Taxes

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Minnesota Revenues Beat Forecast In Final Quarter

Minnesota finance officials say state tax collections beat expectations for the final three months of the fiscal year. According to the quarterly update released Thursday, state revenues for April, May and June were $235 million more than forecast.

07/10/2014

Taxes

Revenue Agency Says Tax Break Review Is Complete

Minnesota’s top revenue official says his agency has finished its review of 2013 tax returns to determine eligibility for tax breaks enacted by the Legislature in March. Revenue Commissioner Myron Frans said Friday that anyone who hasn’t received a supplemental refund check or been contacted by agency officials by this week didn’t qualify. Lawmakers took steps in March to line up the state’s income tax code with a federal one, making some filers eligible for extra credits and deductions.

06/27/2014

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Talking Points: Medtronic’s Overseas Acquisition & Taxes

News last week that Medtronic is buying an Irish firm and moving its headquarters to that country is prompting debate here in Minnesota and across the country. Medtronic says it needs to make the move so that millions of dollars of overseas profits can be taxed at a lower rate. That has members of Congress asking if it’s time to either change the tax code or make it harder for companies to make this kind of a move.

06/22/2014

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Minnesota Tax Collections Below Mark For 4th Month

For a fourth straight month, Minnesota’s tax collections have come in slightly below expectations. The Department of Minnesota Management and Budget reported Tuesday that the state took in $17 million less than anticipated in May. That’s 1.1 percent below the amount officials estimated in a February long-range forecast. Income and corporate taxes missed the mark the most.

06/10/2014

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Reality Check: The Cost Of The Mpls. Super Bowl

Minnesota’s 2018 Super Bowl bid committee promised more than a great party. The state pledged to pick up a super tab, too. We may never know all of the details about Minnesota’s Super Bowl bid. Under state law, it’s private.

05/23/2014

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Adjournment Fever Hits Legislature, Pace Quickens

Last-minute deals are coming together at Minnesota’s Capitol, which means final votes are closing in on $1 billion in construction authorization, a budget bill and tax cuts. The pace quickened Thursday as lawmakers faced a weekend deadline to complete their session.

05/15/2014

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Minn. Lawmakers In Rare Agreement On 2nd Round Of Tax Cuts

There was something a little different going on at the State Capitol Tuesday: A major bill that everyone appears to agree on. It means a second round of tax cuts could be heading your way. State lawmakers already passed income tax relief on the way to hundreds of thousands of middle income Minnesotans. Now, homeowners and renters are getting a break.

05/13/2014

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Dayton Ups Amount Of Surplus He’s Willing To Spend

Gov. Mark Dayton says he’s willing to devote another $100 million of a budget surplus to spending on pressing needs above his previous proposal. Dayton said Thursday he made the offer to top lawmakers “in the spirit of accommodation.”

04/24/2014

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Reality Check: Minn. Remains A High Tax State

Other people might call April 15 “Tax Day,” but Minnesota Gov. Mark Dayton has another name for it.

04/15/2014

Taxes

It’s Deadline Day To File Your Income Taxes

If you haven’t filed your 2013 income taxes yet, the clock is ticking. You have until the end of the day to get them done, get them in the mail or file for an extension. Officials with the Internal Revenue Service said about 35 million tax payers wait until the last week to file their taxes.

04/15/2014

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Countdown To Taxes Begins As April 15 Deadline Looms

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.

04/14/2014

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Can’t Pay Your Taxes? Here’s What You Can Do

In a turbulent economy with constantly changing rules it’s no surprise that the bill from Uncle Sam can sneak up on some of us. Here are some tips to make sure you emerge (mostly) unscathed this April 15.

04/14/2014

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7 Deductions That Lower Your Taxable Income

Most folks looking for tax deductions focus on things like mortgage interest, real estate taxes and charitable donations. But tax rule changes that applied in 2013 made them less valuable in cutting taxes for an increasing number of taxpayers.

04/09/2014

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Minn. Has The 6th-Highest Taxes In The U.S., Census Bureau Says

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.

04/08/2014

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What Procrastinators Need To Know About Filing Their Taxes

According to the IRS, 20 to 25 percent of Americans wait until the last two weeks before the deadline to file their taxes. If tax time snuck up on you this year, here are a few tips to help you file.

04/07/2014

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Get Your Taxes In Order Now For Next Year

Get a jump-start on next year’s taxes by setting up a filing system now. You can use a folder system where you label the each folders according to your needs.

04/02/2014

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Revenue Dept. Highlights Tax Cuts, Says Wait Until April 3 To File

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.

03/27/2014

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What Tax Related Papers Can You Toss Out?

Most of us fall into one of three categories; we keep too much of the paper that comes into our homes or there those that try to throw out everything. And of course those that fall in between.

03/27/2014

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Give Your Personal Finances A Spring Cleaning, Too

Now that we’re finally getting out of winter, a lot of us will start our spring cleaning. That includes getting your finances tied up. However, it’s also tax season, so the last thing you may feel like doing is crunching more numbers.

03/26/2014

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Invest That Tax Refund In Yourself

What is your largest asset? It’s your ability to earn a living!

03/25/2014

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Tax Breaks Coming To Many Minnesotans

Hundreds of thousands of Minnesotans will be getting a break on their taxes. Gov. Dayton signed $443 million of income and sales tax cuts into law Friday, after lawmakers passed the bill. The changes will take effect over next 15 months.

03/24/2014

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Dayton Signs $434 Million Tax-Relief Measure

Gov. Mark Dayton has signed a bill providing hundreds of thousands of Minnesota taxpayers with extra deductions and exemptions they can claim on this year’s tax forms. Dayton signed the $434 million relief package Friday, soon after both the House and Senate approved it by lopsided margins. In a statement, Dayton says the tax cuts will put “more money in the pockets of Minnesota families and businesses” and “make taxes simpler for Minnesotans.”

03/21/2014

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Tax Audit Red Flags To Be Aware Of

What may trigger an audit from your tax filing?

03/20/2014

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Minn. Tax-Relief Bill Put In Higher Gear; Vote Due Soon

A tax relief measure put on a fast track in the Minnesota Senate on Wednesday could mean immediate breaks for at least 300,000 people. The Democratic-crafted proposal was unveiled a day after Gov. Mark Dayton implored lawmakers to speed up. The bill could get a floor vote as soon as Thursday.

03/19/2014

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PODCAST PAGE: The Morning News With Dave Lee …… 3-19-14

Miss something from today’s show? Click the above link to listen back to some of the highlights!

03/19/2014

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