Tax Filing Season Opens January 20 in Minnesota

Published On: 12th January 2015

From the internet

The Minnesota Department of Revenue says the doors to the 2014 tax filing season will open on January. It is that date when Minnesotans can get their Minnesota tax forms and begin the yearly process of reporting their income and losses. This is also the same day in which the IRS is beginning the filing season for 2014 returns.

In Minnesota, a number of tax breaks have been extended for college students, teachers, small businesses, and homeowners. The Department of Revenue has asked the Minnesota legislature to move quickly in updating the state tax code to conform to the federal tax code by the January 20 filing date.

Last year, there were last minute changes made to the Minnesota tax code, which resulted in some individuals receiving later refunds. This is something that was quite taxing on the Department of Revenue and they would like to avoid such late changes this year so that the tax season can be a one and done deal.

The Revenue Commissioner says that the legislature taking action by January 20 would help ensure a smoother tax season. Conforming to the federal tax code would ensure that businesses and families could take advantage of the new tax benefits and also make sure the opening of the tax filing season is smooth.

If the legislature does not conform quickly, then Minnesotans could be made to pay millions more in income tax and then have to file additional forms with their 2015 income taxes. More forms filed by taxpayers are an inconvenience for the taxpayer, for the tax preparer, and for the Department or Revenue because of the additional information that has to be managed.

So conforming to the federal tax code is something that can benefit a wide range of people. The legislature went into executive session on January 6, so it is expected that this is going to be a matter that is brought up. As of now, there has been no word on whether or not action has yet been taken to conform to the tax code or if it has yet been brought up for discussion.

When filing 2014 income tax returns, it is important to ensure accuracy of information on both state and federal returns to avoid criminal implications. Every year, the IRS finds individuals that they believe have evaded taxes and individuals can be rewarded if they report a tax evader to the IRS.

If there are issues with paying taxes, the IRS does have solutions to make paying taxes much easier and affordable. If you currently owe back taxes or need assistance dealing with money owed to the IRS, then income tax consulting can be very beneficial to you.