Valley Tax Guide

JANUARY 28-29, 2015

VALLEY

PAGE 2 TAX GUIDE Wednesday, January 28, 2015

Save for RetirementOpen an IRA Today!

220 South Third Street • Telephone 931-3310 • St. Peter

www.nicolletcountybank.com

Stop in to visit with Tracey or Debabout opening an

IRA today.

*Consult Your Tax Advisor

Like us on Facebook!

WE ’REHERE

FOR YOUAT TA X TIME O R A N Y TIME

We understand you don’t think about taxes all year, but we do. At H&R Block, we’re available year round to discuss the tax implications of

your life-changing events.

From wedding bells, babies and new homes to medical issues and natural disasters, we’re

here to put our expertise to work for you.

14-2611

212 South Minnesota AveSt. Peter, MN 56082507.931.6011

1763 Commerce DrNorth Mankato, MN 56003507.388.2475

111 Star StreetMankato , MN 56001507.345.1040

Published by:

St. Peter Herald311 S. Minnesota Ave, St. Peter, MN 56082

507-931-4520 • Fax: 507-931-4522 Le Sueur News-Herald

101B Bridge Street, Le Sueur, MN 56058507-665-3332 • Fax: 507-665-3334

Le Center Leader62 East Minnesota Street, Le Center, MN 56057

507-357-2233 • Fax: 507-357-6656Publisher, Julie Frazier

www.stpeterherald.com • www.lecenter.comwww.lesueurnews-herald.com Cover Design: Nikkie Gilmore

Ad Design: Nikkie Gilmore, Mary Jo Blanchard©2015

VALLEY

2015

Wednesday, January 28, 2015 TAX GUIDE PAGE 3

INCOME TAXPREPARATION

507-934-2380Call For An Appointment

ST. PETER TAX SERVICE

958 1/2 Old Minnesota Avenue, St. Peter

KATHY WASS SHARON STOFFREGEN

Open Year Around

�e Internal Revenue Ser-vice and the Free File Alliance has launched Free File, which makes brand-name tax soft-ware products and electronic �ling available to most taxpay-ers for free.

Free File so�ware can help taxpayers with tax preparation, including the health care law that will a�ect almost every-one.

Free File is available only at IRS.gov/FreeFile, thanks to a partnership between the IRS and the Free File Alliance, a consortium of 14 leading tax so�ware companies that make their branded products avail-able for free. Since 2003, more than 43 million people have used Free File, saving $1.3 bil-lion based on a conservative $30-fee estimate.

“You don’t have to be an ex-pert on taxes or the new health care law. Free File software can help walk you through the rules and help you get it right,” said John A. Koskinen, IRS Commissioner. “For 12 years, this partnership between the IRS and the Free File Alliance has helped taxpayers save both

money and time. �e real win-ner in this partnership has been the nation’s taxpayers.”

Tim Hugo, executive direc-tor of the Free File Alliance, said, “We are proud to once again o�er the industry’s most innovative and secure tax so�-ware at no cost to 70 percent of American taxpayers. Tax time can be stressful, but Free File makes step-by-step help ac-cessible to everyone making $60,000 or less. IRS.gov/FreeFile is the one place where taxpay-ers can choose from a variety of industry-leading tax so�ware options in order to prepare and e-�le their federal tax returns at absolutely no cost.”

If you earned $60,000 or less last year, you are eligible to choose from among 14 so�ware products. If you earned more, you are still eligible for Free File Fillable Forms, the electronic version of IRS paper forms. �is more basic Free File option, which is best for people com-fortable preparing their own tax return, will be available Janu-ary 20.

More than 70 percent of all taxpayers — 100 million people

— are eligible for the so�ware products. Each of the 14 com-panies has its own special o�ers, generally based on age, income or state residency. Taxpayers can review each company o�er or they can use a “Help Me” tool that will �nd the so�ware for which they are eligible.

Free File o�ers easy-to-use products that ask questions and you supply the answers. �e so�ware will �nd the right forms, �nd the right tax credits and deductions and even do the math for you.

