Valley Tax Guide by Kate Noet

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TAX GUIDE

Wednesday, January 28, 2015

VALLEY Published by:

2015

St. Peter Herald 311 S. Minnesota Ave, St. Peter, MN 56082 507-931-4520 • Fax: 507-931-4522 Le Sueur News-Herald 101B Bridge Street, Le Sueur, MN 56058 507-665-3332 • Fax: 507-665-3334 Le Center Leader 62 East Minnesota Street, Le Center, MN 56057 507-357-2233 • Fax: 507-357-6656 Publisher, Julie Frazier www.stpeterherald.com • www.lecenter.com www.lesueurnews-herald.com Cover Design: Nikkie Gilmore Ad Design: Nikkie Gilmore, Mary Jo Blanchard ©2015

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Wednesday, January 28, 2015

TAX GUIDE

Free file launched; helps taxpayers with new health care

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The Internal Revenue Service and the Free File Alliance has launched Free File, which makes brand-name tax software products and electronic filing available to most taxpayers for free. Free File software can help taxpayers with tax preparation, including the health care law that will affect almost everyone. Free File is available only at IRS.gov/FreeFile, thanks to a partnership between the IRS and the Free File Alliance, a consortium of 14 leading tax software companies that make their branded products available for free. Since 2003, more than 43 million people have used Free File, saving $1.3 billion based on a conservative $30-fee estimate. “You don’t have to be an expert on taxes or the new health care law. Free File software can help walk you through the rules and help you get it right,” said John A. Koskinen, IRS Commissioner. “For 12 years, this partnership between the IRS and the Free File Alliance has helped taxpayers save both

money and time. The real winner in this partnership has been the nation’s taxpayers.” Tim Hugo, executive director of the Free File Alliance, said, “We are proud to once again offer the industry’s most innovative and secure tax software at no cost to 70 percent of American taxpayers. Tax time can be stressful, but Free File makes step-by-step help accessible to everyone making $60,000 or less. IRS.gov/FreeFile is the one place where taxpayers can choose from a variety of industry-leading tax software options in order to prepare and e-file their federal tax returns at absolutely no cost.” If you earned $60,000 or less last year, you are eligible to choose from among 14 software products. If you earned more, you are still eligible for Free File Fillable Forms, the electronic version of IRS paper forms. This more basic Free File option, which is best for people comfortable preparing their own tax return, will be available January 20. More than 70 percent of all taxpayers — 100 million people

Most people will simply have to check a box to report health care coverage for the entire year. If you or anyone on your return purchased coverage from the Health Insurance Marketplace, you may be allowed to take the Premium Tax Credit. If you opted for any advance payments of the Premium Tax Credit to help with your monthly insurance premium payments, you must file a tax return, even if you were not required to file. You must reconcile your advance payments with the amount you were due. Learn more at IRS.gov/aca. Free File will be available through October 2015. Taxpayers have the option to prepare their return at any time and schedule a tax payment as late as the April 15deadline. Taxpayers who cannot meet the April 15 tax filing deadline can also use Free File to file a six-month extension. Here are some common taxrelated documents you will need to complete your tax return. Remember, you must also have documentation of any credit or deduction you are claiming as well. • A copy of last year’s tax return; • Valid Social Security numbers for yourself, spouse and children; • All income statements, i.e. W-2 forms, from all employers; • Interest/dividend statements, i.e. 1099 forms; • Form 1099-G showing any state refunds; • Unemployment compensation amount, if any; • Form 1095-A if you purchased coverage from a Health Insurance Marketplace; • Proof of health care insurance coverage for you and everyone on your return.

