This from the MN Department of Revenue: It’s almost time to start back-to-school shopping and the Minnesota Department of Revenue is reminding you that most school supply purchases qualify for valuable K-12 tax benefits on your 2019 Minnesota income tax return. Remember to save your school supply receipts. What K-12 tax benefits does Minnesota offer? Two Minnesota tax benefits help families pay their child’s education expenses: the K-12 Education Credit and the K-12 Education Subtraction. Both benefits reduce your state tax and could provide you a larger refund when filing your Minnesota income tax return. Last year, more than 33,000 families received the K-12 Education Credit and saved an average of $244. Over 178,000 families Read More...
What Are The Best Ways To Save For College?
A college education can be one of the most important investments you ever make. But the benefits of your child's increased earning power and expanded horizons come at a price — college is expensive. Many families finance a college education with a combination of resources, but your savings are the cornerstone of any successful college funding plan. So it's important to start saving as soon as you can. For 2018/2019, average costs for tuition, fees, room, and board are: $21,370 — public college $48,510 — private college (many private colleges cost substantially more) Source: College Board, Trends in College Pricing 2018 Where should you put your college savings? There are many options to choose from: 529 plans Read More...
Big Change in Alimony Rules
There have been many tax changes that impact filers during this year's tax filing season. We will be sharing as much information as possible to make this season simpler for you. Today, we share about changes that have been made for alimony rules, and how they may apply to your situation. For payments required under divorce or separation instruments that are executed after Dec. 31, 2018, the deduction for alimony payments is eliminated. Recipients of affected alimony payments will no longer have to include them in taxable income. The above rules for alimony payments also apply to payments that are required under divorce or separation instruments that are modified after Dec. 31, 2018, if the modification specifically states that the Read More...
Filing Extension for U.S. Tax Returns
The new tax law passed this year is more complicated than it has been in decades. Many people who have traditionally done taxes on their own are opting to switch to a Certified Public Accountant to ensure they comply with the law and minimize their tax liability. As the tax law becomes more complex, there are situations when you will need to file for an extension of time to file your income tax returns. DID YOU KNOW: The IRS allows taxpayers to file a 6-month extension which is free, easy, and electronic and this can be done for any reason if you need more time to prepare your taxes. An extension form needs to be filed by April 15th for individuals and corporations and March 15th for partnerships and S corporations. An extension moves Read More...
IRS waives estimated tax penalty for farmers, fishermen who…
The Internal Revenue Service (IRS) will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax due by Monday, April 15, 2019. The IRS is providing this relief because, due to certain rule changes, many farmers and fishermen may have difficulty accurately determining their tax liability by the March 1 deadline that usually applies to them. For tax year 2018, an individual who received at least two-thirds of his or her total gross income from farming or fishing during either 2017 or 2018 qualifies as a farmer or fisherman. Further details can be found in Notice 2019-17, posted today on IRS.gov. Contact us today for additional questions relating to Read More...
IRS Warns: New Phishing Scam
The Internal Revenue Service (IRS) sounded the alarm about a new phishing scam in which cybercriminals are sending out fraudulent emails impersonating the IRS, claiming the attachments are tax transcripts, to fool recipients into clicking on and opening files containing malware that could infect their computers. The scam email bears an attachment labeled “Tax Account Transcript” or something similar and the subject line uses some variation of the phrase “tax transcript”. If you receive an email like this, do not open the email or the attachment. If you are using a work computer and you do open it, notify your company’s technology professionals as soon as possible. This malware is problematic for businesses, as the malware could Read More...
Can I Still File Taxes Despite the Government Shutdown?
In an effort to keep all of our clients aware of variables that may impact them, we want to update you with information as it becomes available. As of January 7th, 2019, the Internal Revenue Service (IRS) has stated that tax returns will be processed beginning January 28, 2019 and taxpayers will be provided refunds as scheduled (despite the government shutdown). “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig. The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, Read More...
Increase for the Child Tax Credit
Beginning with 2018 tax returns, families will be able to get more money under the newly revised Child Tax Credit. The Tax Cuts and Jobs Act (TCJA) (the tax reform legislation passed in December 2017) doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years. The new law also created a second smaller credit of up to $500 per dependent aimed at taxpayers supporting older children and other relatives who do not qualify for the Child Tax Credit. Higher income limits mean more families are now eligible for the Child Tax Credit. The credit begins to phase out at $200,000 of modified adjusted gross income, or $400,000 for married Read More...
Tax Reform Bill Workshop – Willmar, MN
Tax Reform Bill Workshop Join us as we partner with the Willmar Lakes Area Chamber of Commerce and 4 other local CPA firms for a second "Tax Planning" workshop that will be hosted on November 20th from 7:30 – 9am at the Willmar Conference Center. Our panel will be presenting on the new tax reform bill, and will be answering your questions! Presenting firms: Anfinson Thompson & Co. Christianson, PLLP Conway, Deuth & Schmiesing, PLLP (CDS) Ruff & Company, CPAs Westberg Eischens, PLLP This Content will Relate to Business Owners Accounting Professionals Those interested in learning more about the Tax Cuts and Jobs Act The cost to attend this event is $10 and that price includes your registration, Read More...
There’s a New Employer Tax Credit for Paid Family and Medical Leave
There's a New Employer Tax Credit for Paid Family and Medical Leave Available for 2018 and 2019. The IRS announced today that they have published detailed guidance regarding the new Employer Credit for Paid Family and Medical Leave for tax years 2018 and 2019 enacted by the 2017 Tax Cuts and Jobs Act. Eligible employers who provide paid family and medical leave to their employees may qualify for the credit. In addition, eligible employers who set up a qualifying paid family leave program or amend an existing program by December 31, 2018 will be eligible to claim the credit retroactive to the beginning of the employer’s 2018 tax year for qualifying leave already provided. Wages paid by third party payers such as insurance companies Read More...
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