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      September 21, 2018

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Tax Relief in Minnesota

Minnesota MapMinnesota residents are feeling the burden of the same financial struggles affecting the rest of the nation, including those that come as a result of tax debt. For instance, Minnesota’s top tier of personal income tax is fourth highest in the United States at a rate of 9.85%. The state collects an average of $1,404 per person in local and state income tax each year, ranking the state 6th highest nationwide.

Even with respect to property taxes, Minnesotans pay approximately $1,535 per person each year, which places the state in 16th highest place overall.

Although property taxes in the state are relatively low, Minnesota residents often find themselves in the position of owing money to the IRS and to local and state collection agencies. For Minnesotans who have little-to-no savings, and who often live from one paycheck to the next, setting aside the money to pay Uncle Sam is often a lower priority than paying the rent, taking care of medical bills, buying groceries, or making car payments. Paying taxes takes a backseat to meeting immediate, urgent needs.

While the average amount of federal taxes collected in Minnesota is almost the same as the national average of $11,715, the state’s median household income has declined by 17% in recent years.

Financial difficulties have prompted many Minnesotans to seek out tax relief as a solution to increasing personal debt. Tax relief companies help individuals to minimize the stress of owing money to state and federal tax authorities, and to avoid the possibility of assets being seized or wages garnished. Experts in tax relief work with their clients to reduce their overall tax debt and can use a variety of methods to do so. Some such approaches include negotiating penalty abatement, setting up installment agreements with the IRS, and amending previous years’ tax returns.

 

Big-box stores in Minnesota fight for lower tax bills

Big-box retailers are fighting property tax bills on their megastores across Minnesota, winning reductions that could shift more of the tax burden to homeowners and renters. Similar fights are playing ...

Published:  Sun, 09 Sep 2018 04:27:00 GMT



Charges: Minneapolis Business Owner Owes $27,000 in Taxes

The Minnesota Department of Revenue has announced that the Hennepin County Attorney's Office has charged an Isanti man and Minneapolis business owner with eight tax-related felonies and eight tax ...

Published:  Tue, 11 Sep 2018 09:12:00 GMT



States Looking To Tax Opioids Pin Hopes On November Elections

After almost slapping a tax on makers of opioid pills earlier this year, Minnesota lawmakers are set to try again when they meet in January. The drug manufacturers that helped create the opioid addict...

Published:  Tue, 11 Sep 2018 10:38:00 GMT



"˜The reason Minnesota thrives today is we're living off the fat of yesterday': A Q&A with Gov. Arne Carlson

Republican Arne Carlson was governor of Minnesota at Twin Cities Business' birth ... but for substantial legislative achievement, including tax, health care, education, and workplace reform. He succee...

Published:  Tue, 18 Sep 2018 07:11:00 GMT



Charges: Montrose Couple Accused Of Multiple Tax Crimes

... crimes after they both failed to pay individual income taxes and file income tax returns. The Minnesota Department of Revenue announced Friday Jay Alan Johnson and Sheila Ann Johnson were ...

Published:  Fri, 07 Sep 2018 09:41:00 GMT



Columbia Threadneedle Investments Launches Tax Efficient Portfolios

Columbia Threadneedle Investments today announced the launch of Columbia Tax Efficient Portfolios (TEP), a suite of equity separately managed account strategies designed to provide investors consisten...

Published:  Mon, 17 Sep 2018 07:30:00 GMT



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