Tag Archives: Minnesota
Often overshadowed by their tax time counterpart – the federal income tax – state income tax rates generally receive less attention. However, they can definitely impact your overall bill, depending on where you live, where you work, and the total amount you earn. State Taxation of Residents States typically use one of three methods to […]
— Read moreMinnesota allows those who work in the state to be exempt from paying state income tax if they are a legal resident of Michigan or North Dakota. Taxpayers who live in these two states are able to work in Minnesota without having to worry about filing a return for the money they earn in the […]
— Read moreFor low income families, finding a way to stretch each dollar can be important. Many look forward to their tax refund as a welcome relief to living on a budget. In Minnesota, the state government has enacted their own version of the Earned Income Tax Credit (EITC), which helps working families stay out of poverty […]
— Read moreMany major cities, or even those close to the border of a neighboring state, have a significant portion of taxpayers who travel from another state to work there. For example, many New Jersey residents work in New York City, or Marylanders may drive to Virginia. It may not seem like a hassle to cross the […]
— Read moreIf you are a permanent resident of a different state or country, or you resided in Minnesota for less than 183 days, you are considered a nonresident for tax purposes. Minnesota implies a minimum filing requirement, which was $10,000 in 2013. This means that any taxpayer who earns more than the minimum amount is required […]
— Read moreMinnesota assess income tax over four separate tax brackets dependent on filing status. All returns are due by April 15th, unless that day is a weekend or holiday, in which case returns are due on the next business day. The tax rates are as follows: Single: 35 % on the first $24,270 of taxable income. […]
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