Tag Archives: Income tax

A Special Dispensation For Farmers and Fishers

Both the Internal Revenue Service and Minnesota’s Department of Revenue agree.  Taxpayers who farm or fish for a living deserve a break this time around! Most Individual farmers and commercial fishermen make a single estimated tax payment on Jan. 15 each year. If they don’t pay by March 1, they normally can be hit with penalties. But, the IRS changed some rules for 2018 returns and apparently sowed some confusion into the mix for many of those taxpayers.  Specifically, the IRS says it “anticipate(s) that farmers and fishermen may have difficulty accurately determining and paying their tax liability for the … Continue reading

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PHONE TIP CAN BACK UP SCHOOL SUPPLIES DEDUCTION

Parents, that smartphone you’re carrying can do more for school shopping than reach the children at the other end of the discount store. It could be a convenient way to prove a tax break. Many Minnesota families with children attending grade schools, high schools and home schools can subtract costs of school supplies and other expenses from incomes on state tax returns. Even better, some families with limited incomes can qualify for tax credits, the most powerful breaks available. Credits offset state taxes on a dollar-for-dollar basis. While stocking up on pens, notebooks, erasers, calculators, etc., this month, try this … Continue reading

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