Minnesota Unemployment for Self-employed and Contract Workers

This article from MinnPost has some great information on how to apply for unemployment if you are self-employed or a contract worker:

Tax Deadline Extended to July 15th

As you have probably heard, the Treasury Department announced today that the tax filing date has been moved from April 15th to July 15th.  Although you have extra time to file, we encourage you to get us your tax documents so that we can complete your return as soon as possible.   If you owe money for tax year 2019 you will have until July 15th to pay without penalties or interest.   If you are expecting a refund, refunds are still being processed as usual, but you must file to receive it. 

At this time, we are discouraging face-to-face meetings, but we are available over the phone or through email.  We are accepting tax documents through the mail, pick-up and through our secure site.   If your tax returns are complete, we are here for pick-up or let us know if you would like your return mailed or uploaded to our secure site.   Please give us a call if you have any questions – (952) 934-8405

IRS Waives Some Interest and Penalties

The Department of the Treasury announced yesterday that penalties and interest will be waived for tax payments for 90 days.  As far as we know, at this point, this only applies to the 2019 tax -year and you are still required to file your return timely to have this waived.  As usual, if you need an extension, you still need to file an extension.  The government is actively encouraging people to keep filing their returns.  We are still here and still preparing returns. 

We encourage you to follow all advice from local and national authorities regarding isolation and social distancing.   We are accepting tax documents by mail, drop off or through our secure site.   No appointment is required to have your taxes prepared.  If you need to pick up and would prefer not to come in, we are more than happy to mail your returns to you or upload them to our secure site for you.  If you have an appointment and would like to change it to a phone appointment, we are more than  happy to do that.   Please call us if you have any questions – (952) 934-8405

Update from Artola & Camp

We remain open and processing tax returns at this time, however, we encourage you to drop off, mail or upload your tax documents to us, using our secure upload site.  If you still wish to meet with Rich or Estela, they are available in person or via phone.

If you need to access to our secure site, please call us or email us and we will get you set up.  If you want to drop off your tax documents, please put all your documents in a folder or envelope and label it clearly with your name and the best number to reach you.  You may drop off at our front desk or use the drop slot located outside our suite door. 

At this time, no official announcement has been made regarding officially extending tax filing deadlines or payments for all tax payers.    In the event such extensions are announced, we encourage you to continue to submit your tax information to us as usual, if you are able.  

2019 Client Tax Letter

The end of 2019 is upon us and, as always, it was a year full of changes for issues that affect your tax returns.  We also have some new and exciting changes to our company to share with you.  

  • Lordan & Camp PLLC is now Artola & Camp, LLC.  Chris Lordan has opened his own office, closer to home in the south metro.  Long-time employee and Enrolled Agent, Estela Artola is now partnering with Rich Camp.  We both look forward to continuing to provide you with the same high-quality business and personal tax and accounting services.
  • Our office has moved, but not far.  We are now located in a new office space on the second floor of the same building:

Artola & Camp, LLC

14525 Highway 7, Suite 210

Minnetonka, MN 55345

  • Our phone number remains the same – (952) 934-8405

This year we are excited to offer more paperless options for your tax return.  If you would like your tax return on a complimentary flash drive or delivered to you securely via our Sharefile system or email, please let us know.

Tax Update for 2019 Tax Returns

  • The earliest acceptance date for electronically filed or paper returns will be approximately January 28, 2020.
  • SEP contribution limits are 25% of compensation or an overall limit of $55,000 for 2019. You must deposit contributions for a year by the due date (including extensions) for filing your federal income tax return for the year. If you obtain an extension for filing your tax return, you have until the end of that extension period to deposit the contribution, regardless of when you actually file the return.
  • Roth and Traditional IRA contribution limits remain the same and are the lower of $6,000 or your compensation.  Those over age 50 may make an additional $1,000 contribution. Roth contributions are subject to phase-out with income over $120,000 for single filers and $189,000 for married filers.
  • Starting in 2020 anyone, of any age, may now deposit money into an IRA if they have earned income, such as wages or self-employment income. There are other rules that may apply, but the old rule prohibiting deposits during or after the year turning 70 ½ has been repealed.
  • Roth and Traditional IRA distributions limits – Beginning in 2020 the mandatory age to begin distributions from your IRA has been raised to 72 from the old, confusing age 70 ½.
  • Health Savings Account contribution limits are $3,500 for single filers and $7,000 for married filers. Those over 55 years old may contribute an additional $1,000 to their plans. Qualifying high-deductible health insurance is required to qualify for HSA contributions. You may make your 2019 HSA contribution up to the due date of your 2019 tax return or April 15, 2020.
  • The 2019 FICA earnings limit was $132,900. Wages up to this amount are subject to 6.2% withholding and a 6.2% employer match. The Medicare tax rate of 1.45% and 1.45% employer match applies to all wages earned.
  • The 2020 FICA earnings limit has been set at $137,500

Other Changes

Minnesota has adopted many of the IRS changes from 2018 bill, effective for Minnesota returns in 2019

  • Property Taxes Paid: Deduction for state and local taxes now capped at $10,000
  • Home Mortgage Interest deductibility debt decrease from 1M to 750,00 debt
  • Minnesota Exemption is $4,250 per dependent
  • Standard deduction for MN is $24,400 for MFJ, $12,000 for single and $18,350 for HOH.

We look forward to working with you for another tax season, and throughout 2020.