MN Gift Tax Elimination
Friday, March 21st, 2014 is right in the middle of the tax return season. The last thing you would expect this late in the tax season are changes to the code tax for the income tax returns that are being filed. However, Minnesota's Governor Mark Dayton did just that. He signed a tax benefit package - a bill that eliminated the MN gift tax. This affects the Minnesota state tax returns of 2013 and 2014. Other tax rules also changed with this tax benefit package, but this article is limited to only discussing the gift tax elimination starting with the 2013 tax filing.
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What If You Have Already Filed Your 2013 Tax Return?
If you have already filed and it changes your tax return situation as other items were on the same bill, you will receive notice from the state of Minnesota by mail.
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They will either:
• Adjust your return and send you a refund.
• They will ask for more information.
• Ask you to file an amendment if your return can't be adjusted and the state of Minnesota will refund your payment.
This will also slow Minnesota revenue in providing refunds until for those that qualify for the newly enacted tax breaks until after April 3, 2014.
What If You Haven't Filed Your 2013 Tax Return Yet?
You need to follow the new rules. You are no longer required to file a Gift Tax return in Minnesota. After April 3rd the new tax code changes software and form will be ready.
What About the Federal Gift Tax?
These changes were only for the Minnesota State tax return. The federal gift tax remains the same. Click on the link below to review the federal gift tax return rules.
How Is The Average Person Going To Keep Up With All The Tax Changes?
As times goes on the world becomes more and specialized. More individuals as well as businesses are turning to experts such as the accounting firm of Gebhard and Giguere Ltd that are located in Lake Elmo, MN for the tax help and advice they need. If you want your taxes done by a highly competent professional team, yet keeping the cost affordable, give them a call at 651--328-6080. Their clients pay the lowest amount of taxes allowable by law because they continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
I hope you enjoyed this post! If you or your business need any help with your accounting or taxes, or if you have questions, check out our website at http://gebhardandgiguere.com. You may call us today at 651-328-6081 or email us at Robin@gebhardandgiguere.com.
Your Turn ....
If you are glad about the new gift tax law elimination and would like to share with our readers how this will help you, please comment below.