Some companies also o�er free state tax return preparation as well.

Free File also can help tax-payers with the new health care requirements. Almost everyone will need to do something new when filing a tax return this year. For each month in 2014, you and everyone on your re-turn must:

• Report health care cover-age, or

• Claim an exemption from coverage or

• Make a shared responsi-bility payment with your tax return.

Most people will simply have to check a box to report health care coverage for the entire year.

If you or anyone on your re-turn purchased coverage from the Health Insurance Market-place, you may be allowed to take the Premium Tax Credit. If you opted for any advance payments of the Premium Tax Credit to help with your monthly insurance premium payments, you must file a tax return, even if you were not required to �le. You must rec-oncile your advance payments with the amount you were due. Learn more at IRS.gov/aca.

Free File will be available through October 2015. Taxpay-ers have the option to prepare their return at any time and schedule a tax payment as late as the April 15deadline. Taxpay-ers who cannot meet the April 15 tax �ling deadline can also use Free File to �le a six-month extension.

Here are some common tax-related documents you will need to complete your tax return. Remember, you must also have documentation of any credit or deduction you are claiming as well.

• A copy of last year’s tax return;

• Valid Social Security num-bers for yourself, spouse and children;

• All income statements, i.e. W-2 forms, from all employers;

• Interest/dividend state-ments, i.e. 1099 forms;

• Form 1099-G showing any state refunds;

• Unemployment compensa-tion amount, if any;

• Form 1095-A if you pur-chased coverage from a Health Insurance Marketplace;

• Proof of health care insur-ance coverage for you and ev-eryone on your return.

Reach Regional Managing Editor Suzanne Rook at 507-931-8567. Follow her on Twitter @rooksuzy

Free �le launched; helps taxpayers with new health care

Metro Creative Image

Paying your taxes electronically is secure, easy and convenient. You can pay from a bank account, or with a credit or debit card.

From Your Bank AccountPay online with our e-Services Payment SystemYou can use e-Services to pay income tax, use tax, delinquent

tax bills, and other agency debts collected by (or “referred to”) the Minnesota Department of Revenue.

Pay by phone at 1-800-570-3329You can specify when payment will be taken from your checking

or savings account, in advance or on the due date. You can cancel payments until 5 p.m. on the scheduled payment date.

You will need your Social Security number and banking infor-mation. You must use an account that is not associated with any foreign banks.

With a Credit or Debit CardPay online at www.payMNtax.comYou can use a credit or debit card to pay state income tax, estate

tax, use tax, delinquent tax bills, and other agency debts collected by (or “referred to”) the department.

�e following cards are accepted:Credit Cards: Visa, MasterCard, American Express or Discover/

Novus cardDebit Cards: Visa or MasterCard Consumer debit card or any

card that has an NYCE, Pulse or STAR logoValue Payment Systems LLC processes credit and debit card pay-

ments. �ere is a convenience fee for this service. For details, go to the payMNtax.com Convenience Fee Calculator.

For help with your credit card payment, contact Value Payment Systems at 1-888-877-0450 and select option 1 (live operator). Avail-able Monday – Friday from 7 a.m. – 7 p.m. Central time.

Pay by phone at 1-855-9-IPAY-MN (1-855-947-2966)Available Monday – Friday, from 7 a.m. – 7 p.m. Central time.

Minnesota o�ers electronic options for paying state income taxesDID IT ARRIVE?

I made an electronic payment. How do I know if you got it?

To determine if your payment was received by the department check with your �nancial institution to ensure that the payment cleared your account. This will apply for all types of payment except for cash. All cash payments are made directly at the department’s Stassen Building and receipt of payment would have been given at the time of payment.


400 South Front Street, St. Peter507-934-5711

Anthony Anthony&

Wills/TrustsProbateEstate PlanningTax PreparationReal Estate

More than half of taxpay-ers hire a professional when it’s time to �le a tax return. Even if you don’t prepare your own Form 1040, you’re still legally responsible for what is on it.

