Year End Tax Planning Part 4: Minnesota Changes

ET Kelly & Associates, LLC / December 30, 2014
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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 […]

Year-End Tax Planning Part 3: Health Care Reform

ET Kelly & Associates, LLC / December 24, 2014
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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 […]

Year-End Tax Planning Part 2: 2014 Tax Law Changes & Planning Ideas

ET Kelly & Associates, LLC / December 22, 2014
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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 – […]

Year-End Tax Planning Part 1: Overview

ET Kelly & Associates, LLC / December 18, 2014
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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 […]

Don’t Delay! To-Do List for the End of the Year

Jennifer Santini / December 2, 2014
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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 […]

Qualified Small Business Deduction

Jamie Held / November 26, 2014
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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).

Are you a Minnesota Resident?

Jennifer Santini / October 23, 2014
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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 […]

Have you reported your offshore funds?

Jennifer Santini / September 17, 2014
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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 […]

The Constant Fear of “Rejection” When Drafting Real Estate Deeds

Kim Prchal / June 25, 2014
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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 […]

Recent MN Tax Changes – Why You Received a Refund from MN

Erik Doerr / June 16, 2014
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If you are like me, you recently received a second tax refund from the State of Minnesota. Right before that, you also received a letter explaining that you were about to receive the refund and what it was for. If you are not up to speed with the latest Minnesota tax law, you may not […]

Estate Planning Myth #7: Gift Taxes?! I don’t make taxable gifts.

Erika Stein Rosenhagen / April 30, 2014
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Many clients are familiar with the gift tax exclusion and understand that their small gifts (even to organizations that are not tax-exempt) will not be subject to gift tax. Where there tends to be confusion is around the concepts of what is a taxable gift and what is not, and valuation of the gift. These […]