Minnesota and U.S. tax laws are back in sync, clearing the way for 2014 income tax filings without costly discrepancies.
On Saturday (Jan. 24), the governor signed a “conformity” law. It basically brings state tax codes into line with a slew of federal tax breaks that were renewed for 2014 in December.
If state law hadn’t been updated, more than 200,000 Minnesotans – especially middle- income families, students, homeowners and school teachers – would pay about $20 million more in state taxes, Gov. Mark Dayton’s office announced.
There also could have been problems with previously designed tax forms, etc. Now that everything is on the same track again, the state Department of Revenue notes that there are just a couple of adjustments to 2014 Schedule M1M, which details additions and subtractions to income. Those changes are shown on the M1Ms available online.
We at EricJohn Ltd. are relieved that the Minnesota’s tax code is coexisting nicely with federal laws. Of course, we are ready to help individual or business taxpayers file their 2014 tax returns!