— are eligible for the software products. Each of the 14 companies has its own special offers, generally based on age, income or state residency. Taxpayers can review each company offer or they can use a “Help Me” tool that will find the software for which they are eligible. Free File offers easy-to-use products that ask questions and you supply the answers. The software will find the right forms, find the right tax credits and deductions and even do the math for you. Some companies also offer free state tax return preparation as well. Free File also can help taxpayers with the new health care requirements. Almost everyone will need to do something new when filing a tax return this year. For each month in 2014, you and everyone on your return must: • Report health care coverage, or • Claim an exemption from Reach Regional Managing coverage or Editor Suzanne Rook at 507-931• Make a shared responsi8567. Follow her on Twitter @ bility payment with your tax rooksuzy return.

PAGE 3

Minnesota offers electronic options for paying state income taxes DID IT ARRIVE? I made an electronic payment. How do I know if you got it? To determine if your payment was received by the department check with your financial institution to ensure that the payment cleared your account. This will apply for all types of payment except for cash. All cash payments are made directly at the department’s Stassen Building and receipt of payment would have been given at the time of payment.

Paying your taxes electronically is secure, easy and convenient. You can pay from a bank account, or with a credit or debit card. From Your Bank Account Pay online with our e-Services Payment System You can use e-Services to pay income tax, use tax, delinquent tax bills, and other agency debts collected by (or “referred to”) the Minnesota Department of Revenue. Pay by phone at 1-800-570-3329 You can specify when payment will be taken from your checking or savings account, in advance or on the due date. You can cancel payments until 5 p.m. on the scheduled payment date. You will need your Social Security number and banking information. You must use an account that is not associated with any foreign banks. With a Credit or Debit Card Pay online at www.payMNtax.com You can use a credit or debit card to pay state income tax, estate tax, use tax, delinquent tax bills, and other agency debts collected by (or “referred to”) the department. The following cards are accepted: Credit Cards: Visa, MasterCard, American Express or Discover/ Novus card Debit Cards: Visa or MasterCard Consumer debit card or any card that has an NYCE, Pulse or STAR logo Value Payment Systems LLC processes credit and debit card payments. There is a convenience fee for this service. For details, go to the payMNtax.com Convenience Fee Calculator.

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PAGE 4

TAX GUIDE

Wednesday, January 28, 2015

Choose a tax preparer wisely for the upcoming filing season

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More than half of taxpayers hire a professional when it’s time to file a tax return. Even if you don’t prepare your own Form 1040, you’re still legally responsible for what is on it. A tax return preparer is trusted with your most personal information. They know about your marriage, your income, your children and your Social Security numbers – all of the sensitive details of your financial life. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. To do that, take some time to understand a few essentials. Most tax return preparers provide outstanding service. However, each year, some taxpayers are hurt financially because they choose the wrong tax return preparer. Well-intentioned taxpayers can be misled by preparers who don’t understand taxes or who mislead people into taking credits or

deductions they aren’t entitled to in order to increase their fee. Every year, these types of tax preparers face everything from penalties to even jail time for defrauding their clients. Here are a few tips to keep in mind when choosing a tax preparer: Check to be sure the preparer has an IRS Preparer Tax Identification Number. Anyone with a valid 2015 PTIN is authorized to prepare federal tax returns. Tax return preparers, however, have differing levels of skills, education and expertise. An important difference in the types of practitioners is “representation rights”. You can learn more about the several different types of return preparers on IRS.gov/chooseataxpro. Ask the tax preparer if they have a professional credential (enrolled agent, certified public accountant, or attorney), belong to a professional organization or attend continuing

education classes. A number of tax law changes, including the Affordable Care Act provisions, can be complex. A competent tax professional needs to be up-to-date in these matters. Tax return preparers aren’t required to have a professional credential, but make sure you understand the qualifications of the preparer you select. Check on the service fees upfront. Avoid preparers who base their fee on a percentage of your refund or those who say they can get larger refunds than others can. Always make sure any re-

fund due is sent to you or deposited into your bank account. Taxpayers should not deposit their refund into a preparer’s bank account. Make sure your preparer offers IRS e-file and ask that your return be submitted to the IRS electronically. Any tax professional who gets paid to prepare and file more than 10 returns generally must file the returns electronically. It’s the safest and most accurate way to file a return, whether you do it alone or pay someone to prepare and file for you. Make sure the preparer will

