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A Timely Postmark on Your Tax Return may not be Enough to Avoid Late-filing Penalties

Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient.

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April Economic Update

Saving Tax with Home-Related Deductions and Exclusions

Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017.

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2017 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at learnmore@BoulayGroup.com or 952.893.9320 to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Can You Maximize Your Tax Deductions with Tangible Property Safe Harbors?

If your business incurred costs related to any buildings, machinery, equipment or vehicles, you may be able to deduct the full cost on your 2016 income tax return using the Tangible Property Safe Harbors. There are some key qualifiers though, so it may be a good idea to discuss your possible deductions with our expert tax advisors.

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IRS Warns Taxpayers of Last-Minute Email Scams

The Internal Revenue Service (IRS) released a statement on Friday, March 17 warning taxpayers of last-minute email scams related to filing their taxes. As it gets closer to the April 18 tax-filing deadline, tax-related scams continue to rise, and cybercriminals are able to create sophisticated and successful phishing scams to obtain taxpayers’ personal information.

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2016 IRA Contributions — It’s Not Too Late!

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea.

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March Economic Update

Minnesota Makes Important Correction to Partnership Return Instructions

On February 21, the Minnesota Department of Revenue announced a correction in the form instructions for the Minnesota Partnership Tax return: guaranteed payments for services are subject to apportionment like other partnership income, instead of being allocated to the state in which the services were performed. This change affects partnerships that make guaranteed payments and have both Minnesota nonresident partners and activities in multiple states.

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Good Retirement Savings Habits Before Age 40: Some early financial behaviors that may promote a comfortable future.

You know you should start saving for retirement before you turn 40. What can you do today to make that effort more productive and improve your chances of ending up with more retirement money, rather than less?

 

Structure your budget with the future in mind. Live within your means and assign a portion of what you earn to retirement savings. How much? Well, any percentage is better than nothing – but, ideally, pour 10% or more of what you earn into your retirement fund. If that seems excessive, consider this: you are at risk of living 25-30% of your lifetime with no paycheck except for Social Security.

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