Brick-and-mortar retail giant Target has publicly applauded the Supreme Court of the United States’ (SCOTUS) decision to allow states to apply a sales tax to online retail purchases. The lack of the state sales tax has hurt business for these corporations and led to lost revenue for states. What was the ruling? The case, Quill Corp. v.continue reading…
IRS
Four ways the new tax law impacts property tax breaks
The Tax Cuts and Jobs Act (TCJA) resulted in many changes to tax law. These changes will directly impact property owners. Four specific examples include: Standard deduction. The TCJA increased the standard deduction from $6,500 to $12,000 for individuals and $13,000 to $24,000 for married couples who file a joint tax return. This is notable when it comescontinue reading…
Self-employed? Do not forget today’s tax deadline.
The estimated tax for the second quarter of 2018 is due today, June 15. Why do the self-employed have to pay four times per year? Essentially, the United States tax system is a pay as you go system. Employers generally remove taxes for workers every paycheck. The self-employed do not operate the same. Instead, the Internal Revenuecontinue reading…
MN lawmakers debate the state’s tax on Social Security income
Minnesota is one of only 13 states that tax Social Security income. Minnesota, North Dakota, Vermont and West Virginia tax Social Security income using an income test. Colorado, Connecticut, Kansas, Missouri, Montana, Nebraska, New Mexico, Rhode Island and Utah each have their own rules to apply a state tax to this income. Those in favorcontinue reading…
WI produce vendor gets 18-month prison sentence for tax evasion
The Department of Justice (DOJ) recently charged a former produce vendor out of Wisconsin with three different tax crimes. The 63 year-old man was originally charged in June of 2017 with tax evasion, failure to file a corporate tax return and structuring currency transactions, according to documents from the DOJ. The man charged with the crimescontinue reading…