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be available. Make sure you’ll be able to contact the tax preparer after you file your return – even after the April 15 due date. This may be helpful in the event questions come up about your tax return. Provide records and receipts. Good preparers will ask to see your records and receipts. They’ll ask you questions to determine your total income,

deductions, tax credits and other items. Do not rely on a preparer who is willing to e-file your return using your last pay stub instead of your Form W-2. This is against IRS e-file rules. Never sign a blank return. Don’t use a tax preparer that asks you to sign an incomplete or blank tax form. Review your return before signing. Before you sign your tax return, review it and ask questions if something is not clear. Make sure you’re comfortable with the accuracy of the return before you sign it. Ensure the preparer signs and includes their PTIN. Paid preparers must sign returns and include their PTIN as required by law. The preparer must also give you a copy of the return. Report abusive tax preparers to the IRS. You can report abusive tax return preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer. If you suspect a return preparer filed or changed the return without your consent, you should also file Form 14157-A, Return Preparer Fraud or Misconduct Affidavit. You can get these forms on IRS.gov.

Wednesday, January 28, 2015

TAX GUIDE

Tax time gets new ritual — proof of health insurance

By MICHELLE ANDREWS than 8 percent of your house-

Kaiser Health News

In addition to the normal thrills and chills of the income tax filing season, this year people will have the added excitement of figuring out how the health law figures in their 2014 taxes. The good news is that for most folks the only change to their filing routine will be to check the box on their Form 1040 that says they had health insurance all year. “Someone who had employer-based coverage or Medicaid or Medicare, that’s all they have to do,” says Tricia Brooks, a senior fellow at Georgetown University’s Center for Children and Families. But for others, there are several situations to keep in mind. If you were uninsured for some or all of the year If you had health insurance for only part of 2014 or didn’t have coverage at all, it’s a bit more complicated. In that case, you’ll have to file Form 8965, which allows you to claim an exemption from the requirement to have insurance or calculate your penalty for the months that you weren’t covered. On page 2 of the instructions for Form 8965 you’ll see a lengthy list of the coverage exemptions for which you may qualify. If your income is below the filing threshold ($10,150 for an individual in 2014), for example, you’re exempt. Likewise if coverage was unaffordable because it would have cost more

hold income or you had a short coverage gap of less than three consecutive months. Some of the exemptions have to be granted by the health insurance marketplace, but many can be claimed right on your tax return. The tax form instructions spell out where to claim each type of exemption. If you do have to go to the marketplace to get an exemption, be aware that it may take two weeks or more to process the application. Act promptly if you want to avoid bumping up against the April 15 filing deadline, says Timothy Jost, a professor and specialist in health law at Washington and Lee University who is an expert on the health law. If you don’t qualify for a coverage exemption If none of the exemptions apply to you, you’ll owe a penalty of either $95 or 1 percent of your income above the tax filing threshold, whichever is greater. The penalty will be prorated if you had coverage for at least part of the year. The instructions for Form 8965 include a worksheet to calculate the amount of your penalty. If you received a premium tax credit for a marketplace plan Under the health law, people with incomes between 100 and 400 percent of the federal poverty level ($11,490 to $45,960 for an individual in 2013) could qualify for premium tax credits for 2014 coverage bought on the exchanges.

