REMEMBER:  You need to file your sales and use tax return by February 6th, 2012.

If you do not regularly file a sales tax return, you need to file a "Sales & Use Tax" return by February 6th, 2012.  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 - 2011.pdf

Frequently Asked ??'s:    MN Sales and Use Tax FAQ's - 2011.pdf  

Directions to MN online filing:     Online Filing instructions using e-Services.pdf 

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

Happy New Year -   I would like to wish you a happy and profitable 2012.  All of us here at Business By Design are looking forward to good things to come in 2012.

Starting this month - we will be providing you a new feature magazine called "Eye on Money" - and this issue is our January/February issue.  A new issue will come out every other month.  Each issue will address a specific financial topic and provide some common sense information you can use for your own financial know how.

Enjoy and please feel free to provide me with feedback.  Let me know if there are other topics or information you would like to have on a regular basis.

Click here to view the magazie:  Eye-On-Money-Jan-Feb-2012-Business-By-Design.pdf

If you have an S-Corporation and you want to deduct 100% of your Health Insurance Premiums, you are REQUIRED to have your TOTAL PREMIUMS PAID IN 2011 reported on your year end W-2 forms.

If you do not have this reported on your W-2 you will not be able to deduct 100% of your health insurance premiums paid in 2011.  For an explanation of what to do, please select one of the two documents below to view and follow the listed instructions:

If BUSINESS BY DESIGN processes your payroll tax returns -

CLICK HERE:  Health Ins Reporting Requirement BBD Payroll - 2011.pdf

  

For ALL OTHERS -

CLICK HERE:  Non-BBD Payroll Clients - HI reporting 2011.pdf

If you have not done so yet - It is time to schedule your 2011 annual tax review.  We are scheduling appointments now and want to be sure you have proper tax planning by the end of the year - so please do not wait till the last minute!

Appointments for your tax reivew can be held in 2 ways

• Remote access - all you will need to have internet connection.  This process is very efficient, you will love how simple and easy this is to use.

In person - we would definitely love to see you if you want to meet in person.

 

What do I need to have prepared for our appointment?

We would like to be as prepared as possible for your revew and make the best use of out time together.  Please have your information ready and sent to us at least 24 hours in advance of your appointment time. 

• For a list of what you will need - Click Here

Tax Review Appointment - Items Needed.pdf

To submit a fill in form worksheet - Click Here

2011 Review Info - fill in form.pdf

REMEMBER:  You need to file your sales and use tax return by February 7th, 2011.

If you do not regularly file a sales tax return, you need to file a "Sales & Use Tax" return by 2/7/11.  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 -2010.pdf

Frequently Asked Questions:   MN Sales and Use Tax FAQ's - 2010.pdf  

Directions to MN online filing:   MN Online Tax Directions- Sales & Use 2010.pdf

 

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

If you have an S-Corporation and you want to be sure you can deduct 100% of your Health Insurance Premiums, you will need to be sure you have your TOTAL PREMIUMS PAID IN 2010 reported on your year end W-2 forms.  If you do not have this reported on your W-2 you will not be able to deduct 100% of your health insurance premiums paid in 2010.

For an explanation of what to do, please select one of the two documents below to view and follow the listed instructions:

If BUSINESS BY DESIGN processes your payroll tax returns -

CLICK ON LINK BELOW:

Health Ins Reporting Requirement BBD Payroll - 2010.pdf

For ALL OTHERS -

CLICK ON LINK BELOW:

Health Ins Reporting Requirement - All Clients.pdf

Just a reminder the $1,500 energy credit expires on 12/31/10.  The credit amounts to 30% of the eligible energy-saving home improvements, with a $1,500 maximum credit for 2009 and 2010 combined.

NOTE:  The improvments are for your PERSONAL RESIDENCE only and must be "in service" (installed) by 12/31/10.

Click here to view the details and requirements: 

Biz Facts - Residential Energy Credit 2010.pdf

Click here to view the EnergyStar Website:

http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

This is just a reminder your 2009 personal tax returns are due on APRIL 15. Our deadline to have information in our office to meet the 4/15 deadline is Friday, March 26th. ALL your tax information will need to be in our office by 3/26 to ensure your return will be filed by 4/15.

WHAT IF I CAN NOT MEET THIS DEADLINE?  If you can not meet this deadline, NO NEED TO WORRY - we will automatically file an extension for you.  You do not need to sign anything for us to file an extension for you.

WHAT IF YOU HAVE TAX DUE?  If you owe tax, it must be paid by 4/15/10 to avoid additional interest and penalty. We can help you to estimate any tax due and provide you with the information you will need to make payment.  Please contact us as soon as possible if you think you will owe tax.

WHAT IF I WANT TO DROP MY INFO OFF AFTER 3/26?  We encourage this, and would be happy to schedule a tax drop appointment with you. At this appointment we will be sure you have a proper tax estimate paid for the 4/15 deadline.

WANT MORE INFO? 

For more information, click  the following link to download additional details about this process.  CLICK HERE:  2009 Personal Extensions.pdf

Business By Design is proud to announce we have been awarded the FIVE STAR Wealth Manager for 2010.  This award was published in the January 2010 issue of Twin Cities Business Magazine and the Minneapolis St. Paul Magazine.

This award would not have been possible without the help of the terrific staff I have here at Business By Design, and the wonderful client relationships we have.  A huge "Thank You" goes out to all of you who contribute to our success. 

Please click on the link below to view our profile and information about the award. 

Click HERE:  http://video.fivestarprofessional.com/mspwm2010/paulmiller

Click HERE for .pdf version:  5 Star Award info w-profile.pdf 

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.