Minran Inc.

Day 1 at the IRS Tax Forum. Hearing all the updates for the 2024 tax year.

After 42 years of service at our 10th Avenue North location, Minran Inc. is now moving to an office 1 ½ miles from 10th Ave North, as of November 1st. The phone number, fax number and email will remain the same.

The contribution Limits have gone up! $6,500 for 2023 and if 50 and over you can do $7,000.00.

Happy New Year, everyone.

If you need to keep track of miles for your business markdown what your odometer says today.

This was put together by a colleague, and well worth sharing.

Today’s Financial Moment…

For those of you that don’t have your affairs in order, yet.
Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate & an ID of their own.

- TOD = Transfer On Death deed if you own a home. Completing this document & filing it with your county saves your heirs THOUSANDS. This document allows you to transfer ownership of your home to your designee. All they need to do is take their ID & your death certificate to the county building & the deed is signed over. Doing this will avoid the home having to go through probate.

- Living Will: Allows one to put in writing exactly what you want done in the event you cannot speak for yourself when it comes to healthcare decisions.

- Durable Power of Attorney: Allows one to designate a person to make legal decisions if one is no longer competent to do so.

- Power of Attorney for Healthcare: This document allows one to designate someone to make healthcare decisions for their person.

- Last Will & Testament: Designates to whom personal belongings will go too. Make sure it is hand written & signed. Or printed, notarized & signed to be valid.

- Funeral Planning Declaration: allows one to say exactly one’s wishes as far as disposition of the body & the services.

- If the above documents are done, there is a chance you can AVOID probate. If all the above is not done, you have to open an estate account at the bank. All money that doesn’t have direct beneficiaries goes into this account. You have to have an attorney to open the estate account. The attorney also has to publicize your passing in the newspaper or post publication at the county courthouse, to allow anyone to make a claim on your property. - It’s a complete PAIN.

- Make a list of all banks & account numbers, all investment institutions with account numbers, lists of credit cards, utility accounts, etc. Leave clear instructions as to how & when these things are paid. Make sure heirs knows where life insurance policies are located.

- Make 100% sure SOMEONE knows your Apple ID, bank ID account logins & passwords!

- Make sure you have titles for all vehicles, campers, etc!

- MOST IMPORTANTLY!!!! - Talk with those closest to you & make all your wishes KNOWN. Talk to those whom you’ve designated, as well as those close to you whom you did not designate. - Do this to explain why your decisions were made & to avoid any lingering questions or hurt feelings.

Start an important conversation with your loved ones, even though it is very difficult, & most don't want to.

Good morning. Currently our phones and internet are down due to an upgrade I'm told in the wiring be done. Phones have been forwarded. Thank you and have a good day.

This is for business accounts that use these services, not your personal account so reported.

https://www.irs.gov/newsroom/irs-announces-transition-away-from-use-of-third-party-verification-involving-facial-recognition

IRS announces transition away from use of third-party verification involving facial recognition | Internal Revenue Service IR-2022-27, February 7, 2022 — The IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts.