Key Takeaways: MN raked as Least Tax Friendly State Sales Tax of 6.875% State Income Tax from 5.35% to 9.85% This article from Kiplinger ranks Minnesota tax environment along with the other 49 states. It is a nice quick read that compares and contrasts all the taxes you will encounter as a resident. Even upon your demise the state takes a bite on inheritance and estate…
CONTINUE READING >The Tax Foundation issued a study comparing the U.S. Tax Code with the rest of the world in their International Tax Competitiveness Index. Since 2014 the Tax Foundation has done this study and found the U.S. was ranked 28th out of 36 countries then improved to 20th position after the tax code changes of 2017. The Tax Foundation shows that under proposed Democratic tax changes the…
CONTINUE READING >The original thought on home equity lines of credit was to provide homeowners the ability to tap their equity in their home to make improvements to their home. What ended up happening was many homeowners started using their home equity lines to buy cars and make big purchases. The interest that was deductible on credit cards had disappeared and those purchases were moved over to…
CONTINUE READING >MN has not changed their rules on 529 plans to allow plans to pay for private K-12 expenses that are now allowed under the new tax code according to this article. Lots of moving parts as MN provides a tax credit on their state income tax forms for those using the accounts to save for college but with the new change for private K-12 state experts…
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