,
This is a placeholder for the Yext Knolwedge Tags. This message will not appear on the live site, but only within the editor. The Yext Knowledge Tags are successfully installed and will be added to the website.
Carpenter, Evert & Associates - Logo
Request a Consultation
This is a placeholder for the Yext Knolwedge Tags. This message will not appear on the live site, but only within the editor. The Yext Knowledge Tags are successfully installed and will be added to the website.

Blog Layout

What to look for when filing your taxes this year

By Iris Perez, Fox 9

POSTED FEB 19 2019 09:58PM CST

UPDATED FEB 20 2019 04:25AM CST

(FOX 9) - Reduced returns, extensions, and extra fees - they're all things we don't want you to be surprised by if you haven't done your taxes yet.


“The federal law change is the biggest change that we’ve had in federal tax law in 30 years,” said Michael Crabtree, a certified public accountant at Boulay Partners.


Crabtree confirms there's a reason CPAs say this tax season is a bear.


“For Minnesota tax payers, it's really heightened by the fact that Minnesota didn't change its law,” he said.


A lockstep bill went through the Legislature, but was vetoed by former Governor Mark Dayton. Stuck with a set of old laws for state taxes and a set of new laws for federal taxes, it puts Minnesotans in a pickle.


“It’s been extremely frustrating for us because there’s just so much extra work to do,” said Crabtree.


With federal limits on what you can itemize, Doug McDonald, a CPA and partner at Abdo, Eick and Meyers, says this may be the last year you can write off certain expenses.


“Business expenses you can deduct, but employee business expenses, if you’re an employee and you have unreimbursed expenses correct, you won’t be able to deduct those in 2019,” he said.


You can still deduct things like mortgage interest, real estate tax and charitable contributions to an extent.


“The hard part is are you going to get a benefit from trying to deduct all of these?” said McDonald.


With the average refund down more than eight percent you can also brace for a smaller check. While all tax payments are due on April 15, don't be shocked if you have to file an extension. Finally, you may hit the lint in your pocket just to file that return. It’s a fee that this time next year may not qualify as a write off.


“Most cases we’re going to have to charge our clients more because it costs more to do all this extra work – nobody likes that,” Crabtree said.


Employees with unreimbursed expenses will still want to do those calculations this year to see if it makes a difference on your Minnesota returns. Anyone with a small business or rental property will want to take advantage of deductions.



Next year's return is expected to be simpler, since Minnesotans will be filing under one method, instead of two.

business tax accountant
December 27, 2024
Seeking a reliable business tax accountant? Here are some of the top things to look for to find someone you can depend on.
certified public accountant
November 6, 2024
Are you looking to learn more about what a certified public accountant does and how they can help you? Keep reading to find out.
CPA firm
July 9, 2024
Taking care of taxes for your business can be a daunting task. Here are some reasons why you should work with a CPA firm to file your taxes!
business tax accountants
May 2, 2024
Are you aware of everything you could learn from business tax accountants? Read more here about how they can help business owners.
certified public accountant
March 1, 2024
If you're looking for a certified public accountant, it's important to know the truth about what they do and how they can help you. Read on to learn more.
accountants
December 28, 2023
When you meet with a CPA, you should have some questions ready to ask them. If you aren't sure what to ask accountants, read our blog.
Tax accountants
November 6, 2023
Tax accountants are always up-to-date on the latest changes! Continue reading to learn more about how to prepare for next year's tax season.
certified public accountants
July 3, 2023
When it comes to running your business, working with certified public accountants can be a huge help. Here's how often you should meet with them.
CPA
April 25, 2023
Using a CPA year-round can help you keep your finances in check. Read on to learn about how to prepare for your CPA visit.
accountants
December 27, 2022
Have you ever been curious about what systems financial accountants use? Here's a brief comparison of two of the most popular types of systems.
More Posts
Share by: