Archives for August 2016

Inheritance & Estate Tax | Southern Minnesota

Q:  My mom passed away, and we inherited her stuff.  We were told by our neighbor that we don’t have to pay taxes on any of it because it was less than $1.6 million for Estate Tax.  Is that correct? A:  Well, no, that is the limit for the Estate Tax but it depends on […]

Deducting School Supplies? | Southern Minnesota

Q:  I heard I can deduct school supplies for my kids on my taxes, is that true? A:  Actually, it is!  To qualify, parents must have made the purchases in 2016, and the child must be attending kindergarten through 12th grade at a public private, or home school.  Most school supplies could qualify for the […]

College Education Tax Credit | Southern Minnesota

Q:  We are sending our first child off to college.  What do we have to keep track of for taxes? A:  To qualify for the College Education Tax Credit your dependent student needs to be attending a qualified school, at least, half time for at least half of the year.  You will receive a 1098-T […]

Military Combat Tax Credit | Southern Minnesota

Q: I was told that I could get a military combat tax credit if I served in Iraq? A: YES – If you served in a military combat zone in 2012 through 2015 you could be eligible for a refundable Minnesota tax credit worth $120 for each month of service.  You have only until October […]