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...
Minnesota Wage Theft Law Workshop
Minnesota Wage Theft Law Workshop Join us as we partner with the Willmar Lakes Area Chamber of Commerce and 3 other local businesses for a "Minnesota Wage Theft Law" workshop that will be hosted on August 15th from 7:30 – 9am at The Oaks at Eagle Creek. Our panel will be presenting on the new Wage Theft Law that went into effect on July 1, 2019, and will be answering your questions! Panelists Include: Nancy Miller from Vinna Human Resources Michelle Hanson from Conway, Deuth & Schmiesing, PLLP Jamie Gades from Christianson, PLLP Todd Kleinhuizen from JMS&K Representative Dave Baker will also join us at the end of the workshop for legislative insight This Content will Relate to: All Business Owners Read More...
Breaking News: MFP Payment Details
It's been a topic of discussion for months and now the final rates have been released: the UDSA's Market Facilitation Program (MFP) has been announced. The information below is from a media release that was published by the USDA on July 25th, 2019. You can read the full article here. What is the Market Facilitation Program (MFP)? The Market Facilitation Program (MFP), Food Purchase and Distribution Program (FPDP), and Agricultural Trade Promotion Program (ATP) will assist agricultural producers while President Trump works to address long-standing market access barriers. American farmers have dealt with unjustified retaliatory tariffs and decades of non-tariff trade disruptions, which have curtailed U.S. exports to China and other Read More...
Get Up To $40,000 to Replace Your Old Diesel Vehicle
Our goal is to provide our clients with all of the information needed to ensure success in their business. We've learned about an opportunity that impacts many industries our clients serve and want to help you capitalize on it if you're eligible! What is this Diesel Grant? The MN Pollution Control Agency (MPCA) released an RFP for a grant that reimburses 25% of the replacement cost (up to $40,000) per old diesel vehicle replaced with a new EPA-certified vehicle. The goal of this grant is to achieve significant reductions in emissions, fine particles, and greenhouse gases benefiting the entire state of Minnesota. It is also an effort by MPCA to reduce exposures to harmful air pollutants and maximize health benefits. There is a total of 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...
May is National Military Appreciation Month!
Minnesota Department of Revenue sent this bulletin at 05/01/2019 11:45 AM CDT In honor of National Military Appreciation Month, the Minnesota Department of Revenue reminds service members and their families about Minnesota’s valuable military-related tax benefits. We will send weekly messages throughout the month to highlight some of these benefits. What military tax benefits does Minnesota offer? Visit the Members of the Military page to learn about tax benefits and how to claim them. Our military tax benefits include: Pension Subtraction You may be able to subtract military retirement pay (including pensions) from your Minnesota taxable income. Credit for Service in a Combat Zone You may qualify for this credit if you 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...
IRS Expands Penalty Waiver – Key Threshold Lowered to 80 Percent
The Internal Revenue Service today provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief originally announced Jan. 16, the threshold was 85 percent. The usual percentage threshold is 90 percent to avoid a penalty. This means that the IRS is now waiving the estimated tax penalty for any taxpayer who paid at least 80 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. Taxpayers who have already filed for tax 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...
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