online portal to allow taxpayers to opt out of advance payments or provide information that would be relevant to modifying the amount.

Taxpayers in general will have to reconcile the advance payment amount with the actual credit amount on next year’s return and their increase tax by the excess of the advance payment amount over the actual credit allowed. 

Beware if you have filled out a 2020 or newer W4 claiming the $2,000 per dependent, you may end up with a tax bill

Child and dependent care credit

Child and dependent care credit changes: effective for 2021 only. The credit will be worth 50% of eligible expenses, up to a limit based on income, making the credit worth up to $4,000 for one qualifying individual and up to $8,000 for two or more. Credit reduction will start at household income levels over $125,000. For households with income over $400,000, the credit can be reduced below 20%. This will be a refundable credit.

Increases the exclusion for employer-provided dependent care assistance to $10,500 for 2021.

Premium tax credit

 Taxpayers who received too much in advance premium tax credits in 2020 will not have to repay the excess amount

Student Loans

Discharge of any student loan after Dec. 31, 2020, and before Jan. 1, 2026 will not be considered income.

Unemployment Compensation

An additional $300 per week in federal unemployment benefits will be available through September 6, 2021.

The first $ 10,200 per individual of unemployment benefits received in 2020 are excluded from tax
The exclusion does not apply to households with AGI of $150,000 or more for all filing statuses.

For those that have already filed their 2020 tax returns, the IRS emphasizes NOT to file amended returns at this time

PPP – Paycheck Protection Program Update

Currently Minnesota law does not conform to the exclusion of the forgiveness from taxable income. On March 15, 2021 at the Capitol: PPP relief passes MN Senate View Video Now we wait for the MN House to take action on this bill.

Wisconsin has already followed federal and has gone a step further to exclude grants such as We are All in Grants

Our Recommendations

The federal changes were just signed into law on 03/12/21. The IRS needs time to implement and update all tax forms and instructions. MN needs to decide if they will conform to non-taxability of PPP and unemployment, then update all forms. Once the IRS and MN are done, the tax software companies need to update the software and then we can file. We are diligently preparing returns and then holding them until the software updates are ready.

We are staying on top of it, so you don’t have to. Just relax, we’ve got you covered!

Filed Under: Uncategorized Tagged With: PPP, Stimulus, Student Loans, Unemployment

Office Admin/Bookkeeper

September 9, 2019 By Rollinger Consulting

Kathy Rollinger Consulting LLC is an outsourced bookkeeping firm, offering services to small sized businesses. We LOVE QuickBooks. We are Intuit centric, technology driven and love to “app-ify” the process. We work to educate, help to integrate and utilize QuickBooks software and its compatible 3rd party applications. Our accounting knowledge and QuickBooks expertise results in accurate real-time financial information which we leverage to help our client’s grow.

We want to meet you, if you:
• Take pride in the quality of your work
• Detail oriented and self-motivated
• Want to build on your skill set, and enjoy learning new things
• Love to have a positive impact on people
• Are great with technology – even a bit of a geek!
• Value being trusted to take on responsibility
• Enjoy helping your team members win and be successful
• Are a clear communicator, both orally and in writing
• Are cheerful, upbeat and positive with an optimistic, can-do, supportive attitude

You’ll want to meet us, if you are looking for:
• A workplace that is organized, established, growing and fun
• A company that stakes its reputation on the quality of its work
• A variety of challenging work and the ability to learn and grow
• A career where you are appreciated by both your employer AND clients
• A team that prides itself on being friendly, professional and respectful
• Opportunity to grow your skillset, abilities and capacity
• A work environment and position that you look forward to every day

Here’s what you will be doing as our Rock Star of Bookkeeping and Admin:
• Client’s accounts payable, receivables and monthly reconciliations
• Client’s payroll and sales tax processing
• Responsible for successful and on-time delivery of projects
• Ensuring our client communication goes out consistently
• Proposals, engagement letters, scanning, checklist and workflow documentation
• Editing our training manuals
• Set up / tear down of our presentations / workshops / classes / events
• Have fun and gets LOTS done every day!

