Income taxes are a mandatory responsibility of every American generating income. Let us help you pay for ONLY your fair share.

There are many legal ways to bring money into your life without paying the taxes most people pay. Trouble is, you need to be aware of these methods and willing to use them to your advantage. There's nothing heroic in paying more than you should.

Try it on your own by calling the IRS TeleTax Topics at 1-800-829-4477 or visiting the IRS web site at www.irs.gov. If that doesn't get you your answer, let us know what you're trying to find out by stating your question on our front page.

 

Social Security (FICA) current rate is 6.2% for both employee and employer.

Medicare current rate is 1.45% for both employee and employer.

Social security and Medicare withholdings are handled by the IRS (see Pub. 15 as linked below) and benefits are handled by the Social Security Administration. To find out more about Social Security, click here.

Federal income taxes see IRS Publication 15 - Circular E - Employer's Tax Guide               (Adobe format)

For state income taxes check out your state's Department of Revenue website.

Minnesota    www.taxes.state.mn.us.

South Dakota www.state.sd.us/drr2/revenue.html

 

Sales and Use Taxes

Sales and Use taxes vary from state to state. Check your state's web site to find out more.

South Dakota's website is: www.state.sd.us/drr2/revenue.html

Minnesota's: www.taxes.state.mn.us

 

Tax Facts
Kinner & Company Ltd
Tax & Financial Advisors and Consultants

Select the tables below for more information.

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Tips to Reduce Taxes

• Prepay expenses, up to 50% of other current year deductible expenses (i.e. $100,000 of farm/business expenses, could prepay up to $50,000)
• Purchase any equipment you need
• Maximize itemized deductions

  • Prepay state income tax and home real estate taxes
  • Prepay January Mortgage Payment, gift to charities
• Incorporate – you can reduce your taxes and increase your deductions
• Setup and fund retirement accounts – Let us set this up for you
• If applicable, make sure spouse is maximizing their retirement contributions with their employer if they are not already
• Do some business traveling
• Setup and utilize Cafeteria or FLEX plans such as AgriPlan, BizPlan or TASC to make health insurance premiums and out of pocket medical expenses deductible. Even day care
• Maximize education credits by paying spring tuition in December (make sure you are not in the phase-out)
• EFTPS - Electronic Federal Tax Payment System - www.eftps.gov - pay all electronic, income, excise and estimated taxes electronically
• Do tax planning with Kinner & Company for your specific needs!