MN Sales & Use Tax Filing – 2010

REMEMBER:  You need to file your sales and use tax return by February 7th, 2011.

If you do not regularly file a sales tax return, you need to file a “Sales & Use Tax” return by 2/7/11.  Click here to file: https://www.mndor.state.mn.us/ur/jsp/Login.jsp

“But I do not collect sales tax or have taxable services!” 

Many people think this, however you must file a return for USE TAX as well as SALES TAX.  USE TAX is the sales tax you should have paid on purchases you may have bought over the internet or in other situations where you did not pay the sales tax at the time of purchase.  This sales tax must be paid in voluntarily and must be paid online.

Business By Design can not file this return for you!  For more infomation, click below to download details about filing this return and filing requirements:

BBD’s Explaination: 
Explaination of Sales & Use Tax -2010.pdf

Frequently Asked Questions:  
MN Sales and Use Tax FAQ’s – 2010.pdf  

Directions to MN online filing:  
MN Online Tax Directions- Sales & Use 2010.pdf

 

For more information, you can go to the MN Department of Revenue Website at:  http://taxes.state.mn.us/sales/pages/index.aspx

Attention S-Corporations: 2010 Health Insurance Premiums Reporting

If you have an S-Corporation and you want to be sure you can deduct 100% of your Health Insurance Premiums, you will need to be sure you have your TOTAL PREMIUMS PAID IN 2010 reported on your year end W-2 forms.  If you do not have this reported on your W-2 you will not be able to deduct 100% of your health insurance premiums paid in 2010.

For an explanation of what to do, please select one of the two documents below to view and follow the listed instructions:

If BUSINESS BY DESIGN processes your payroll tax returns –

CLICK ON LINK BELOW:

Health Ins Reporting Requirement BBD Payroll – 2010.pdf

For ALL OTHERS

CLICK ON LINK BELOW:


Health Ins Reporting Requirement – All Clients.pdf

$1,500 Energy Credit Expires 12/31/10.

Just a reminder the $1,500 energy credit expires on 12/31/10.  The credit amounts to 30% of the eligible energy-saving home improvements, with a $1,500 maximum credit for 2009 and 2010 combined.

NOTE:  The improvments are for your PERSONAL RESIDENCE only and must be “in service” (installed) by 12/31/10.

 

Click here to view the details and requirements: 


Biz Facts – Residential Energy Credit 2010.pdf

 

Click here to view the EnergyStar Website:

http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

APRIL 15th – 2009 Personal Tax Return Deadline

This is just a reminder your 2009 personal tax returns are due on APRIL 15. Our deadline to have information in our office to meet the 4/15 deadline is Friday, March 26th. ALL your tax information will need to be in our office by 3/26 to ensure your return will be filed by 4/15.

WHAT IF I CAN NOT MEET THIS DEADLINE?  If you can not meet this deadline, NO NEED TO WORRY – we will automatically file an extension for you.  You do not need to sign anything for us to file an extension for you.

WHAT IF YOU HAVE TAX DUE?  If you owe tax, it must be paid by 4/15/10 to avoid additional interest and penalty. We can help you to estimate any tax due and provide you with the information you will need to make payment.  Please contact us as soon as possible if you think you will owe tax.

WHAT IF I WANT TO DROP MY INFO OFF AFTER 3/26?  We encourage this, and would be happy to schedule a tax drop appointment with you. At this appointment we will be sure you have a proper tax estimate paid for the 4/15 deadline.

WANT MORE INFO? 

For more information, click  the following link to download additional details about this process.  CLICK HERE: 
2009 Personal Extensions.pdf

5 STAR WEALTH MANAGER AWARD for 2010.

Business By Design is proud to announce we have been awarded the FIVE STAR Wealth Manager for 2010.  This award was published in the January 2010 issue of Twin Cities Business Magazine and the Minneapolis St. Paul Magazine.

This award would not have been possible without the help of the terrific staff I have here at Business By Design, and the wonderful client relationships we have.  A huge “Thank You” goes out to all of you who contribute to our success. 

Please click on the link below to view our profile and information about the award. 

Click HERE:  http://video.fivestarprofessional.com/mspwm2010/paulmiller

Click HERE for .pdf version: 
5 Star Award info w-profile.pdf