So, what’s next? If we sound interesting to you, email your resume to kathy@rollingerconsulting.com we’d love to hear from you! Full time position. Pay is competitive and will be based on successful candidate’s skills/abilities and experience.  PTO, retirement and flexibility

Filed Under: Employment

GPS to Success Launch Event

September 8, 2018 By Rollinger Consulting

What was your vision for your business when you started out?

  • Was it working more hours?
  • Less family time?
  • Working more hours and getting paid less?

Of course it wasn’t but maybe that is your reality…. 

GPS to Success is about

  •   Defining your vision and making a plan to achieve the success you desire.
  •   Accountability to yourself for achieving that success.
  •   Business growth, networking, peer feedback and input.
  •   Enhancing business acumen

Join us to find out how to get started on the journey to unbelievable success!

REGISTER

Filed Under: Uncategorized

WSHS Foundations in Personal Finance

August 7, 2018 By Rollinger Consulting

When I went to Winona Senior High, (WSHS) I elected to take a personal money management class taught by Mr. Dave Mertes. That class gave me a solid foundation for my future finances and it’s important to me to pay it forward. At Kathy Rollinger Consulting LLC we strongly believe in investing in our community, and we know that the younger generations are our greatest assets. That’s why we’re thrilled to sponsor the industry’s leading personal finance curriculum, Dave Ramsey’s Foundations in Personal Finance. We’re providing it free of charge to Winona Senior High School students this upcoming school year. If you have a student at WSHS, make sure they register for this course!

We joined forces with Dave Ramsey, one of America’s most well-known financial experts. This reflects Kathy Rollinger Consulting, LLC’s mission to serve as a leader in our communities. Learn more about this partnership by clicking here

According to CNBC 78% of full time workers are living paycheck to paycheck. This is exactly why it is so crucial to empower our next generation with financial education. According to US News World Report a global survey published in 2017 found 1 in 5 American teens lacked basic financial literacy skills. Without understanding how key concepts such as credit, debt and interest works it can be difficult to make smart money management decisions.

As an extra bonus, WSHS students will also be exposed to Foundations in Entrepreneurship.  At Kathy Rollinger Consulting we work with small businesses in our local community providing financial and educational training for all aspects of managing and growing a business. We utilize cloud technology to connect with our clients for QuickBooks support, bookkeeping, payroll and tax planning. We work with them to review their financial dashboard and help them create a solid foundation for profit improvements, growth and cash flow management.

Filed Under: Education

What is your business dream?

July 9, 2018 By Rollinger Consulting

What is your business dream?

At Kathy Rollinger Consulting we’re in the business of providing you the services you need to achieve your dreams.

It’s easy to become so busy that you forget your initial dreams.   What did you want to achieve when you set out in business?  Are you getting there, or is it just a daily grind?

We know you have a lot of choices when it comes to accounting services.  And we know that almost every business owner really wants someone who will help you understand your financial information, not just pay for compliance work.

We offer the following for you:

  • Payroll Services
  • Managed Bookkeeping
  • Tax Return Preparation and PLANNING
  • QuickBooks Classes
  • QuickBooks Individualized Training
  • Workflow System and Design Optimization
  • Goal Setting/Profit Improvement Plans

Give us a call now to book your Free 1 hour consultation with Kathy

Must mention code DREAM when booking

Even If You Don’t Work With Us….

We’re confident that even if you decide not to work with us, you’ll still get value from our business review meeting.    If you don’t know fully understand where your business finances are, it’s going to be hard to know where you want to go.  We are here to help you with the financial side of your business and can guide you to financial success.

 

Filed Under: General Post Tagged With: bookkeeping, payroll, quickbooks, tax planning, tax return

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ABOUT US
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Kathy Rollinger Consulting LLC

163 Walnut Street Ste 1
Winona, MN 55987

Office 507·459·3333
Fax 507·335·2626

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