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Tag Archives: Minnesota
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
’ Tis the year’s big selling season and those sales come with sales taxes. New business owner, seasoned proprietor with tax questions and bookkeepers in all industries can delve into the details of Minnesota’s state and local sales taxes without spending too much time on Dec. 6. The Minnesota Department of Revenue is bringing its free Basic Sales and Use Tax class from 9 a.m. to 12:30 p.m. to the Heintz Center of Rochester Community and Technical College. The Center is at 1926 College View Road East. The course covers information about sales and local taxes, exceptions to them, and … Continue reading
Black Friday. Cyber Monday. The holiday shopping season is underway again! The Minnesota Department of Revenue can’t tell how much you’ll spend for gifts this year. But it has just drawn out a quick way to tell how much you can expect pay in state and local taxes. Holiday shoppers now can pull up a Minnesota map on their computers or smartphones and find out whether they will pay only the state’s 6.875 percent sales tax or more on their merry purchases this season. The interactive Sales Tax Rate Map shows counties and cities; it also can drill down to … Continue reading
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