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August 2007
Issue: 2
MN Property Tax Returns Due August 15th
I hope everyone is having a great summer!  We would like to remind all of our Minnesota clients that the MN Property Tax Refund Return needs to be filed by August 15th.   Individual homeowners and renters are eligible for the Property Tax Refund.  You qualify if your income is below a certain amount and you paid rent or property taxes in 2006.  You also may qualify if your property taxes increased by 12% or more from 2006 to 2007.  If you think you might qualify, please contact us and we can determine if you are eligible for a refund or not.  We have filed them for a lot of you already and you should be receiving a copy of the return in the mail from us, if you haven't already.
Enjoy this months newsletter!

The high price of gas has caused many people to consider buying more fuel-efficient vehicles. In addition to spending less time at the pump, these vehicles may also qualify for a generous tax break. Several federal income tax credits are available on a limited time basis for buying certain new fuel-efficient vehicles.


New Rules May Impact Your Charitable Contributions

Did you make a cash contribution to your favorite charity? Have you recently spent a weekend cleaning stuff out of your garage or basement and then donated the items to a local charity?

Charitable contributions can be tax deductible, but you must have the proper records to support your deduction. Due to the Pension Protection Act of 2006 the rules on recordkeeping for charitable contributions became a little more strict beginning in January 2007.


Business or Hobby? Answer Has Tax Implications
Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting, etc.

The IRS isn't trying to spoil your fun but if your favorite activity makes a profit every year or so, there may be tax implications that surprise you.

In This Issue
Fuel Efficiency and Tax Savings
New Laws Sorrounding Charitable Contributions
Business or Hobby? Answer Has Tax Implications
Tax Saving Strategies for Business Owners
Upcoming Tax Deadlines

Tax Savings Strategies for Business Owners

There's still plenty of time left in 2007 for business owners to take steps to minimize their 2007 tax bill. Here are some tax saving strategies in the areas of compensation, retirement plans, perks, state taxes and tax payments.

Upcoming Tax Deadlines

August 15th - MN Property Tax Returns are due
August15th - July payroll depoits are due for monthly payroll tax depositors
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA


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