For many people, April 15 sticks out as the most important tax-related deadline. However, those who manage a non-profit organization might have another critical date in mind: May 15.
Businesses rely on a wide variety of strategies to meet their needs. In order to fulfill a demand for labor, independent contractors might be hired. Depending on the situation, it may be most intelligent to bring contractors aboard, perhaps if additional staffing isn't likely to be needed in the longer term.
Minnesotans value nature and the outdoors. In order to keep the state's natural heritage vibrant, conservation groups may buy up pieces of land in order to prevent development. These groups often rely on achieving tax-exempt status in order to continue to fulfill their mission of preserving natural beauty. Without tax exemptions, it may become very difficult -- or impossible -- to continue operating.
For many nonprofit and community organizations, tax-exempt status is very important. Without this designation, they would not be able to provide services. The unfortunately reality is that federal government officials can challenge this status if they feel organizations have stepped outside the confines of tax law.
The estate tax is among the most discussed forms of taxation in the country. In addition to the estate tax assessed by the state of Minnesota, the federal government also taxes estates' assets that are valued above the exemption. Over the last couple years, the amount set for the exemption has shifted, but estate tax liabilities are based on the law in effect at the time a person passes away.
Tax time can be very stressful, especially when changes are made to tax laws and rates. For Minneapolis residents who are self-employed, however, tax season can be particularly chaotic. In addition to completing normal job-related tasks, it's also necessary to handle tax filings.