The marketplace determined the amount of premium tax credit people were eligible for based on their estimated income. At tax time those estimates will be reconciled against actual income. People whose income was lower than they estimated may have received too little in advance premium tax credits. They can claim the amount they’re owed as a tax refund. People whose income was higher than estimated and received too much in advance premium tax credits will generally have to pay back some or all of it. If you bought a plan on the marketplace, you’ll receive a Form 1095-A from your state marketplace by Jan. 31 that spells out how much your insurer received in advance premium tax credits. You’ll use that information to complete Form 8962. Assuming the information on the form is correct, “It should be easy to reconcile,” says Judith Solomon, vice president for health policy at the Center on Budget and Policy Priorities. Tax software programs and tax preparers also should know how to make the calculations, she said. Many lower income consumers and seniors can get free tax preparation assistance through the IRS Volunteer Income Tax Assistance and the Tax Counseling for the Elderly programs. Reach Regional Managing Editor Suzanne Rook at 507931-8567. Follow her on Twitter @rooksuzy

PAGE 5

Get help with your tax returns Qualifying taxpayers can get free help preparing their federal and state income tax returns at locations across Minnesota. You can get this help if any of the following are true: You are age 60 or older You are disabled You speak limited or no English Your income is $53,000 or less Help with your current tax return is available during the tax season. Most free tax preparation sites are open Feb. 1- April 15. At some locations, help is available during the summer months for the Homeowner Homestead Credit Refund and Renter Property Tax Refund returns or prior year income tax returns. Search for free tax preparation sites — check www.revenue. state.mn.us at the end of January If you cannot locate a site within your area, call 651-2963781 or 1-800-652-9094 for assistance. What should I bring with me? You should bring any statements, forms, receipts or other documentation that show your income, tax-deductible expenses, and property tax or rental payments you made. Required: • Photo identification • Social Security cards (or Individual Taxpayer Identification Number [ITIN] card or letter) for you, your spouse, and all dependents listed on your return • Birth dates for you, your spouse, and all dependents listed on your return • Last year’s tax returns • If you wish to use the direct deposit/direct debit option, be sure to bring your checkbook with you to verify your bank account and routing information. • Income statements or forms: Wages from each job (Form W-2) Interest (Form 1099-INT) Dividends (Form 1099-DIV) Sale of stock (1099-B) Retirement plans( Form

1099-R) Gambling winnings (Form W-2G) Unemployment (Form 1099G) Social Security benefits (Form SSA) Miscellaneous income (1099MISC) Any other statements showing income from other sources (such as: Supplemental Security Income (SSI), Minnesota Family Investment Program [MFIP], Minnesota Supplemental Aid [MSA], General Assistance [GA], veterans benefits, workers’ compensation) If applicable, also bring: • Tuition expenses for university, college or technical college (Form 1098-T) Interest statements for student loans (Form 1098-E) • IRA contributions • Records of any itemized expenses you may wish to deduct, such as: • Out-of-pocket medical expenses including Noncash donations Cash donations Vehicle license tabs Property taxes paid Job-related moving expenses Mortgage interest paid (Form 1098)

Tax preparation fees Uniform costs • Daycare expenses (For each provider you paid, you must provide the name, address, amount paid, and Social Security number [SSN] or Employer Identification Number [EIN[.) • Receipts for education expenses you paid for your children in grades K-12, such as: Educational software Private school tuition or tutoring Academic books/materials Music lessons and music equipment purchases or rentals Tuition for academic summer camp Instructor fees for drivers education School supplies (pencils, notebooks, etc.) • Property Tax Refund documents Renters: Certificate of Rent Paid (CRP) from your landlord Homeowners: Statement of Property Tax Payable mailed by the county in March Reach Regional Managing Editor Suzanne Rook at 507931-8567. Follow her on Twitter @rooksuzy

David M. Hahn, CPA-PC

david@stpetercpa.com

Denise Peters, Accountant

denise@stpetercpa.com

219 S Minnesota Ave St. Peter, MN 56082 507/934-2640

335 Main | Box 725 Gaylord, MN 55334 507/237-5287

www.stpetercpa.com

PAGE 6

TAX GUIDE

Wednesday, January 28, 2015

File electronically and choose Five easy ways to spot a direct deposit for a faster refund scam phone call