A tax return preparer is trusted with your most personal information. �ey know about your marriage, your income, your children and your Social Security numbers – all of the sensitive details of your �nan-cial life. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. To do that, take some time to under-stand a few essentials.

Most tax return preparers provide outstanding service. However, each year, some tax-payers are hurt �nancially be-cause they choose the wrong tax return preparer. Well-inten-tioned taxpayers can be misled by preparers who don’t under-stand taxes or who mislead people into taking credits or

deductions they aren’t entitled to in order to increase their fee. Every year, these types of tax preparers face everything from penalties to even jail time for defrauding their clients.

Here are a few tips to keep in mind when choosing a tax preparer:

Check to be sure the pre-parer has an IRS Preparer Tax Identi�cation Number. Anyone with a valid 2015 PTIN is au-thorized to prepare federal tax returns. Tax return preparers, however, have di�ering levels of skills, education and expertise. An important di�erence in the types of practitioners is “repre-sentation rights”. You can learn more about the several di�er-ent types of return preparers on IRS.gov/chooseataxpro.

Ask the tax preparer if they have a professional credential (enrolled agent, certi�ed pub-lic accountant, or attorney), belong to a professional orga-nization or attend continuing

education classes. A number of tax law changes, including the A�ordable Care Act provi-sions, can be complex. A com-petent tax professional needs to be up-to-date in these mat-ters. Tax return preparers aren’t required to have a professional credential, but make sure you understand the quali�cations of the preparer you select.

Check on the service fees upfront. Avoid preparers who base their fee on a percentage of your refund or those who say they can get larger refunds than others can.

Always make sure any re-

fund due is sent to you or de-posited into your bank account. Taxpayers should not deposit their refund into a preparer’s bank account.

Make sure your preparer of-fers IRS e-�le and ask that your return be submitted to the IRS electronically. Any tax profes-sional who gets paid to prepare and �le more than 10 returns generally must �le the returns electronically. It’s the safest and most accurate way to �le a re-turn, whether you do it alone or pay someone to prepare and �le for you.

Make sure the preparer will

be available. Make sure you’ll be able to contact the tax pre-parer a�er you �le your return – even a�er the April 15 due date. �is may be helpful in the event questions come up about your tax return.

Provide records and re-ceipts. Good preparers will ask to see your records and receipts. They’ll ask you questions to determine your total income,

deductions, tax credits and other items. Do not rely on a preparer who is willing to e-�le your return using your last pay stub instead of your Form W-2. �is is against IRS e-�le rules.

Never sign a blank return. Don’t use a tax preparer that asks you to sign an incomplete or blank tax form.

Review your return before signing. Before you sign your tax return, review it and ask questions if something is not clear. Make sure you’re com-fortable with the accuracy of the return before you sign it.

Ensure the preparer signs and includes their PTIN. Paid preparers must sign returns and include their PTIN as re-quired by law. The preparer must also give you a copy of the return.

Report abusive tax prepar-ers to the IRS. You can report abusive tax return preparers and suspected tax fraud to the

IRS. Use Form 14157, Com-plaint: Tax Return Preparer. If you suspect a return preparer filed or changed the return without your consent, you should also �le Form 14157-A, Return Preparer Fraud or Mis-conduct A�davit. You can get these forms on IRS.gov.

Choose a tax preparer wisely for the upcoming �ling season

Metro Creative Image


David M. Hahn, [email protected]

Denise Peters, [email protected]

www.stpetercpa.com

219 S Minnesota Ave

St. Peter, MN 56082

507/934-2640

335 Main | Box 725

Gaylord, MN 55334

507/237-5287

By MICHELLE ANDREWSKaiser Health News

In addition to the normal thrills and chills of the income tax �ling season, this year people will have the added excitement of �guring out how the health law �gures in their 2014 taxes.

The good news is that for most folks the only change to their filing routine will be to check the box on their Form 1040 that says they had health insur-ance all year.

