Ramsay & Associates, Ltd.

Ramsay & Associates, Ltd. Ramsay & Associates, Ltd. Founded in 1976, Ramsay & Associates, Ltd. As a client of ours, your financial success is our primary aim. At Ramsay & Assoicates, Ltd.

is a premier planning and consulting CPA firm specializing in high quality business consulting processes and individual financial support is a premier planning and consulting CPA firm specializing in high quality business consulting processes and individual financial support. You can expect a high level of service along with mutual trust and respect from our team members. Our goal is to educate yo

u on how to maximize your wealth, and to help you gain confidence in making decisions about your business & personal financial future. We strive to know you well enough to champion your cause. Our team of experienced certified public accounts is committed to helping you build a solid foundation for your financial future. We offer a large range of business and personal financial services including tax planning and preparation, accounting, software installation and training, as well as business consulting. Our team is also equipped to assist in IRS and state audit help, research and development credit, business valuation, benefit plan consulting, and succession planning. our goal is to provide quality business, personal, and financial planning advice. Our experienced team works hard to help you in every financial planning, retirement, and investment planning opportunity possible to help you maximize your wealth and gain confidence making wise financial decisions. To learn more about us and the services we offer, please visit our website or give us a call at 651-429-9111 today!

09/04/2026

Happy Labor Day weekend from Ramsay & Associates.

We are grateful for the dedicated workforce that keeps our community connected and moving forward.

Relax and enjoy the long weekend. Our office will be closed on Monday to commemorate the holiday.

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your ove...
09/02/2026

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your overall income, and IRS thresholds.

Provisional income is your adjusted gross income with some additional calculations. You may have to report up to 85% of your Social Security benefits as taxable income if your provisional income is over $34,000 ($44,000 for joint filers). If you file separately from your spouse who lived with you at any time during the year, the threshold is $0.

Smart tax planning can potentially reduce your liability. We can help project your provisional income and review your overall tax situation to identify strategies that make sense for you.

Summer is a good time to see whether your income, deductions, and investment activity are lining up as expected. Reviewi...
08/28/2026

Summer is a good time to see whether your income, deductions, and investment activity are lining up as expected.

Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes. For example, if you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains this year, consider selling some depreciated investments to generate losses you can use to offset those gains.

And if you’d like help evaluating these and other midyear tax strategies, contact us.

If your child recently graduated from high school and is planning to attend college this fall, consider creating a basic...
08/25/2026

If your child recently graduated from high school and is planning to attend college this fall, consider creating a basic estate plan before he or she leaves home.

Perhaps the most critical document is a health care power of attorney. Children aged 18 or older are usually treated as adults. So, without a health care power of attorney, you might have no say in your child’s medical treatment should he or she become incapacitated. This document (sometimes referred to as a “health care proxy” or “durable medical power of attorney”) allows your child to appoint someone — such as you — to make health care decisions on his or her behalf.

Contact us for more details.

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand ...
08/20/2026

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand the rules. Don’t let this happen to you.

Follow this golden rule: Business expenses must be ordinary (common in your industry) and necessary (helpful and appropriate for the business). Of course, you can deduct supplies, materials, and employee payroll and benefits. But don’t overlook other deductible costs — such as for your home office, education, business meals and travel, and business vehicles.

We can help you identify qualifying business expense deductions and establish recordkeeping practices that support them. Contact us to learn more.

If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not a...
08/18/2026

If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not aware of: after-tax, non-Roth contributions. These contributions aren’t subject to the annual elective deferral limit ($24,500 for 2026, plus catch-up contributions if you’re age 50 or older).

So, if your plan allows, you can make them after you’ve maxed out your deferral limit, including catch-up contributions, if applicable. They create tax basis in your account that can eventually be withdrawn tax-free. And growth on the money won’t be taxed until you start taking withdrawals.

We can review your situation and help you determine whether you might benefit.

A grantor retained annuity trust (GRAT) is an irrevocable trust that allows you to transfer appreciating assets to benef...
08/13/2026

A grantor retained annuity trust (GRAT) is an irrevocable trust that allows you to transfer appreciating assets to beneficiaries while retaining the right to receive fixed annuity payments for a specified term. At the term’s end, any remaining assets pass to your chosen beneficiaries.

If your estate exceeds the federal gift and estate tax exemption, one of a GRAT’s most attractive features may be its ability to reduce gift and estate taxes. A GRAT is commonly funded with assets that are expected to increase significantly in value. Any asset appreciation above the Section 7520 rate can pass to beneficiaries free of additional gift or estate tax.

Contact us for more details.

Complex federal income tax rules apply to self-created intangible assets. Sales of self-created intangibles that qualify...
08/12/2026

Complex federal income tax rules apply to self-created intangible assets. Sales of self-created intangibles that qualify as capital assets — such as goodwill and customer lists — generate capital gains or losses (with gains typically taxed at 15% or 20%).

However, sales of noncapital self-created intangibles — such as certain patents and copyrights — may be subject to ordinary income tax rates, which can be as high as 37%. In short, the type of asset as well as who created it and who owns it can matter.

If you’re planning to sell or transfer intangible assets, we can help you understand the federal tax implications before your deal is finalized. Contact us to learn more.

08/11/2026

With a language all its own, estate planning can be overwhelming. You may be familiar with common terms but uncertain about others, and that can feel confusing when you’re trying to make informed decisions. On our latest blog, we’ve outlined a glossary of key words to help you better understand the meaning of estate planning terms.

Find the link in the comments.

Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can appl...
08/04/2026

Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, the child’s unearned income in excess of $2,700 (for 2026) is taxed at the parent’s tax rate, if higher.

If your child has investment income from custodial accounts, consider reviewing the types of investments in those accounts. Growth-oriented investments that generate little current income may help reduce exposure to the kiddie tax until your child is old enough that the tax no longer applies.

If you’d like help evaluating your family’s situation, contact us.

Address

1620 Mahtomedi Avenue
Mahtomedi, MN
55115

Opening Hours

Monday 8:30am - 4:30pm
Tuesday 8:30am - 4:30pm
Wednesday 8:30am - 4:30pm
Thursday 8:30am - 4:30pm
Friday 8:30am - 4:30pm

Telephone

+16514299111

Website

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