The Minnesota Department of Revenue now accepts individual income tax returns for tax year 2014. Taxpayers will have until April 15 to file their tax returns. We urge taxpayers to: • Electronically file your tax return to help reduce errors, which can lead to a bigger refund. • Direct deposit your refunds. You can choose to have your refund electronically deposited into your checking or savings account when filing your return. Electronically filing and choosing direct deposit can mean a quicker refund. Did you know 85 percent of taxpayers efiled last year? And four out of five taxpayers receiving refunds chose direct deposit? “Electronically filing your return is the most convenient option; e-filed returns and refunds are processed twice as fast as paper-filed returns,” said Revenue Commissioner Cynthia Bauerly. “E-filing and direct deposit are the safest, easiest, most accu-

rate way to receive your refund.” Other tax filing tips: • You can make your payment electronically and pick when you want the payment submitted. For more information about making your payment electronically, please visit our website. • Have all of the tax-related information you use to prepare your taxes ready before you file. • A list of software products for electronically filing is on our website. • Find income tax instruction booklets on our website or at a library. • Get free tax assistance. Depending on income, some taxpayers may qualify to e-file for free. Visit the Minnesota Department of Revenue website (www.revenue.state.mn.us) or the IRS website (www.irs.gov) for more information. • File taxes on time. The due date for filing state returns is Wednesday, April 15. • If you owe, you can file electronically now and schedule your electronic payment any time before April 15.

• Beware of Refund Anticipation Loans offered by some tax preparers. They usually charge very high interest rates. • Visit our website for filing requirements, instructions, and answers to frequently asked questions. • Want to check the status of your refund? Check it any time you want on www.mndor.state. mn.us/tp/refund or by calling 651-296-4444 or 1-800-6573676. Reach Regional Managing Editor Suzanne Rook at 507-9318567. Follow her on Twitter @ rooksuzy

The IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you’re due a refund. The refund is a fake lure so you’ll give them your banking or other private financial information. These con artists can sound convincing when they call. They may even know a lot about you. They may alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS badge numbers. If you don’t answer, they often leave an “urgent” callback request. The IRS respects taxpayer rights when working out payment of your taxes. So, it’s pretty easy to tell when a supposed IRS caller is a fake. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a sign of a scam. The IRS does not: Call you to demand immediate payment. We will not call about taxes you owe without first mailing you a bill. Demand that you pay taxes without giving you the chance to question or appeal the amount they say you owe. Require you to use a certain payment method for your taxes, such as a prepaid debit card. Ask for credit or debit card numbers over the phone. Threaten to bring in local police or other law-enforcement to have you arrested for not paying. If you get a phone call from

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someone claiming to be from the IRS and asking for money, here’s what to do: If you know you owe taxes or think you might owe, call the IRS at 800-829-1040 to talk about payment options. You also may be able to set up a payment plan online at IRS.gov. If you know you don’t owe taxes or have no reason to believe that you do, report the incident to TIGTA at 1.800.366.4484 or at www.tigta.gov. If phone scammers target

you, also contact the Federal Trade Commission at FTC.gov. Use their “FTC Complaint Assistant” to report the scam. Please add “IRS Telephone Scam” to the comments of your complaint. Remember, the IRS currently does not use unsolicited email, text messages or any social media to discuss your personal tax issues. For more information on reporting tax scams, go to www. irs.gov and type “scam” in the search box.