“Someone who had employ-er-based coverage or Medicaid or Medicare, that’s all they have to do,” says Tricia Brooks, a senior fellow at Georgetown Univer-sity’s Center for Children and Families.

But for others, there are sev-eral situations to keep in mind.

If you were uninsured for some or all of the year

If you had health insurance for only part of 2014 or didn’t have coverage at all, it’s a bit more complicated. In that case, you’ll have to �le Form 8965, which al-lows you to claim an exemption from the requirement to have in-surance or calculate your penalty for the months that you weren’t covered.

On page 2 of the instruc-tions for Form 8965 you’ll see a lengthy list of the coverage exemptions for which you may qualify. If your income is below the �ling threshold ($10,150 for an individual in 2014), for ex-ample, you’re exempt. Likewise if coverage was unaffordable because it would have cost more

than 8 percent of your house-hold income or you had a short coverage gap of less than three consecutive months.

Some of the exemptions have to be granted by the health in-surance marketplace, but many can be claimed right on your tax return. �e tax form instructions spell out where to claim each type of exemption.

If you do have to go to the marketplace to get an exemp-tion, be aware that it may take two weeks or more to process the application. Act promptly if you want to avoid bumping up against the April 15 �ling dead-line, says Timothy Jost, a profes-sor and specialist in health law at Washington and Lee University who is an expert on the health law.

If you don’t qualify for a cov-erage exemption

If none of the exemptions apply to you, you’ll owe a pen-alty of either $95 or 1 percent of your income above the tax �ling threshold, whichever is greater. �e penalty will be prorated if you had coverage for at least part of the year. �e instructions for Form 8965 include a worksheet to calculate the amount of your penalty.

If you received a premium tax credit for a marketplace plan

Under the health law, people with incomes between 100 and 400 percent of the federal pov-erty level ($11,490 to $45,960 for an individual in 2013) could qualify for premium tax credits for 2014 coverage bought on the exchanges.

�e marketplace determined the amount of premium tax cred-it people were eligible for based on their estimated income. At tax time those estimates will be reconciled against actual income. People whose income was lower than they estimated may have received too little in advance premium tax credits. �ey can claim the amount they’re owed as a tax refund.

People whose income was higher than estimated and re-ceived too much in advance pre-mium tax credits will generally have to pay back some or all of it.

If you bought a plan on the marketplace, you’ll receive a Form 1095-A from your state marketplace by Jan. 31 that spells out how much your insurer re-ceived in advance premium tax credits. You’ll use that informa-tion to complete Form 8962.

Assuming the information on the form is correct, “It should be easy to reconcile,” says Judith Sol-omon, vice president for health policy at the Center on Budget and Policy Priorities. Tax so�-ware programs and tax preparers also should know how to make the calculations, she said.

Many lower income consum-ers and seniors can get free tax preparation assistance through the IRS Volunteer Income Tax Assistance and the Tax Counsel-ing for the Elderly programs.


Tax time gets new ritual — proof of health insurance Qualifying taxpayers can get

free help preparing their federal and state income tax returns at locations across Minnesota. You can get this help if any of the fol-lowing are true:

You are age 60 or olderYou are disabledYou speak limited or no Eng-

lishYour income is $53,000 or

lessHelp with your current tax

return is available during the tax season. Most free tax preparation sites are open Feb. 1- April 15. At some locations, help is avail-able during the summer months for the Homeowner Homestead Credit Refund and Renter Prop-erty Tax Refund returns or prior year income tax returns.

Search for free tax prepara-tion sites — check www.revenue.state.mn.us at the end of January

If you cannot locate a site within your area, call 651-296-3781 or 1-800-652-9094 for as-sistance.

What should I bring with me?

You should bring any state-ments, forms, receipts or other documentation that show your income, tax-deductible expens-es, and property tax or rental payments you made.

Required:• Photo identification• Social Security cards (or In-

dividual Taxpayer Identi�cation Number [ITIN] card or letter) for you, your spouse, and all de-pendents listed on your return

• Birth dates for you, your spouse, and all dependents listed on your return

• Last year’s tax returns• If you wish to use the direct

deposit/direct debit option, be sure to bring your checkbook with you to verify your bank ac-count and routing information.

