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August 2009
Issue: 21
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 2008.  You also may qualify if your property taxes increased by 12% or more from 2008 to 2009.  If you think you might qualify, please contact us and we can determine if you are eligible for a refund or not.  During tax season, we keep a list of clients who might be eligible for this refund.  In the summer months, we review this list and file the property tax returns for those that are eligible.  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.  If you haven't heard anything from us and if you think you might qualify, then please let us know.
 
Enjoy this month's newsletter!
 
With the federal deficit topping a record $1 trillion and rapidly on its way to nearly doubling by this fall, the government desperately needs to squeeze out every tax dollar it can find. That could translate into more audits or at least a letter from the IRS politely asking you to refigure your taxes.
 
Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year.
 
In This Issue
IRS Ups Audits as Deficit Hits $1 Trillion
Top Seven Tips for Taxpayers Starting a New Business
Collect Now, or Later? Timing Your Social Security Benefits
Upcoming Tax Deadlines
Collecting Social Security as soon as you are eligible is a tempting proposition - but experts agree you should try to resist if you can.
 
The majority of people don't follow that advice, choosing instead to start benefits early. Why wait to collect what is rightfully yours?
 

Upcoming Tax Deadlines

August 15th - MN Property Tax Returns for 2008 are due

August 15th - 2nd quarter payroll returns are due for employers
 
September 15th - Extended deadline to file 2008 C Corp, S Corp, & Partnership tax returns 
 
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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