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Wednesday, January 28, 2015

A brief history of the IRS

TAX GUIDE

PAGE 7

Income tax filing season now open Department urges swift legislative action to conform state tax code with federal code

The Minnesota Department Internal Revenue Service. of Revenue opened state income With recent Congressional The roots of IRS go back to tax filing season on Jan. 20. For action extending several tax the Civil War when President the benefit and convenience of benefits for Minnesota teachers, Abraham Lincoln and Congress, Minnesota taxpayers, Minnesota collegestudents, homeowners, in 1862, created the position of opened on the same day as the and small businesses, the departcommissioner of Internal Revenue and enacted an income tax to pay war expenses. The income tax was repealed 10 years later. Congress revived the income tax in 1894, but the Supreme Court ruled it unconstitutional the following year. 16th Amendment In 1913, Wyoming ratified the 16th Amendment, providing the three-quarter majority of states necessary to amend the Constitution. The 16th Amendment gave Congress the authority to enact an income tax. That same year, the first Form 1040 appeared after Congress levied a 1 percent tax on net personal incomes above $3,000 with a 6 percent surtax on incomes of more than $500,000. In 1918, during World War I, the top rate of the income tax The Minnesota Department from 1987 to 1990. rose to 77 percent to help fiof Revenue is required by law This annual adjustment will nance the war effort. It dropped to adjust individual income tax prevent taxpayers from paying sharply in the post-war years, brackets for inflation each year. taxes at a higher rate solely bedown to 24 percent in 1929, and rose again during the De- For tax year 2015, the state’s cause of inflationary changes in pression. During World War individual income tax brackets their income. The adjustment II, Congress introduced payroll will change by 1.58 percent from does not change the Minnesota tax rates that apply to each inwithholding and quarterly tax tax year 2014. come bracket. Indexing for infl ation of inpayments. dividual income tax brackets The bracket adjustments are A new name fi rst began in 1979 and has conbased on the change in the U.S. In the 50s, the agency was tinued every year since, except Consumer Price Index for all urreorganized to replace a patronage system with career, professional employees. The Bureau of Internal Revenue name was At Tax Time your Accountant changed to the Internal Reveis a Financial Surgeon preparing and submitting Tax Returns nue Service. Only the IRS commissioner and chief counsel are Think of your Lender at selected by the president and First Farmers & Merchants Bank confirmed by the Senate. as your family Financial Doctor. Today’s IRS organization Now prescribing Business, Agricultural, & Consumer Loans to help keep your business and family The IRS Restructuring and Financially Healthy year-round. Reform Act of 1998 prompted the most comprehensive reorGive us a call at 507-665-2265 for your free checkup today. ganization and modernization of IRS in nearly half a century. The IRS reorganized itself to closely resemble the private sector model of organizing We believe in you™ around customers with similar needs. 112 S. Main St., Le Sueur | www.ffmbank.com

ment asked state lawmakers to take swift action to pass legislation conforming Minnesota’s tax codes to the updated federal provisions by Jan. 20. “Taking action by Jan. 20 will

ensure that Minnesota’s families and businesses can take advantage of these benefits and produce a smooth opening to filing season for everyone,” said Revenue Commissioner Myron Frans.

“If we do not conform quickly, Minnesotans may need to pay millions more in taxes and file additional forms with this year’s taxes.”

Minnesota income tax brackets for 2015

Member FDIC. And the community

ban consumers for the average of the 12 months ending August 2014 compared to the average of the 12 months ending August 2012. The department adjusts the brackets each year by the

inflation factor and rounds the result to the nearest $10. The brackets apply to tax year 2015. Taxpayers who make quarterly payments of estimated tax should use the following rate

schedule to determine their payments, which are due starting in April. The marginal tax rate is the rate of tax paid on a particular range of income.

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PAGE 8

TAX GUIDE

Wednesday, January 28, 2015

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#11110

910 Old Minnesota Ave.

507-931-4070 • 800-657-4802 HOURS: M - Fri 8-6 | Sat 8-4

St. Peter www.lagerschryslerdodgejeep.com

*Customer must be currently leasing a FCA US LLC Group vehicle to qualify. W. A. C. See salesperson for details. **36 Month lease/10,000 miles per year. Includes tax, 1st year Lic. and 1st payment. See salesperson for details. ***Must currently own a FCA brand vehicle. No trade in required. See salesperson for details. †Must finance through Lager’s finance source to qualify. W. A. C.