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August 2008
Issue: 12
MN Property Tax Returns Due August 15th
 
I hope everyone is having a great summer!  We would like to remind all of our Minnesota clients that the MN Property Tax Refund Return needs to be filed by August 15th.   Individual homeowners and renters are eligible for the Property Tax Refund.  You qualify if your income is below a certain amount and you paid rent or property taxes in 2007.  You also may qualify if your property taxes increased by 12% or more from 2007 to 2008.  If you think you might qualify, please contact us and we can determine if you are eligible for a refund or not.  We have filed them for a lot of you already and you should be receiving a copy of the return in the mail from us, if you haven't already.
 
Enjoy this months newsletter!
 
The Senate has passed a housing rescue plan by a vote of 72-13 aimed at stemming the tide of foreclosures and shoring up Fannie Mae and Freddie Mac.

Senate passage of the bill comes only a few days after the House passed similar legislation (see House Approves Mortgage Rescue Plan). The bill contains various tax provisions that have received a mixed reaction. "Some homebuyers and current homeowners stand to benefit from the bill, but others will help pay for it with higher taxes down the line," predicted CCH principal tax analyst Mark
Luscombe.
 
Here's a tax break for the busy summer. Many working parents must arrange for care of their children under 13 years of age during the school vacation period. A popular solution - with a tax benefit - is a day camp program.
 
 
Of all the choices you make when starting a business, one of the most important is the type of legal organization you select for your company. This decision can affect how much you pay in taxes, the amount of paperwork your business is required to do, the personal liability you face and your ability to borrow money. Business formation is controlled by the law of the state where your business is organized.
 
In This Issue
Senate Approves Housing Bailout Bill
Parents Can Get Credit for Sending Their Kids to Day Camp
Choosing A Business Structure
The Best Way to Reimburse Employees...and Save Taxes Too
Upcoming Tax Deadlines
A business that doesn't want to give its employees company credit cards, but expects employees to pay for business costs out of their own pockets and later be reimbursed for the expenses, can set up an arrangement that's a tax win-win situation for both the business and its employees. The arrangement is called an accountable plan.
 

Upcoming Tax Deadlines

 
August 15th - MN Property Tax Returns are due
 
August 15th - July payroll depoits are due for monthly payroll tax depositors
 
September 15th - Extended Corporate Tax Returns are due (S Corps & C Corps)
 
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA

651-690-2250

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