Reminders and Updates

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As fall continues, things continue to pick up around the office.  Here are a few of the things we’re working on that might be of note for you.

  • October 15th is the deadline for extended individual tax returns, which is just more than two weeks away.
  • This is an excellent time to do some tax planning for the end of the year to allow any tax-reducing strategies time to work.
  • There are a couple of new taxes to keep in mind as we bring the year to a close, especially if you are a higher-than-average income earner.
    • An additional .9% tax on wages over $200,000 for a single person or $250,000 for those married filing jointly. (Note, for MFJ filers, the $250,000 is the combined amount of both spouses salaries)
    • An additional 3.8% tax on the net investment income of those with adjusted gross income of more than $200,000 single or $250,000 MFJ.
    • Minnesota’s new 9.85% tax bracket on taxable income over $150,000 single or $250,000 MFJ.

With all the new tax rates and a fairly short time before the end of the year is here, now is a great time to speak with your tax professional and make sure you know what to expect come next April 15.