• Income statements or forms:

Wages from each job (Form W-2)

Interest (Form 1099-INT)Dividends (Form 1099-DIV)Sale of stock (1099-B)Retirement plans( Form

1099-R)Gambling winnings (Form

W-2G)Unemployment (Form 1099-

G)Social Security benefits

(Form SSA)Miscellaneous income (1099-

MISC)Any other statements show-

ing income from other sources (such as: Supplemental Security Income (SSI), Minnesota Fam-ily Investment Program [MFIP], Minnesota Supplemental Aid [MSA], General Assistance [GA], veterans bene�ts, work-ers’ compensation)

If applicable, also bring:• Tuition expenses for univer-

sity, college or technical college (Form 1098-T)

Interest statements for stu-dent loans (Form 1098-E)

• IRA contributions• Records of any itemized ex-

penses you may wish to deduct, such as:

• Out-of-pocket medical ex-penses including

Noncash donationsCash donationsVehicle license tabsProperty taxes paidJob-related moving expensesMortgage interest paid (Form

1098)

Tax preparation feesUniform costs• Daycare expenses (For each

provider you paid, you must pro-vide the name, address, amount paid, and Social Security num-ber [SSN] or Employer Identi�-cation Number [EIN[.)

• Receipts for education ex-penses you paid for your chil-dren in grades K-12, such as:

Educational so�warePrivate school tuition or tu-

toringAcademic books/materialsMusic lessons and music

equipment purchases or rentalsTuition for academic summer

campInstructor fees for drivers

educationSchool supplies (pencils,

notebooks, etc.)• Property Tax Refund docu-

mentsRenters: Certi�cate of Rent

Paid (CRP) from your landlordHomeowners: Statement of

Property Tax Payable mailed by the county in March


Get help with your tax returns


Boyer and Company, Certified Public Accountants offers the Le Sueur community a wide variety of tax and accounting services.

The firm offers • Individual and business tax return preparation• Bookkeeping and accounting• Payroll services• Compilation, review and audits of financial statements of businesses, HUDs, non-profits and retirement plans

Contact Randy or Mary Sue at (507) 665-3037, or visit us at www.boyercpa.com | Find us on Facebook

Need a Hand with Your Taxes?

– Samuel W. Johnson, CPA– Gary F. Schuft– Jeff J. Ruble

– Terry L. Hoehn, CPA, CFP– Judy A. Bruns

* Certi�ed Financial Planner™ practitionerCERTIFIED PUBLIC ACCOUNTANTS

(507) 934-1795 E-mail: [email protected]

Bene�t From Our Experienced Professional Staff.• Tax Preparation & Planning• Business Consulting• Personal Financial Planning• Payroll & Accounting Services

• Full Service Accounting Firm•• Financial Statements• QuickBooks Consulting

Website: www.jhcpas.net

JOHNSON& HOEHN

223 W NASSAU ST.ST. PETER, MN 56082

� e IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you o� if you get such a call. � ese callers claim to be with the IRS. � e scammers o� en demand money to pay taxes. Some may try to con you by say-ing that you’re due a refund. � e refund is a fake lure so you’ll give them your banking or other pri-vate � nancial information.

These con artists can sound convincing when they call. � ey may even know a lot about you. They may alter the caller ID to make it look like the IRS is calling. � ey use fake names and bogus IRS badge numbers. If you don’t answer, they o� en leave an “ur-gent” callback request.

The IRS respects taxpayer rights when working out payment of your taxes. So, it’s pretty easy to tell when a supposed IRS caller is a fake. Here are � ve things the scammers often do but the IRS will not do. Any one of these � ve things is a sign of a scam. � e IRS does not:

Call you to demand imme-diate payment. We will not call about taxes you owe without � rst mailing you a bill.

Demand that you pay taxes without giving you the chance to question or appeal the amount they say you owe.

