Minnesota Inheritance Tax: What Residents Need to Know
Will you need to pay taxes on an inheritance as Minnesota resident? Depends on the state both the beneficiary and the decedent live in, the type of asset that will be inherited and its value.
Why Did I Owe Taxes? The Most Common Reasons Why You Had to Pay the IRS
A common question we get from clients, family, and friends is: Why did I end up owing money when I filed my taxes this year? It’s not surprising- no one likes to see a big payment due come April 15!
Using 529 Plans: Minnesota Tax Benefits
Many people are aware of the tax benefits available at a Federal level for funding and using a 529 plan to pay for college costs. Investment income from these plans is exempt from Federal tax as long as the funds are used to pay for qualified higher education expenses and now up to $10,000/year can be used for qualified K-12 expenses.
Year End Tax Saving Ideas
Looking to lower your tax bill before year-end? Discover five smart tax-saving strategies—like maximizing your HSA and 401(k), making charitable gifts, and reducing investment income—to help high earners save thousands.