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Minneapolis Tax Law Blog

Need to pay estimated taxes? A couple of tips

The middle of July is a good time to talk about paying your quarterly estimated taxes because the need to file is not imminent. Estimated taxes are required for many people who own small businesses or are self-employed, including those working as independent contractors for an established company. They also may be required for people who receive income from interest, dividends, capital gains, prizes and awards.

Estimated taxes are due on the 15th of April, June, September and January. You generally must pay 90% of your total estimated tax liability, or 100% of last year's tax liability (whichever is smaller) in order to avoid a penalty. This may include not only income taxes but also the self-employment tax and the alternative minimum tax, if applicable.

Does it make sense to pay your tax debt with a credit card?

You owe federal taxes, and you also have a credit card that will pay rewards on anything you use it for. When you run the numbers, are the rewards worth the cost?

Generally, no. Although it might be tempting to rid yourself of that pesky tax debt right away, there are usually better options than paying with a credit card, regardless of the perks.

Tax issues after death: How do I file for a loved one?

Navigating the responsibilities that come with closing an estate is not an easy process. In addition to dealing with heirs and creditors the individual in charge of the estate must also deal with the Internal Revenue Service (IRS).

Minnesota co-op manager charged with tax crimes

Minnesota officials charged a former co-op manager of using business funds to bankroll personal expenses. The government has accused the manager of using his position within the business to gain loans from banks to pay for elaborate hunting trips, real estate purchases and other personal expenses.

In addition to wrongly using the funds, the accused also faces allegations of misrepresentation. In this case, the accused also received a loan from a local bank. The bank states the manager exaggerated the assets of the co-op to receive a larger line of credit. In addition to civil charges from the co-op, the manager also faces criminal charges, as noted above. These criminal charges include mail fraud and tax evasion.

Minnesota businesses hit with tax delinquency notices

A failure to pay taxes can lead to serious consequences. A handful of businesses throughout Minnesota are experiencing the reality of these consequences after the Minnesota Department of Revenue updated its delinquency tax records and essentially shutdown a portion of their business.

Minnesota man faces seven years in prison for tax fraud

Tax fraud may seem like a crime committed in other parts of the country, a crime the Internal Revenue Service (IRS) investigates in New York or California. Allegations are present throughout the country, even here in Minnesota.

IRS accuses local man of tax fraud scheme spanning over ten years

Does the IRS care if someone else pays your student debt?

The president of Morehouse College has stated that he will cover millions of dollars of student loan debt for graduates of the university. The offer is a kind gesture that can pay off rewards in the future. The beneficiaries will be able to move forward with their future without the heavy burden of student loans. Instead of working to pay back this debt, these individuals can focus on the future.

Minnesota Department of Revenue accuses man of tax evasion

Tax season has come to an end and most of us have either filed our tax returns or gotten an extension. But what happens if we do not file our income tax returns? A recent case involving a local Minnesota man provides an example.

Who must file income tax returns to the Minnesota Department of Revenue? In most cases, state law requires those who have an income over $10,400 to file returns with the Minnesota Department of Revenue. A failure to do so could lead to criminal charges of tax evasion.

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