Require you to use a certain payment method for your taxes, such as a prepaid debit card.

Ask for credit or debit card numbers over the phone.

� reaten to bring in local po-lice or other law-enforcement to have you arrested for not paying.

If you get a phone call from

someone claiming to be from the IRS and asking for money, here’s what to do:

If you know you owe taxes or think you might owe, call the IRS at 800-829-1040 to talk about payment options. You also may be able to set up a payment plan online at IRS.gov.

If you know you don’t owe taxes or have no reason to believe that you do, report the incident to TIGTA at 1.800.366.4484 or at www.tigta.gov.

If phone scammers target

you, also contact the Federal Trade Commission at FTC.gov. Use their “FTC Complaint Assis-tant” to report the scam. Please add “IRS Telephone Scam” to the comments of your complaint.

Remember, the IRS currently does not use unsolicited email, text messages or any social me-dia to discuss your personal tax issues. For more information on reporting tax scams, go to www.irs.gov and type “scam” in the search box.

Five easy ways to spot a scam phone call

� e Minnesota Department of Revenue now accepts indi-vidual income tax returns for tax year 2014. Taxpayers will have until April 15 to � le their tax returns.

We urge taxpayers to:• Electronically fi le your tax

return to help reduce errors, which can lead to a bigger re-fund.

• Direct deposit your re-funds. You can choose to have your refund electronically de-posited into your checking or savings account when � ling your return.

Electronically filing and choosing direct deposit can mean a quicker refund. Did you know 85 percent of taxpayers e-� led last year? And four out of � ve taxpayers receiving refunds chose direct deposit?

“Electronically filing your return is the most convenient option; e-� led returns and re-funds are processed twice as fast as paper-� led returns,” said Revenue Commissioner Cynthia Bauerly.

“E-fi ling and direct deposit are the safest, easiest, most accu-

rate way to receive your refund.”Other tax � ling tips:• You can make your pay-

ment electronically and pick when you want the payment submitted. For more informa-tion about making your pay-ment electronically, please visit our website.

• Have all of the tax-related information you use to prepare your taxes ready before you � le.

• A list of soft ware products for electronically � ling is on our website.

• Find income tax instruc-tion booklets on our website or at a library.

• Get free tax assistance. Depending on income, some taxpayers may qualify to e-� le for free. Visit the Minnesota Department of Revenue website (www.revenue.state.mn.us) or the IRS website (www.irs.gov) for more information.

• File taxes on time. Th e due date for filing state returns is Wednesday, April 15.

• If you owe, you can file electronically now and sched-ule your electronic payment any time before April 15.

• Beware of Refund Anticipa-tion Loans o� ered by some tax preparers. � ey usually charge very high interest rates.

• Visit our website for fil-ing requirements, instructions, and answers to frequently asked questions.

• Want to check the status of your refund? Check it any time you want on www.mndor.state.mn.us/tp/refund or by calling 651-296-4444 or 1-800-657-3676.


File electronically and choose direct deposit for a faster refund


112 S. Main St., Le Sueur | www.ffmbank.com

Think of your Lender at First Farmers & Merchants Bank

as your family Financial Doctor. Now prescribing Business, Agricultural, & Consumer Loans

to help keep your business and family Financially Healthy year-round.

Give us a call at 507-665-2265 for your free checkup today.

At Tax Time your Accountant is a Financial Surgeon preparing

and submitting Tax Returns

112 S. Main St., Le Sueur | www.ffmbank.comWe believe in you™

Member FDIC. And the community

ANDRING, COLLINS, NORMAN & CO., CHTD.Certified Public Accountants

David J. Collins, CPA | Jack E. Norman, CPA | Karen K. Hauser, CPA Bruce R. Hendrycks, CPA | Stacy M. Sycks, CPA

Daniel J. Goettl, CPA | Laurie A. Lloyd, CPA

65 S Park AveLeCenter, MN507-357-6654

1628 S Riverfront DrMankato, MN507-388-5858

• Tax Preparation & Planning:• Individual, Farm, Business• Payroll & Accounting Services• Charitable Gambling Audits

• Computer Bookkeeping• Financial Statements Preparation• Business Consulting• Quickbooks Consulting

� e roots of IRS go back to the Civil War when President Abraham Lincoln and Congress, in 1862, created the position of commissioner of Internal Rev-enue and enacted an income tax to pay war expenses. � e income tax was repealed 10 years later. Congress revived the income tax in 1894, but the Supreme Court ruled it unconstitutional the fol-lowing year.

