The countdown is on. Taxpayers have until midnight Tuesday to get their taxes done. The IRS will receive about 135 million tax returns by the April 15 deadline. About 90 percent of those are now filed electronically. In a roundabout way, that’s helped cut down on the number of audits the IRS can conduct.
You may be surprised to know that numbers released by the U.S. Census Bureau show Minnesota has the sixth-highest taxes in the country. But Wisconsin is just ahead of us as the fifth-highest taxed state in the nation.
Minnesota tax officials are scrambling to put in place new tax cuts passed by the legislature just six days ago. In a rare move, they’re asking taxpayers who might qualify for tax cuts to wait until April 3 to file. The department needs until then to program the tax cuts into its computers and instruction forms.
The push to get same sex marriage adopted in Minnesota was an emotional one, but now those couples are wrestling with the financial implications.
Minnesota city and county governments have a good reason to wait until after the holidays to do any major shopping: Starting Jan. 1, much of the stuff they buy will be tax-free.
Need that new Justin Bieber ringtone? Come July 1 buying it will carry a Minnesota sales tax. Hiring a repairman for the office photocopier? That labor will be taxed. Catching a pay-per-view movie on satellite television? There’s a tax on that, too.
Minnesota took in about $25 million more in tax revenue in May than was initially expected, as revenue collections for the year continue to perform above projections. The Department of Minnesota Management and Budget says Monday that general fund revenues of $1.4 billion in May were 1.9 percent above the agency’s February forecast. In the year to date, the state has collected $324 million more than predicted in that forecast.
The owner of Dahl Trucking in Elmore, Minn., was indicted Tuesday in federal court for avoiding payment of taxes on the wages of his employees from 2007 to 2010. Marlin Dahl was specifically charged with 13 counts of failure to collect and pay Federal Insurance Contribution Act (FICA) taxes.
Many Minnesota cities and counties will see a big bump in their state aid, and for that they’re being required to tamp down property taxes.
Gov. Mark Dayton initially proposed taxing Minnesota clothing sales that were more than $100. After protests he had to pull that off the table.
The democrats may be in control at the state Capitol but they certainly cannot agree on how to solve the state’s budget problems.
In early February, a development agency in Gov. Mark Dayton’s administration made a deal with a giant pharmaceutical company: The state would explore grants and tax breaks that could yield almost 200 high-wage jobs all while keeping Baxter Healthcare Group’s name out of the public conversation.
Well-known anti-tax figure Grover Norquist is bringing his message to Minnesota, which is in the heat of a big tax debate.
Minnesota House Democrats this week voted to raise the excise tax on beer, claiming it will raise the price only 7 cents a bottle.