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Services:
Our primary service is form 1040 and state income tax filings. We can answer your payroll, bookkeeping, and accounting questions. We also prepare small business tax and estate returns.
We are an authorized efile provider. Most of the returns we file, are e-filed. We recommend it based upon our experience of using it for many years. Tulberg & Greenslit does not charge extra for efiling your returns. If you are getting a refund, an efile generally gets it to you faster.
We are available year round to assist you and answer your questions. Many questions our clients have, arise after April 15th. Questions about retirement, sale of land, inheritances, deductions, estimated tax payments and pension rollovers, are some of the typical questions we field.
Lee Greenslit and David Greenslit are licensed by the Minnesota State Board of Accountancy as active and current Certified Public Accountants. Tulberg & Greenslit, PA is an active and current CPA firm. Link to CPA directory Look under the Gs. Link to CPA firm directory Look under the Ts for Tulberg & Greenslit.
Tulberg & Greenslit's Privacy Policy:
Your Information:
Your nonpublic personal information is collected from various sources:
Information received from you on tax organizers, worksheets, and other financial documentation you provide;
Information you provide during personal interviews and telephone conversations;
Information about your transactions with the firm.
Non-Disclosure:
Your nonpublic personal information is not disclosed to any person or party, except as required by law or to facilitate filing your tax return.
Security:
Access to your information is restricted in a variety of ways:
Only to those employees who have a need to know to provide services to you;
Physical security, electronic security safe-guards and strict procedural measures consistent with federal standards are in place to protect your nonpublic personal information.
Your email address is safe with us. Tulberg & Greenslit will never give it out to any person or company.
Your privacy is important. Please trust that protecting your information is equally important. Call if you have any questions.
IRS Notices
If you have received an IRS or Minnesota Revenue notice proposing a change in your taxes, we can review it for you. We have found that many notices are sent out in error. We will tell you if you do in fact owe the IRS more money? We can assist you with your dealings with the IRS. We level the playing field. We are on your side.
Forms/W-2s/1099s
If you just need a tax form, stop by and pick it up, it's free. If you own a small business, we can prepare your W-2s or 1099s at a reasonable rate.
The Earned Income Credit
The earned income credit, or EIC, is a refundable credit for workers who meet certain requirements and file a tax return. Persons with or without a qualifying child may claim the EIC. The maximum credit you can get will depend on whether you have no qualifying children, one qualifying child, or more than one qualifying child. Additionally, the maximum credit possible can change each year due to inflationary adjustments.
More from the IRS. Are life cycle fund investors doing it wrong?
‘Retirement made easy’ strategy often misued, mutual fund companies say
Updated: 2:48 p.m. CT July 6, 2006 NEW YORK
Life cycle funds that are becoming increasingly popular are meant to make retirement planning easy. But that’s not how investors have been using them, mutual fund companies say.
The funds are aimed at a specific retirement year. Fidelity Investments’ life cycle Freedom Funds for instance, start with a fund for people who retired before 1998, then progress to a fund for people who plan to retire in 2050.
The funds are an aggregation of many other mutual funds, sometimes as many as 25. The idea behind life cycle funds is that investors tend to do a poor job of diversifying and rebalancing their portfolios as they approach retirement, so the fund will do it for you, starting with an aggressive mix of equities and bonds in the decades before retirement and rebalancing, often daily, to maintain diversification.
More from - AP and MSNBC Do you need to file an Amended Return?
If you discover an error after your tax return has been filed, you may need to file an amendment. Form 1040X is used. Typical amended returns report an increase or decrease in income or deductions. One cause of having to file an amendment is the late arrival of relevant tax documents. We advise that you not delay filing an amendment because interest will be charged if you owe money, and if the IRS owes you, the wait for a refund can be long.
Amendment refunds are limited if you wait too long to claim them. Generally, to claim a refund, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
Minnesota generally requires that to claim a refund, you must file within 3 1/2 years of original due date of the return.
State amendments are generally similar to Federal amendments. If you find that you owe the IRS more money for whatever reason, consider if your State tax return should now be changed? You can count on the fact that the IRS will share its data with your States tax department. The good news is that Federal amendment refunds often lead to State refunds.
Another point to consider is the tax deductibility of anything you may have to pay with a State amendment, as well as the possible taxation of a State amendment refund. These payments and refunds are sometimes overlooked at tax time. |
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Stock Sales
If you sold stock or mutual fund shares from an after-tax account during the past year, you have a capital gain or loss to report on your tax return. Simply transferring money between mutual funds also triggers a reportable gain or loss.
The key information we need at Tulberg & Greenslit is the acquisition date(s) and amount paid for the securities. Over the years mutual fund companies have improved their automatic tracking of the required cost basis information, so they may all ready have this information. If they don’t, annual statements can be used to determine your cost basis, and from that, your taxable gain or loss.
Remember, there are limits to the amount of loss you can deduct each year. If your 401(k), IRA, or similar plan experienced a gain or loss for the year, it generally is not taxable or deductible, as it is pre-tax money.
Are you subject to the Alternative Minimum Tax (AMT)?
The AMT is a parallel tax system that does not effect most people, but it is likely that more taxpayers will be paying the AMT in the coming years. The characteristics most likely to give rise to AMT liability for "ordinary" taxpayers are:
Large numbers of personal exemptions,
Large amounts of state and local taxes paid,
Large amounts of miscellaneous itemized deductions,
Large deductible medical expenses,
The bargain element of Incentive Stock Options,
Large capital gains.
We at Tulberg & Greenslit check your return to see if you are subject to the AMT and can discuss with you what options you may have to minimize this tax.
Many firms like ours offer their clients investment products. We do not. Our advice is that you use a no load, low expense ratio, Mutual Fund company. A balance of stock index, and bond index funds consistent with the amount of risk you're comfortable with is our recommendation.
We feel this approach best suits most of our clients needs. 
We also offer Notary services.
K–12 Education Subtraction and Credit
"Minnesota has two programs—the K–12 education subtraction and the K–12 education credit—to help families pay expenses related to their child’s kindergarten through 12th grade (K–12) education. Both programs lower the tax you must pay and may even provide a larger refund when you file your Minnesota Form M1, Individual Income Tax Return."
More on the topic from Minnesota Revenue at: K-12 |
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