16th AmendmentIn 1913, Wyoming rati� ed

the 16th Amendment, provid-ing the three-quarter majority of states necessary to amend the Constitution. � e 16th Amend-ment gave Congress the author-ity to enact an income tax. � at same year, the � rst Form 1040 appeared a� er Congress levied a 1 percent tax on net personal incomes above $3,000 with a 6 percent surtax on incomes of more than $500,000.

In 1918, during World War I, the top rate of the income tax rose to 77 percent to help fi-nance the war e� ort. It dropped sharply in the post-war years, down to 24 percent in 1929, and rose again during the De-pression. During World War II, Congress introduced payroll withholding and quarterly tax payments.

A new nameIn the 50s, the agency was

reorganized to replace a patron-age system with career, profes-sional employees. � e Bureau of Internal Revenue name was changed to the Internal Reve-nue Service. Only the IRS com-missioner and chief counsel are selected by the president and con� rmed by the Senate.

Today’s IRS organization� e IRS Restructuring and

Reform Act of 1998 prompted the most comprehensive reor-ganization and modernization of IRS in nearly half a century. The IRS reorganized itself to closely resemble the private sector model of organizing around customers with simi-lar needs.

A brief history of the IRS

� e Minnesota Department of Revenue is required by law to adjust individual income tax brackets for in� ation each year. For tax year 2015, the state’s individual income tax brackets will change by 1.58 percent from tax year 2014.

Indexing for in� ation of in-dividual income tax brackets � rst began in 1979 and has con-tinued every year since, except

from 1987 to 1990.� is annual adjustment will

prevent taxpayers from paying taxes at a higher rate solely be-cause of in� ationary changes in their income. � e adjustment does not change the Minnesota tax rates that apply to each in-come bracket.

� e bracket adjustments are based on the change in the U.S. Consumer Price Index for all ur-

ban consumers for the average of the 12 months ending August 2014 compared to the average of the 12 months ending August 2012. � e department adjusts the brackets each year by the

in� ation factor and rounds the result to the nearest $10.

The brackets apply to tax year 2015. Taxpayers who make quarterly payments of estimated tax should use the following rate

schedule to determine their pay-ments, which are due starting in April.

� e marginal tax rate is the rate of tax paid on a particular range of income.

Minnesota income tax brackets for 2015

� e Minnesota Department of Revenue opened state income tax � ling season on Jan. 20. For the bene� t and convenience of Minnesota taxpayers, Minnesota opened on the same day as the

Internal Revenue Service.With recent Congressional

action extending several tax bene� ts for Minnesota teachers, collegestudents, homeowners, and small businesses, the depart-

ment asked state lawmakers to take swi� action to pass legis-lation conforming Minnesota’s tax codes to the updated federal provisions by Jan. 20.

“Taking action by Jan. 20 will

ensure that Minnesota’s families and businesses can take advan-tage of these bene� ts and pro-duce a smooth opening to � ling season for everyone,” said Reve-nue Commissioner Myron Frans.

“If we do not conform quickly, Minnesotans may need to pay millions more in taxes and � le additional forms with this year’s taxes.”

