Here we explain Minnesota state tax laws for businesses, in a condensed, simplified way. For further details, visit the Minnesota gov’t website for businesses. Corporate Franchise Tax (Corporation Income Tax) Your business is required to file this, a Partnership, or S Corp. tax return for any year you have nexus (taxable activity in the […]
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Minnesota State Tax Law for Individuals – What You Need to Know
Wondering what you might be missing out on with your MN tax refund? Here we hope to share some info that will save you some money this year! Income Tax Minnesota income tax ranges from 5.35-9.85%, some of the highest in the country. Below is a breakdown for people filing as “single” for the 2016 […]
Personal Investment in Your Business
Entrepreneurs… You started a small business, or you’ve been thinking about it for awhile, and then all these questions start popping up about taxes and using personal cash, and what if it’s a bad idea etc. etc. If it’s going to make you happy, try it out and start small! Marketing for small businesses has […]
Tax Law Updates for Individuals and Businesses
Filing season for our 2016 taxes opened January 23, 2017, and because of a holiday, the deadline for filing is April 18th this year. As we await our last W2s and 1099s, hopefully some of us are expecting a return! What new tax laws are in store for our 2016 tax filing? What tax law […]
Tax Code Section 179 and Small Businesses
Are you saving your small business all the money you possibly can? Tax code section 179 is a popular one for business owners for their money-saving strategy during their tax season. Section 179 Deduction This section applies to companies that have property they want to depreciate. Under normal circumstances, a company would depreciate a piece […]
Record Keeping How-To for Businesses
Many questions arise when it comes to record keeping so we’ll cover some basic guidelines that should help you better understand when to keep it and when to trash it. Keeping records far past the necessary time-frame can cost unnecessary time and money, and in some cases can expose your business to litigation. However, understanding […]
