Think taxes are difficult? The 2018 tax season may be the most difficult of all — particularly for Minnesotan taxpayers. What is the problem? Minnesota’s income tax is largely based on the definition within federal return forms of “taxable income.” This definition is not the same this year as it was last year. What is different? Lawmakerscontinue reading…
Four tax deductions for 2018
Recent tax reform has changed the way taxpayers will do taxes for the 2018 tax year. The new law increased the standardized deduction, meaning many taxpayers will prefer to use the standardized deduction instead of the itemized approach. Before you decide which is best for your family, take a minute to review some of thecontinue reading…
Cyber Monday shoppers in MN may not get the savings they expect
Cyber Monday is a day to get great deals on online transactions. Although the deals are still good, the overall savings may not be as high as expected for residents in Minnesota. Minnesotans may notice a new addition to their bill: sales tax. What has changed? In the past, states had to satisfy a difficult requirementcontinue reading…
Minnesota businessman accused of almost $1M in tax evasion
Business owners must navigate a wide range of tax obligations. A failure to properly abide by these obligations can lead to an audit and, depending on the findings of the audit, allegations of criminal wrongdoing. A local Minnesota businessman provides a current example. The government has accused the business owner of failing to pay $918,000continue reading…
One tip to reduce your tax bill and save you money
There are many tax strategies that can help reduce your tax bill, some more complex than others. But putting aside money into a retirement account is one relatively easy step that can save everyone money. The step is like a one-two punch — not only are you taking money out of your taxable income butcontinue reading…