As part of a campaign to educate taxpayers on confusing, challenging and emerging tax issues, the Minnesota Society of Certified Public Accountants offers important reminders related to Minnesota’s new state gift tax.
The new tax, effective July 1, 2013, and included in 2013 tax filings, collects 10 percent of a taxpayer’s cumulative lifetime gifting exceeding $1 million. Minnesota is only the second state in the country to enact a state gift tax.
It’s that time of year again, cabin fever is setting in and residents are getting the ‘spring cleaning’ itch. If you have the ‘throw it out’ mentality, please, instead, rethink possible ways to reuse or recycle unwanted items. Beside curbside recycling, drop-off recycling is an option for paper, metal, glass, plastic and other products at the Environmental Center in Woodbury, 4039 Cottage Grove Dr. Items accepted include:
Whether you’re expecting a refund or owe money to Uncle Sam, tax season marks a good time to become familiar with tax-related identity theft and other scams. The U.S. Treasury Inspector General for Tax Administration estimates 1.6 million Americans were victims of such theft in the first six months of 2013, an increase from 1.2 million in all of 2012.
Don’t let this happen to you. Be on alert for these common scams:
The Land of 10,000 Lakes actually contains more than 12,000 lakes and 92,000 miles of streams and rivers. In addition, Minnesota boasts an abundance of ground water resources.
Fresh water supplies such as these are essential to our quality of life in many ways. Water is a necessity for human health as well as the health of crops, livestock and other living organisms. Water is also required to produce energy and manufacture countless products. Although freshwater is plentiful in Minnesota, it is not limitless. Conservation efforts today will help ensure a future with abundant water resources.
Spring is a challenging time for our lakes, rivers and wetlands. Snowmelt and rain wash many pollutants into these water bodies. Because the ground is still frozen, water cannot be absorbed or infiltrate the ground. Instead rain and melting snow act like a water hose, washing the landscape free of sand, salt and debris.
There is a column appearing in major newspapers entitled “News of the Weird.” The stories are about people who do amazingly stupid things which cause us to think, ‘what were they thinking?’ Often these stories involve lawsuits, crimes, lawyers and judges. Here are a few recent stories in the media that involve people in the judicial system.
As the 2014 Legislative Session convened Feb. 25, a main focus of this short session will be passing a bonding bill for much needed construction and repairs for our buildings, roads, and bridges. There are other issues at hand that I will also address, and I am confident about this legislative session.