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Are MN Income Taxes Really That Bad?
from:Many times when you hear people talking about income taxes, those that live around Minnesota say that the MN income taxes are high. Are the MN income taxes really that high to any other state?
Many times when people hear of other states income taxes, they right away assume that the income taxes are high or low without knowing all the facts. However, each state has a set amount of income taxes that must be paid; which is also similar to any other state.
When it comes to MN income taxes, they are considered as being not bad; fairly reasonable. However, there are many things that people should know about the taxes before they say good or bad things about them, or file them. The very first thing that should be known about the MN income taxes is the due date. Like most other states, MN income taxes are due on April 15th; or the following business day if the 15th falls on a weekend or holiday.
Another thing that many people should learn about the MN income taxes is the percentages of taxes that are being taken out. Not only is there a percentage, but the percentage is based upon your filing status or bracket. In fact, in the state of Minnesota, they have 3 different income tax rates that they follow; which are 5.35%, 7.05%, and 7.85%. Amongst the percentages allowed, a person is allowed to make a certain amount of income in those brackets. Those that are in the single taxpayer bracket are as followed:
• 5.35% for income up to $21,510
• 7.05% for income between $21,511-$67,360
• 7.85% for income $67,361 and above
For those that are in the married filing jointly bracket, are as followed:
• 5.35% for income up to $29,980
• 7.05% for income between $29,981-$119,100
• 7.85% for income $119,101 and above
Another important factor to know when filing MN income taxes is which form(s) you will need. The forms needed vary upon what you are filing. However, most people will be using the M1 form. There are also different ways of filing income taxes other than filling out the form from the booklet. In fact, many people today are now filing their income taxes through the computer over the internet.
When you file through the internet, it is almost a guarantee that the taxes get to the government with no problems! In fact, e-filing is one of the most popular ways of filing taxes!!
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