Tax bracket changes for 2024
The income tax brackets adjustments for inflation have been announced for 2024. Minnesota Minnesota’s income tax brackets are adjusted for inflation every year, based on the chained consumer price index, a specific inflation metric that is designed to measure inflation on consumers every day spending power. For 2024, Minnesota brackets…
Planning your financial calendar for 2024
The hardest thing to do about tackling something new is to start. So I’ve started you off with an outline of what you might want to consider doing in 2024 on the financial front, so that all you have to do is put it on your calendar and do it….
What will be different when you file your 2023 taxes?
For most people, spring 2024 tax filing federally for the 2023 tax year will not be much different. But there are a few Minnesota-specific changes that may be of interest. Federally There are no major changes federally. The IRS only took this opportunity to remind taxpayers of the benefits of…
Understanding estate taxes in Minnesota
Taxation types Every state has their own tax system, raising revenue for state purposes. States raise revenue by incorporating their own ratio of income tax, property tax, sales and use taxes, estate tax and inheritance tax. If you are choosing between states you would otherwise like to live in (for…
Property taxes for ISD535 are going up for 2024
If you live in Olmsted County, Minnesota, in the Rochester area, you know that Independent School District 535 (eg the Rochester school district) put forth a levy referendum on the November 2023 ballot, asking for $10M for technology. This referendum failed. But that doesn’t mean your school-related taxes aren’t going…
Minnesota Rebate Checks Are Taxable
Some Minnesota residents received rebate checks in 2023 from the state government. While most states’ stimulus checks during the official portions of the COVID-19 pandemic declaration were not federally taxed (although Minnesota’s Frontline Worker Pay was). As the federal government had changed the pandemic’s official designation before the Minnesota checks…
Do you know the 2024 tax-related contribution limits?
More and more of the 2024 tax related numbers have been released by the IRS throughout 2023. Here are those thresholds. Still need the 2023 thresholds? You can find those here. These numbers were released earlier this year Self HSA contribution – $4150 (up from $3850) Family coverage HSA contribution…
Learn to better understand taxes using VITA instruction resources
Many people find taxes intimidating. But they are just a set of rules, and unlike if you want to prepare taxes professionally, to do your own you only need to learn about the situations that impact you. If you want to learn more about preparing taxes, you can join the…
Income tax tip – Charitable giving carry-over
Introduction When you give a lot to charity, it’s nice to be able to deduct those contributions on your federal income taxes. What’s even nicer is that if you top out the amount you’re allowed to deduct within a given year, you can potentially claim those deductions in the future….
For Financial Planners – How to help your client’s tax professional have a great tax season
The tax professional field has been a hard one to be in for several years now, and even more so since March 2020. It unfortunately is expected to continue to be a rough tax season in 2023. In this post, you will receive some perspective of what it’s like to…