As tax season is wrapping up I’ve found myself busy with a few estate tax returns, and wanted to share 7 Tips to keep in mind when completing a United States Estate (and Generation-Skipping Transfer) Tax Return – aka the 706. The federal form (coming in at 31 pages before any schedules and supporting documentation […]
The month of January, of course, brings the start of the tax filing season. As such, there are a couple of items to think about. These two particular items are mainly directed at businesses, however, individuals who own rental properties or who are sole proprietors may be impacted as well. 1099 Reporting First, 1099 reporting […]
In addition to changes intended to align Minnesota tax with Federal calculations, the state also made several additional benefits available. If any of these may apply to you, please a tax professional for more in-depth information. Dependent Care Credit As part of the federal update legislation, the federal credit computation the Minnesota uses was updated […]
This is the first year that taxpayers are required to carry health insurance. Administration of the various health care payments, penalties and credits flows through the individual tax return. Health Care Reform Tax Penalty For 2014, if a taxpayer does not have qualifying coverage for himself/herself and any dependents, and does not qualify for an […]
For 2014 and subsequent years, the individual income tax rate schedules reflect a continuation of the rates in place for 2013. The 2014 individual tax rates are as follows: Tax Rate Income (Single Taxpayer) Income (Married Taxpayers) 10% Up to $9,075 Up to $18,150 15% $9,076 – $36,900 $11,151 – $73,800 25% $36, 901 – […]
This is the first in a series of posts over the next two weeks to assist Epilawg readers with year-end tax planning. The opportunity to take advantage of income timing exists particularly for taxpayers who are: In a different tax bracket in 2014 than in 2015; Subject to Alternative Minimum Tax (AMT) in one year […]
It is hard to believe we are at that time of year again when a new year will be upon us in only a matter of days. The countdown is on – only 30 days until 2015. Here are a few reminders of things to do before we say goodbye to 2014. Take Your Required […]
The Qualified Small Business Deduction (“QSBD”) under Minn. Stat. § 291.03, provides an additional deduction for Minnesota estate tax purposes for the value of qualified small business property passing to a qualified heir. The statute was originally enacted in 2011 (and has subsequently been updated).
We’ve said before that Minnesota is not a favorable state in which to die because of the state’s estate tax laws. Some believe that the same is true for other tax reasons as well. While Minnesota does offer a lot to its residents, which attracts them to make Minnesota their home, there are people who […]
If you are a U.S. citizen, resident alien, or certain nonresident alien, you are required to report any foreign financial assets that meet the reporting threshold to the IRS. There are different filing requirements and it just depends on the type of assets and the reporting thresholds to determine the filings an individual is required […]
When drafting real estate deeds (even though the Minnesota Uniform Conveyancing Blanks forms look relatively simple) there are several statutory-specific rules that inevitably lead to the return of your deed with a “rejection letter” from the county recorder. Here are some of the common mistakes made when drafting real estate deeds: Marital Status Omitted You […]