Income tax � ling season now openDepartment urges swift legislative action to conform state tax code with federal code


Lager’sSt. Peter

910 Old Minnesota Ave. 507-931-4070 • 800-657-4802 HOURS: M - Fri 8-6 | Sat 8-4

2014 DODGE DART SXT4 Cyl., Auto, 8.4” Touch Screen, Back-up Camera,

Satellite Radio

#10883

$16,989

MSRP: $21,929LAGER’S SALE PRICE: $20,239INCENTIVE: $2750FINANCE CASH: $500†

2015 DODGE GRAND CARAVAN SE3.6 V6, 7 Passenger, Side Airbags, Remote Entry, PW, PDL

#11144$17,999

MSRP: $22,190LAGER’S SALE PRICE: $20,499REBATE: $1000FINANCE: $500†

OWNER LOYALTY: $1000***

2015 CHRYSLER 200 LIMITED 2015 RAM 1500 QUAD CAB EXPRESS4 Cyl., P. Seat, Satellite Radio, Back-up Camera

$299 /MO** $329 /MO**

MSRP: $25,145 MSRP: $38,315LAGER’S LEASE PRICE: $24,358

LEASE CASH: $1000CHRYSLER CAPITAL: $500

RETURNING LESSEE: $1000*

LEASE SALE PRICE: $21,858

2015 DODGE JOURNEY SE AWDV6, Dual Zone Temp, P. Seat, Sunscreen Glass, Satellite

Radio

#11021

$23,882

MSRP: $27,285LAGER’S SALE PRICE: $26,632REBATE: $1250FINANCE CASH: $500†


2014 RAM 1500 SLT CREW 4X43.0 V6 EcoDiesel, Remote Start, Heated Seats, Back-up

Camera, 8.4” Touch Screen

#11110

$39,747



2015 JEEP COMPASS LATITUDE 4X44 Cyl, Auto, Heated Seats, Back-up Camera, 6.5”

Touchscreen, Satellite Radio

#11126$23,911



2014 JEEP GRAND CHEROKEE SUMMIT

#11069

$48,926

MSRP: $56,375LAGER’S SALE PRICE: $51,426INCENTIVE: $2000FINANCE CASH: $500†

SALE PRICE

5.7 Hemi, 4x4, Heated and Cooled Leather, Back-up Camera, NAV, Moonroof, Power Lift Gate

2014 RAM 2500 LARAMIE CREW 4X4

#10953

$47,962

MSRP: $58,725LAGER’S SALE PRICE: $52,962REBATE: $3500OWNER LOYALTY: $1500***

6.7 Cummins Diesel, Heated Leather, Heated Steering Wheel, Tow Pkg., NAV

2015 JEEP CHEROKEE LATITUDE 4X4

#11075

$28,957

MSRP: $33,670LAGER’S SALE PRICE: $31,957REBATE: $1000BONUS CASH: $500FINANCE CASH: $500†


V6, Remote Start, P. Seat, Tow Pkg., Dual-Pane Panoramic Sunroof

2015 JEEP PATRIOT LATITUDE 4X4

#11125$22,438



4 Cyl, Auto, Remote Start, Heated Seats, Satellite Radio, Alloy Wheels

OWNER APPRECIATION PRICEOWNER APPRECIATION PRICE

OWNER APPRECIATION PRICE OWNER APPRECIATION PRICEOWNER APPRECIATION PRICE

OWNER APPRECIATION PRICE

OWNER APPRECIATION PRICE

SALE PRICE

LEASE FOR: LEASE FOR:

#10916 $0 DUE AT SIGNING

5.7 Hemi, 4x4, 20” Chrome Wheels, Remote Entry, Satellite

LAGER’S LEASE PRICE: $35,285LEASE CASH: $1000CHRYSLER CAPITAL: $500OWNER LOYALTY BONUS: $1000***

RETURNING LESSEE: $1000*LEASE SALE PRICE: $31,785

$1,999 DUE AT SIGNING

*Customer must be currently leasing a FCA US LLC Group vehicle to qualify. W. A. C. See salesperson for details. **36 Month lease/10,000 miles per year. Includes tax, 1st year Lic. and 1st payment. See salesperson for details. ***Must currently own a FCA brand vehicle. No trade in required. See salesperson for details. †Must � nance through Lager’s � nance source to qualify. W. A. C.

www.lagerschryslerdodgejeep.com

#11239

Documents

Valley Tax Guide