Long-term capital gains and qualified dividends may be non-taxed this year, depending on your taxable income. Minnesota is again offering a tax deduction for one half of the amount of charitable contributions over $500 for non-itemizers and credits for premiums paid for long-term care insurance. There may be a credit on social security taxed by the federal. Minnesota did not adopt the new federal tax rules and so you can itemize on Minnesota and take the standard deduction on the federal. Fill out the itemized deductions worksheet to see if that is the case.
To better serve my clients, I have installed a chair lift to assist with the stairs to my office. Feel free to take a ride when you come to get your taxes done!
Larry Macht, Owner
203 South 5th Street, PO Box 353
Raymond MN 56282