Your Minnesota tax questions, answered
Gov. Mark Dayton signed a $443 million tax break into law last week, which led state officials to recommend that Minnesotans hold off on filing their taxes.
An estimated 270,000 Minnesotans will receive a benefit from the bill.
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At a news conference on Monday, state Revenue Commissioner Myron Frans said anyone who benefits from the tax changes should wait to file taxes until April 3. The reason for the request is simple: The Minnesota Legislature took so long to pass the bill that taxpayers are now up against the April 15 filing deadline.
That means 2013 paper tax forms are now out of date and current tax software needs an update.
Frans acknowledged that such a request is rare, but he said those who elect to wait will receive refunds faster.
"About one in 10 taxpayers will probably be able to benefit from these tax changes this year," he said.
Frans joins The Daily Circuit along with accounting experts to explain the new tax breaks and answer audience questions.
LEARN MORE ABOUT RECENT TAX CHANGES:
• 4 Minnesota tax law changes most likely to affect filers
Todd Koch, a CPA and tax preparer at John A. Knutson & Co. in Falcon Heights, told MPR News' Morning Edition about which changes to watch out for. (MPR News)
• Who qualifies for Minn. tax relief, and how to get it
Only about a quarter — $57 million in tax cuts — will apply to 2013 taxes, meaning those who filed already will get refunds and those who have yet to file will pay less in taxes. Individual taxpayers will end up paying about $49 million less in taxes this year and businesses will pay an estimated $8 million less. (Star Tribune)