For any number of reasons, a person may not be able to complete his or her income tax filing in time for the standard April 15 deadline. If this is the case, then the Internal Revenue Service may be willing to allow a 6-month extension, which would require individuals to file by October 15. As thecontinue reading…
Self-employment taxes could create confusion, stress
Tax time can be very stressful, especially when changes are made to tax laws and rates. For Minneapolis residents who are self-employed, however, tax season can be particularly chaotic. In addition to completing normal job-related tasks, it’s also necessary to handle tax filings. People who aren’t self-employed have the benefit of having payroll taxes deductedcontinue reading…
Minnesota jackpot winner will likely face large tax burden
At one time or another, everybody has imagined what they would do if they won the lottery. Some people would pay off their debt, travel around the world, give to charity or make wise investments. Although there is no set path for lottery winners, one thing is certain: they will face a sizable tax liability.continue reading…
Minnesota artists waiting to see how tax case could affect them
What makes an artist an artist? If someone says she is an artist, is that sufficient? What if all her income is earned from artistic endeavors such as painting, music and other kinds of performances? It would probably seem to most people that such a person would be considered to be an artists for allcontinue reading…
Make sure to notify the IRS if you are moving
If you are planning on moving your business to a new address, make sure to file the appropriate paperwork with the Internal Revenue Service. In one recent case, a taxpayer’s failure to properly notify the IRS of an address change barred it from challenging a tax lien. A taxpayer moved from his primary residence and hecontinue reading…