Hello from St. Paul,
As you are likely aware, tax season is in full swing. The income tax filing deadline is roughly one month away now, so I’d like to remind you of a number of provisions approved in last session’s tax relief law that will likely put more money in your wallet if you note them on your tax returns.
The law includes assistance for senior citizens through Social Security tax relief, as well as property tax relief for every small business owner.
If you are a college student or are still paying off your student loans, Minnesota enacted a first-in-the-nation tax credit. Just determine what your loan payments were last year and enter the information accordingly.
If you contribute to college savings plans for your kids or grandkids, you will also want to find out how much you spent this year and note it on your state tax forms.
If you consider yourself a working middle class family, have your year-end dependent care statement handy as you will hopefully notice improved tax credits this year.
The $650 million middle-class tax relief bill was the largest proposal approved in 20 years. Hopefully, if you have begun filling out your state income tax forms already you’re seeing the benefits of this legislation.
Have a good weekend,
Nolan