Form 14654 Minnesota 2017-2024

Form 14654 Minnesota: What You Should Know

Get Your Business Tax Identification Number (TIN) The Minnesota Department of Revenue does not offer a business tax return filing service on a toll-free line. To learn more about getting an IRS EIN, please visit or call, or, Monday through Friday, 8 a.m. to 8 p.m. CST. We do provide telephone assistance for those residents who are facing a filing deadline. Taxpayer Assistance Programs The Minnesota Department of Revenue is not aware of any other program of assistance on-line. We encourage qualified taxpayers to contact their local tax assessor for help with their tax returns, or contact the Minnesota Department of Revenue at, or if you are unable to contact the assessor,, for help with other tax-related matters. Also, if you are experiencing financial hardship, our tax help office maintains a listing of Minnesota taxpayers in need of financial assistance. You or your children may contact our tax help office at, or toll-free. Minnesota Business Tax Exemptions Minneapolis MN 55142. Businesses, including sole proprietorship, partnerships, and corporations, can eliminate taxable income by using certain Minnesota tax exemptions: The Minnesota exemption for business income is 20%. The Minnesota Business Corporation Income Exemption is 50%. The Minnesota income tax exemption is 40% for an estate or gift tax return. Other tax deductions and credits include: Individual Retirement Income Tax Credit — 0.9% for the first 25,000 of taxable income annually Pension income (if any) can be claimed at half of federal adjusted gross income (24,800). Social Security income: If the recipient is over age 62, annual payments can be capped at 13,000 (unless the recipient has another source of retirement income, such as a disability pension). Minnesota Income Tax Minnesota income tax rate is 5.2% statewide and is imposed on all taxpayers, but the rate in Minneapolis is 7.

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