Taxes are certainly not something that is set in stone although it might feel like it to the taxpayers. The kinds of taxes, the structure, set thresholds for certain deductions or taxes are constantly changing. In fact, Gov. Mark Dayton has discussed the idea of shifting Minnesota’s tax structure to one that depends in partcontinue reading…
Sequester enters picture as stalemate continues
There has been a buildup of debate, concern and even fear over the resolution to the federal budget issue. First, there was the pending fiscal cliff, then there was the talk of sequester. Federal lawmakers were able to avoid the fiscal cliff, but it appears as though the $85 billion of federal spending cuts willcontinue reading…
Comparing an IRS payment plan versus a tax settlement – part 2
If a payment plan, as discussed in last week’s post is not a desirable option, Minnesotans may want to explore an IRS tax settlement, often called an “Offer in Compromise,” which is similar to any other debt settlement agreement. The process requires the individual or business to submit one of two different completed forms andcontinue reading…
Comparing an IRS payment plan versus a tax settlement – part 1
People in Minnesota or elsewhere who work for themselves know paying income taxes falls solely on the filer and can often result in owing the federal government taxes every year. Even if you owe taxes and are unable to pay them in full it is important to still file on time as the penalties forcontinue reading…
Mortgage debt forgiveness act renewed for 2013 by lawmakers
Some Hennepin County homeowners may be relieved to learn that the Mortgage Forgiveness Debt Relief Act was renewed by lawmakers last month. The act gives homeowners who participated in a short sale or other transaction which resulted in part of their mortgage debt being forgiven a break on what would normally be considered taxable income.continue reading…