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      July 20, 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.


Disaster victims granted more time for MN taxes

ST. PAUL - The Minnesota Department of Revenue announced Tuesday, July 17, that taxpayers who were affected by the recent severe weather and flooding will get extra time to file Minnesota returns and ...

Published:  Tue, 17 Jul 2018 09:42:00 GMT

Minnesota's online sales tax plan due next week

Minnesota's tax agency will provide answers next week about how and when online retailers will be required to collect sales taxes. . Officials at the Department of Revenue have been analyzing a June d...

Published:  Tue, 17 Jul 2018 10:19:00 GMT

Study: Minnesota enjoying robust job market, but high taxes still seen as concern

For any Minnesotan who's been putting off seeking new employment, there's some recent evidence that this might be the perfect time to dip a toe in the water. That evidence comes from a report from fin...

Published:  Fri, 06 Jul 2018 09:40:00 GMT

India tax department sells $216 mn of Vedanta shares

Cairn Energy said on Monday it would write down the value of its investment in Vedanta Ltd after Indian tax authorities sold $216 million worth of its shares in the Indian mining company in a dispute ...

Published:  Mon, 09 Jul 2018 06:56:00 GMT

Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations

With about Rs 5 trillion stuck in litigations, the government has decided to hike the threshold monetary limit for tax department to file appeals in tribunals and courts to bring down litigation by 41 ...

Published:  Thu, 12 Jul 2018 01:34:00 GMT

St. Paul school board votes unanimously to ask voters for $18.6 million tax increase this fall

The new measure would replace that tax with a new one worth an estimated $46.2 million ... the state's alternative compensation program. 200 Minnesota mentors needed for teens at risk of not graduatin...

Published:  Tue, 17 Jul 2018 19:56:00 GMT

Are Minnesota courts discriminating against foreign language interpreters

Back in Buenos Aires, where she'd lived before coming to Minnesota in 1994, she worked in art and design ... Her gross income is about $45,000 a year, but after taxes and expenses, it's more like $20, ...

Published:  Tue, 17 Jul 2018 03:28:00 GMT

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