Month: August 2023

Brady Martz & Associates is excited to share that the firm was recently named as one of the “Top 100 Firms” of 2023 by INSIDE Public Accounting (IPA).

 

Each year, IPA releases a ranking of the 500 largest public accounting firms in the U.S. based on each participating firm’s net revenues. The rankings are then broken down even further by 100.

 

“Being ranked among the top 100 accounting firms in the country by IPA is a true testament to the hard work and dedication of each member of our team,” said Todd Van Dusen, President of Brady Martz. “Our team of skilled professionals strives to anticipate our clients’ needs and provide proactive guidance enabling them to make informed decisions with confidence. The accounting industry is constantly evolving, and we remain committed to staying ahead of the curve.”

 

In addition to the criteria of U.S. net revenue, rankings are compiled by analyzing responses to IPA’s annual practice management survey. This is IPA’s 33rd annual ranking of the largest accounting firms in the nation. To learn more and to view the 2023 list of “Top 100 Firms,” visit insidepublicaccounting.com/top-firms/ipa-500/.

 

Founded in 1927, Brady Martz has been providing exceptional client service for nearly a century. Headquartered in Grand Forks, the firm has seven offices throughout North Dakota and Minnesota, and will expand into South Dakota with the acquisition of Woltman Group on October 1. Brady Martz is proud to offer advisory, audit & assurance, and tax services to clients in a wide variety of industries. For more information, visit bradymartz.com.

 

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Back-to-school time can also be tax savings time for Minnesota families who save receipts on school supply purchases. The Minnesota Department of Revenue reminds parents and caregivers to save receipts on school supply purchases to claim valuable K-12 tax benefits when filing their taxes next year. In addition, due to changes made during the legislative session, over 31,000 more Minnesota families will be able to claim the credit this year.

Two tax benefits can help Minnesota families pay expenses related to their child’s education: the refundable K-12 Education Credit (income limits apply) and the K-12 Education Subtraction (no income limits).

“As a parent and grandparent, I know the strain that families feel during back-to-school time trying to balance the need for new school supplies with other family expenses,” said Revenue Commissioner Paul Marquart. “Saving school supply shopping receipts and claiming either the K-12 Education Subtraction or the expanded K-12 Education Credit will help Minnesota families save some money when filing their taxes next year.”

Last year, more than 17,000 families received the K-12 Education Credit for an average credit of $280. Over 134,000 families received the K-12 Education Subtraction for an average subtraction of $1,266.

These programs reduce the tax parents pay and could deliver a larger refund when filing a Minnesota income tax return. To qualify, the purchases must be for educational services or required materials. The child must be attending kindergarten through 12th grade at a public, private, or qualified home school and meet other qualifications.

Save those receipts
Remember to save your receipts to claim the credit or subtraction. Use a folder or envelope to store receipts for the upcoming tax filing season or pick up a special envelope at our State Fair booth, located in the Education Building.

 Most expenses for educational instruction or materials qualify, including:

• Paper
• Pens and notebooks
• Textbooks
• Rental or purchases of educational equipment such as musical instruments
• Computer hardware (hotspots, modems, and routers) and educational software (up to $200 for the subtraction and $200 for the credit) *
• After-school tutoring and educational summer camps taught by a qualified instructor

*Fees for internet service do not qualify

Household Income for the K-12 Education Credit

Number of qualifying children in K-12	Household income must be less than
1 or 2	$76,000
3	$79,000
More than 3	$79,000 plus $3,000 for each additional child

T
axpayers who are not required to file an income tax return must do so in order to claim a refund for any eligible education credit.

K-12 Education Subtraction
There are no income limits to qualify for the education subtraction. Most parents qualify. Parents can claim the K-12 Subtraction for tuition paid to private schools or college courses used to satisfy high school graduation requirements.

Check out our video to learn more about the K-12 education tax credit.

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The East Grand Fire Department was dispatched to a report of a vehicle stuck in a culvert on Tuesday, August 8, at 7:37 a.m.

The firefighters arrived on the scene to find a 2018 GMC Yukon wedged into a culvert up to the third row of the vehicle. The single occupant was alert and talking with rescue personnel. Due to the complexity of the entrapment, it took crews an extended period of time to remove the vehicle’s driver. The driver was removed from the vehicle at 8:51 a.m. and transferred to Altru Hospital with severe but non life-threatening injuries. East Grand Forks Fire Department was assisted on the scene by Altru Ambulance, Polk County Sheriff, Minnesota State Patrol, and Stuart’s Towing.

The accident remains under investigation by the Polk County Sheriff’s Office. No further details will be released by the East Grand Forks Fire Department. 

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The Crookston Fire Department has recently added a young face to its staff. Aidan Liebl, a Mankato native, officially started on August 7 as a full-time firefighter.

Liebl is a 2022 graduate of Mankato West high school, where he started his proper training as a senior in high school. “It was a hard process when I started my fire career in high school, starting my recruit academy my senior year with the Mankato Fire Department,” said Liebl. “They took me through the basic courses: firefighter 1, hazmat, and firefighter 2.”

This is the first full-time firefighter position Liebl has accepted, which is over 300 miles from home. “The reason I picked Crookston is that when I saw the opening, I did some background research,” said Liebl. “I noticed the work with the community, and the events the hold, and just overall it being a smaller community, I can meet more people and get involved.” The Crookston Fire Department is now reportedly fully staffed with the hiring of Aidan Liebl.

Although Liebl is just starting his career as a firefighter, he explained what he is mostly looking forward to in his field. “I think the most rewarding part of this job will be getting involved with the community,” said Liebl. “I also believe the atmosphere will allow me to create another family within the station and workplace.”

When Liebl isn’t on duty, he enjoys going hunting and fishing. More specifically, fishing for Waterfowl and turkey hunting. He also enjoys spending time with friends/family and occasionally playing video games.

The Crookston Fire Department are thrilled with their new hiring and foresees Liebl’s bright future in Crookston.

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The Minnesota Department of Transportation announced today a resurfacing project beginning on August 14. Construction crews will resurface three locations in northwest Minnesota:

-Highway 11 from the eastern limits of Baudette to mile marker 120 west of Baudette
–Highway 59 from Highway 175 to Canada
-Highway 75 from Warren to Euclid

The contractor for the $2.2 million dollar project is Asphalt Preservation Company, Inc. The project will be completed under traffic, and flaggers will guide motorists through the single-lane construction zone. It is expected to be complete by early September and will create a smoother, safer driving surface.

Important reminders for motorists regarding work zone safety:
-Slow down when approaching every work zone, then navigate through with care and caution.
-Stay alert; work zones constantly change.
-Watch for workers and slow-moving equipment.
-Obey posted speed limits. Fine for a violation in a work zone is $300.
-Minimize distractions behind the wheel.
-Be patient; expect delays, especially during peak travel times.

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