Important Tax Filing Information I included this information in an update earlier this week, but want to make sure taxpayers don’t miss this important information. Last week, the House continued its fast pace and passed $500 million in tax cuts for over a million middle-class Minnesotans. Governor Dayton immediately signed the bill into law. Due to the legislature’s quick action, many Minnesotans will see immediate tax savings during the current tax filing season. One in ten Minnesotans will qualify for tax cuts for the 2013 tax year and four in ten Minnesotans will qualify for tax cuts for the 2014 tax year. Because this tax relief package was passed before April 15th, the Minnesota Department of Revenue is working hard to make these tax cuts available to Minnesotans who have not yet filed their 2013 tax returns. The Department of Revenue will update all of their internal and online systems by April 3, 2014. They will also be working closely with online vendors who process returns to make sure that their software is updated to correctly process returns for potentially increased tax refunds. If you have not yet filed your 2013 taxes, you should wait until after April 3, 2014 to do so. · The Department of Revenue will have their online systems updated by then to account for tax refund changes. If you use “TurboTax” or other desktop tax software, you must click on the “update” window after April 3rd to refresh the software so you can take full advantage of new tax cuts. · You can keep updated with changes at the Department of Revenue’s website by clicking on the orange button at the bottom of their home page. If you have already filed your 2013 taxes, you don’t need to do anything currently. · The Department of Revenue will be mailing refunds as usual and then reviewing returns that they received before the changes went into effect. · They will be doing this review after the April 15th tax deadline and then sending out any refund increase by whatever means you elected to receive your refund. · If you are eligible for an increased refund, the Department of Revenue will be able to make the necessary changes to your return with the tax documents you provided. If they are unable to do so, they will individually contact you by postal mail to request necessary documents to amend your return. · The Department of Revenue will also be communicating all tax refund changes and updates to CPA’s and tax preparers around the state. If you have any questions, please do not hesitate to contact me. Thank you for the honor of representing you in the Minnesota House of Representatives. Sincerely, Representative John Ward District 10A
Posted on: Fri, 28 Mar 2014 23:05:57 +0000
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