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 […]
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 The statute was originally enacted in 2011 (and has subsequently been updated).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 […]
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 […]
One wonderful thing about the first session of the 113th Congress was its efforts to enact a taxing scheme allowing an exemption from estate taxes for those with less than $5 million (indexed to inflation), and making permanent the concept of portability. These codified changes taken together mean that married couples with a combined net […]
Late last week Governor Dayton signed into law a $440 million tax cut package aimed to put “more money in the pockets of Minnesota families and businesses.” Included in the package are changes meant to simplify Minnesota’s estate and gift tax law. The simplification of the estate and gift tax law is budgeted to save Minnesotans $43 million.