January 2010 Archives

UPDATE FROM THE IRS:

The acceleration of Income Tax Benefits for Charitable Cash Contributions for Relief of Victims of Earthquake in Haiti (P.L. 111-126 (H.R. 4462)) enacted on Friday, Jan 22, 2010, allows taxpayers who itemize deductions on their 2009 return to qualify for this special tax relief.

Do you need to have workers compensation insurance?   Workers Compensation covers employees for "on the job" related injuries.  Many people are confused on this issue and are not sure if they have to have workers compensation insurance.  I have some information here to explain the requirements.

 GENERAL REQUIREMENTS:

• GENERALLY - ALL EMPLOYEES must be covered under a workers compensation policy.
• EXEMPT EMPLOYEES:  Some employees are exempt from coverage.  You can get a complete list here:  https://www.revisor.mn.gov/statutes/?id=176.041.  If you are an owner, officer or family member of an owner, you probably are exempt from having coverage.
• I have provded a file explaining the coverage requirements more in detail for you to review.  Please Click Here to view this file:  Who Needs Workers Compensation.pdf
• Minnesota Department of Labor does conduct audits on this issue and you can be fined for not having coverage if you are required to do so.

WHO DO I CONTACT ABOUT COVERAGE?

Your Insurance Agent should be able to provide you with the information you will need about this coverage.  They can discuss the coverage, if it is necessary, and the costs related to coverage.  Please contact your insurance agent to be sure you have the proper coverage.

REMEMBER:  You need to file your sales and use tax return by February 5th, 2010.

If you do not regularly file a sales tax return, you need to file a "Sales & Use Tax" return by 2/5/10.  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 -2009.pdf

Frequently Asked Questions:  MN Sales and Use Tax FAQ's - 2009.pdf  

Directions to MN online filing:   MN Online Tax Directions- Sales & Use 2009.pdf

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

It is time to get your tax information ready again!

I don't know many people who look forward to doing their taxes, but it is something we all must do.  We have tried to make things as easy as possible for you this year to complete your 2009 taxes.  All the tax information you need is loaded in this site and ready for you to download.

Please click on the organzier you need to download it an complete it.  To access the forms, please click on the "2009 Tax Forms" tab or click on the link here:

http://blog.biz-by-design.com/2009-tax-forms.html

Please let us know if you have an issue downloading any of these forms you may need.