Kallsen & Associates, CPA's, LLP

Kallsen & Associates, CPA's, LLP Certified Public Accountants, Enrolled Agent, QuickBooks Pro-Advisors, Business Advisors

We guide paths by providing Professionals who actively engage themselves in benefitting and enhancing Individuals and Businesses with Financial Satisfaction. Mission

"We are here to help you-and your business-prosper!"

Vision

To be premier management advisors for privately owned growth enterpirses. To provide timely, valued advice, training and compliance services to help businesses and indivi

duals prosper. We will provide coaching, consulting,measurement and compliance assitance aligned with the vision of the individual and business. Values

Clients, Vision, Teamwork, Service

Cause

We empower our clients to improve their business and personal success by developing their business skills. With effective skills, we help our clients understand complex accounting and tax issues so they can turn our knowledge into value. Our clients get professional assistance to ensure their long-term business and financial success. We help them maximize their cash potential, increase efficiency and minimize their tax liability.

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and pla...
09/03/2026

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

In addition to reporting business income and expenses, you may owe self-employment tax and need to make quarterly estimated payments. You might also need an employer identification number (for example, if you hire employees). State and local income, sales, payroll, and other tax requirements may apply, too. Careful planning can help you maximize deductions and choose the right retirement plan for your situation.

Contact us at (712) 336-2632 to learn more about the tax aspects of being a sole proprietor, including the reporting and recordkeeping requirements.

Tax returns and financial statements are important. But you know we can do so much more, right? Think of us as your year...
09/02/2026

Tax returns and financial statements are important. But you know we can do so much more, right? Think of us as your year-round, human source of practical guidance. We can help you better understand the ups and downs of your cash flow, spot opportunities to cut costs or improve profitability, and plan for growth with greater confidence. Call us at (712) 336-2632 to learn more and get the strategic support you need to achieve your business goals.

Do you hold an interest in a business that’s closely held or family owned? If so, a buy-sell agreement should be a compo...
09/01/2026

Do you hold an interest in a business that’s closely held or family owned? If so, a buy-sell agreement should be a component of your estate plan. It provides for the orderly disposition of each owner’s interest after a “triggering event,” such as death, disability, divorce or withdrawal from the business. It accomplishes this by permitting or requiring the company or the remaining owners to purchase the departing owner’s interest and specifying the method for determining the value of an interest. We can help develop a buy-sell agreement in conjunction with your estate plan or evaluate whether your existing agreement’s provisions still fit your business and estate planning objectives. Call us at (712) 336-2632 to begin the discussion.

Tax planning requires more than preparing returns at filing time. We work with individuals and businesses throughout the...
08/31/2026

Tax planning requires more than preparing returns at filing time. We work with individuals and businesses throughout the year to identify tax-saving opportunities, address compliance requirements and respond to changing tax laws. Call us at (712) 336-2632 to schedule an appointment to discuss your tax needs.

Recent tax law changes made the New Markets Tax Credit permanent. This program encourages private investment in economic...
08/27/2026

Recent tax law changes made the New Markets Tax Credit permanent. This program encourages private investment in economically distressed communities by offering federal income tax credits to qualifying investors.

If your business invests in a certified community development entity (CDE), you may be eligible for a credit equal to 39% of your investment over seven years. Alternatively, your business may benefit indirectly by receiving CDE financing for renovations, equipment, expansion or other eligible projects in qualifying low-income communities.

We can help you estimate the potential tax or financing benefits and comply with the applicable requirements. Call us at (712) 336-2632 to learn more.

There are several benefits to having an estate plan. It can protect your wealth while giving you peace of mind that your...
08/26/2026

There are several benefits to having an estate plan. It can protect your wealth while giving you peace of mind that your assets will be distributed according to your intentions. In addition, it can save taxes, minimize legal complications and family disputes, and reduce expenses for your heirs. Do you have young children? An estate plan is a must so you can name guardians for them in the event of your untimely death. If you’re ready to begin your estate planning journey, or if you’d like us to review your current plan, contact us at (712) 336-2632.

One question surviving spouses face is how to file their federal income tax returns for the year of their spouse’s death...
08/25/2026

One question surviving spouses face is how to file their federal income tax returns for the year of their spouse’s death. For purposes of the final return, the tax year begins on Jan. 1 and ends on the date of death. The return is due on April 15 of the following calendar year unless the executor requests a six-month filing extension. In many cases, a surviving spouse can file a joint return with the deceased spouse for that year. Often, filing jointly provides tax savings, such as from a lower tax rate and larger deductions and credits. But filing separately sometimes may produce a better result because of the couple’s particular mix of income, deductions and other tax attributes. Call us at (712) 336-2632 for more information.

Do you know the difference between IRS liens and levies? A federal tax lien arises when you fail to pay taxes after rece...
08/24/2026

Do you know the difference between IRS liens and levies? A federal tax lien arises when you fail to pay taxes after receiving an IRS bill or notice. It’s a legal claim against your property, including real estate and other assets, which can affect your ability to secure credit or complete financial transactions. A levy may be the next step if your debt remains unresolved. The IRS can seize assets — such as wages or bank funds — to satisfy the debt. In short, a lien protects the IRS’s interest, while a levy enforces collection. If you receive collection notices, don’t ignore them! Acting quickly can help open the door to resolution options. Call us at (712) 336-2632.

Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold f...
08/20/2026

Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold from their pay. Most forms are routine, but an altered certificate, unusual accompanying statement or IRS lock-in letter may require special handling. Employers generally aren’t responsible for verifying the information employees provide on W-4 forms. However, you must reject invalid forms, apply proper withholding rules when no valid form is on file and follow IRS withholding instructions. Reviewing your payroll procedures now can help prevent costly errors. Contact us at (712) 336-2632 for guidance on W-4 compliance and other payroll withholding issues.

Applying for a business loan can feel like a catch-22. On one side of the desk is the risk-averse lender, who’s willing ...
08/19/2026

Applying for a business loan can feel like a catch-22. On one side of the desk is the risk-averse lender, who’s willing to loan money only to successful business owners. On the other side is the business owner, who needs the funds to grow and be successful! To avoid this paradox, approach a loan as a partnership rather than a provider-customer interaction. After all, if you were going into business with someone, you’d want to clearly understand their vision for the venture. Contact us at (712) 336-2632 for help effectively presenting your business plan and financials to prospective lenders.

Address

605 Lake Street, Ste 6
Spirit Lake, IA
51360

Opening Hours

Monday 8:30am - 5:30pm
Tuesday 8:30am - 5:30pm
Wednesday 8:30am - 5:30pm
Thursday 8:30am - 5:30pm

Telephone

(712) 336-2632

Website

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