Minnesota lawmakers moved Tuesday to set up swift approval of tax deductions and credits affecting thousands of people and business owners getting ready to file 2014 forms. Tax committees in the House and Senate advanced legislation that lines Minnesota’s code up with some recent federal changes. Final votes in each chamber could come later this week, sending the bill to a supportive Gov. Mark Dayton before personal income tax filing season begins next week.
This tax season holds good news for millions of self-employed people who work from home: Home office deductions, which used to require a litany of calculations and the completion of a 43-line form, have at last been simplified.
Who doesn’t want to save a little (or a lot of) extra money at tax time? Claiming all the deductions for which you are eligible can significantly reduce your tax bill.
Experts recommend using some type of guidance to navigate forms and maximize your returns.
The Minnesota Senate has unanimously approved a bill that will let some Minnesota taxpayers claim recently enacted federal tax deductions on their state taxes too.
The holiday season isn’t exactly known as a time to talk taxes. Maybe it should be. At Goodwill’s across the Twin Cities, donations are up 15 percent as people attempt to get last minute tax deductions for 2011.