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Tulberg & Greenslit, PA is located in Mound, Minnesota on Langdon Bay. We have been in business since 1961, and have helped many clients with their tax filings and questions. We specialize in IRS 1040 filings and small business returns. We have answers to your questions. Our years of experience have prepared us to advise you in most situations.
INFORMATION THAT IS NEEDED FOR 2007:
- A Social Security number and birth date for all dependents.
- Bring all 1099s for interest, dividends, etc. the you have received.
- If you claim child care or participate in a flexible spending account covering such costs, you must provide the care provider’s name, address, ID number, and amount paid.
- If you sold or transferred stocks or mutual funds, determine what you paid for it, the value of any reinvested dividends, and dates of purchase.
- Any traditional or Roth IRA contributions you made for 2007.
- If you refinanced your mortgage, bring in the final closing statement and let us know the term of the new loan.
- Any education expenses for High School, College or Trade School for you or a dependent.
- Sales tax paid on major purchases such as cars, boats or RVs.
CHANGES FOR 2007: - The Tax Return Rebate will be automatically issued to eligible filers. See more
- The Standard deduction has increased for all filing statuses.
- The business mileage rate is 48.5 cents/mile, the medical and moving rate is 20 cents/mile, and the charitable rate remains at 14 cents/mile.
- The Federal estate tax exemption is $2.0 million for 2007 and 2008.
- You may be able to exclude from an income a distribution made from your IRA into a Health Spending Account.
- The deduction for an IRA contribution has been expanded for those covered by an employer's plan.
- Subject to limits, Mortgage Insurance Premiums are deductible.
ELECTRONIC FILING:
We are planning to file almost all returns electronically, both federal and state. We have found e-filing to be an improvement over paper filing, yet you still have the option of a paper filing if you wish.
E-FILING PROVIDES:
- Faster refunds, faster still with a free direct deposit.
- A lower chance of receiving some types of error notices from the IRS.
- Increased security.
Partners: David Greenslit, CPA Lee Greenslit, CPA
Secretary: Jan Krake Phone: 952-472-1774
Our address: 2567 Commerce Boulevard, Mound, MN 55364 Most Non-filers qualify for the 2007 Tax Return RebateLow income filers often are not required to file a 1040 tax return. This year they should if they otherwise qualify for the Tax Return Rebate. People who do not file, will not get the Rebate. See more Home Improvements for 2006
During 2006, (and 2007) individuals can make energy-conscious purchases that will provide tax benefits when filling out their tax returns next year. The new law provides tax credits for making your principal residence, which must be in the United States, more energy efficient and for buying certain energy efficient items.
- From the IRS newsroom 
We accept these credit cards. You can phone in your payment during business hours to: 952-472-1774.
Other recent changes:
Personal exemption and itemized deduction phaseouts reduced. The phaseouts of the personal exemptions and itemized deductions will be reduced by 1/3.
The "kiddie tax" now applies to those under age 18, up from those under age 14.
The Alternative Minimum Tax (AMT) exemptions have risen (a good thing).
The maximum HOPE education credit rises from $1500 to $1650.  Tulberg and Greenslit's conference room where we talk about your income taxes and answer your questions. Call for an appointment soon, and it's OK to just drop in too. As mentioned elsewhere on the site, our building is old Sollie Store, that was owned by the Andrews Sisters Uncles. See the Misc. page, for more pictures of our office.
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Tax Calendar:
09/15/08 Federal and
MN 2nd Quarter
Estimates are due
10/15/08 Automatic 1040 and MN extensions expire
There's a recent development at Minnesota Revenue effecting a few of our clients. While it is not usual for Minnesota to look back more than 3 1/2 years, there is at least one case where they are allowed to do this. Generally, when there has been a change to your Federal return that increase your taxes, and that causes your state taxes to increase, and you didn't report this increase to Minnesota, the state has 6 1/2 years from the time the IRS issue is finally resolved, to assess the additional tax. For some reason Minnesota fell behind, and is now sending out notices for at the year 2001. If I have described your situation, my advice here is that the statute of limitations is not a valid reason to not pay. However, there may be other reasons why the state is wrong. See: Minnesota Statute 289A.38 Property Taxes going up?
The State of Minnesota has had in place the Property Tax Refund for many years. Homeowners and renters can qualify for a refund that is based on their household income and property taxes paid, or in the case of renters their Certificate of Rent Paid form. What may be overlooked is the special property tax refund for homeowners. It is not based on household income but rather how much your property taxes increased? If they increased over 12% as shown on your 2008 property tax statement, you qualify for a refund. Statements usually come out in March. Don’t forget to have us check it for you. If we have done your 1040, there is no additional charge to you. You have one year from 08/15/08 to file for this refund.
Flexible Spending Accounts
Probably the best tax break invented is the Flexible Spending account (FSA). If your employer offers you this option, take it. Money is set aside from each paycheck to pay for such things as medical and child-care costs. This same money is then reimbursed to you throughout the year. The tax saving can be dramatic. For someone in the 25% federal tax bracket, the total savings can amount to 39%. In other words, the government picks up almost 40% of the cost for you. Of course there are dollar limits on how much you can put into an FSA each year. And FSA’s biggest drawbacks are their use it or lose it requirement. Thank you for visiting our web site. It is a new project and we are making gradual improvements to it. As changes in the tax laws occur during the year, we will update our pages so that our clients can see if they are effected? If you haven't started on your taxes yet, now would be a good time to schedule an appointment. We appreciate your business. You are our most valuable asset.
Lee and David Langdon Bay Creek
This runs along the North side of our parking lot. Minnesota Estate Tax Changes
In 2005 the federal 706 changed the credit for death taxes paid to states, to a line item “Deduction of death taxes paid to states”.
Minnesota does NOT allow this deduction in the computation of estate tax due to Minnesota.
If, on the date of death, the decedent’s total gross estate is at least $1,000,000 the estate is required to file a Minnesota Form M706, even if the estate is not required to file a federal return.
- More from: Minnesota Revenue If you are using the Mozilla Firefox Browser and some of these pages seem jumbled, boot up Internet Explorer and use that to view these pages. It appears Mozilla and Go Daddy, my website provider, don't spend a lot of time making sure their products integrate with each other. I use both browsers, Firefox is faster, just a little rough around the edges. |
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