The Minnesota Property Tax Refund is a rebate for renters and homesteaded property owners in Minnesota. The rebate is based on your household income and the amount that you pay in rent or property taxes. Contact us to see if you are elgible for this rebate.
How much can I contribute to an IRA for 2011?
The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $5,000 ($6000 if over 50) or the amount of your taxable compensation for 2011. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $5,000. The maximum deductible contribution to a traditional or Roth IRA may be reduced depending on your modified adjusted gross income and whether you or your spouse are enrolled inan employer plan.
The deadline for 2011 contributions is April 17th, 2012.
How much can I contribute to an IRA for 2012?
Currently, the 2012 IRA contribution limits are the same as 2011.
Who has to pay estimated taxes?
Taxpayers must pay tax due in the quarter that it is accumulated. Estimated taxes are for those individuals who are not having any, or enough, taxes withheld from income. Estimated taxes are most commonly made by people who are not employees. Contact us if you are receiving non-employee compensation or investment income and we will figure your estimated payments for both federal and state so that you can avoid penalties and interest.
Additional Questions? Federal website: www.irs.gov Minnesota Dept of Revenue: www.taxes.state.mn.us or simply give Jon Moulton Accounting a call: 651-674-7648