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Featured new member: Kelco Services

Kelco Services provides commercial real estate consulting and construction management services to owners and tenants in the greater Twin Cities area. From feasibility analysis and preliminary drawings to full project development including financing acquisition, city liaison and entitlements, Jim Kellison has the expertise to bring your project in on time, on budget and in the highest quality. Visit  Kelco Services for more information and a few examples.

No. 3: Note filing dates for small-business and individual business tax returns.

The Minnesota Department of Revenue and the Internal Revenue Service begin accepting 2013 business tax returns Monday, Jan. 13, 2014. This includes M4 corporate franchise tax, M8 S-Corporations and M3 Partnership returns. For businesses filing individual income tax returns, the filings begin Friday, Jan. 31, 2014 which also coincides with the Internal Revenue Service’s start date.

No. 2: Annual business renewals due Dec. 31. Do it or lose it.

All registered businesses, including nonprofits, must renew their filing each calendar year — for most businesses there is no charge. This can be done by mail or online. Businesses required to file include corporations, limited liability companies (LLCs), partnerships and nonprofits. Failure to renew will result in dissolution. Do this to reserve or keep your business name, too!

“One of the biggest missed opportunities for small business: health insurance tax credits”

The tax credits offered through the health insurance exchange are being called one of the biggest missed opportunities for small businesses. Business owners who think they cannot afford insurance or that insurance costs will not change, may want to think again. Only through MNsure can businesses with 50 (or fewer) employees qualify for a tax credit that can lower costs. Businesses with fewer than 25 full-time employees may also qualify for tax credits to help pay for employees’ coverage. Special requirement exemptions for small businesses signing up with MNsure between Nov. 15 – Dec. 15 . (see next bullet) Starting in 2014, the tax credit covers up to 50% of employer-paid premium costs for taxable organizations (35% for tax-exempt organizations). Businesses signing […]

Are tax changes coming for small businesses?

According this Ernst & Young survey, “There is a strong desire among policymakers, the business community and the public for a tax system that is simpler, more conducive to economic growth and fairer… 42% of the respondents said federal tax reform would definitely or likely help their organization.” In Minnesota, we begin with the 4th highest business tax rate but end up with the 11th lowest effective tax rate. Above and beyond our state’s $37 billion biennial budget, there is an additional $25 billion in tax expenditures. When it comes to business, few of these tax expenditures go to the state’s largest employer: small business. Small Business Minnesota plans to continue working toward tax-fairness for small businesses.

Membership grows 53 percent in first half of 2013. Join us!

Small Business Minnesota’s membership grew 53 percent in the first half of 2013. Currently membership is open at any level, although a $75 annual membership fee is recommended. When you join, be sure to take advantage of our membership benefits. Let us thank you by featuring your business on Small Business Minnesota’s social media networks, website and in our newsletter. Please provide a 30-50 word description of your business. If you wish, include a link to your website, contact information and/or your logo. Newsletter reach = 18,000. Host an afterhours networking event at your site. This is a great way to meet other small business owners and showcase your business. These events will be promoted by Small Business Minnesota. Event sponsorship: […]

Legislative agenda in the works

Interested in public policy for small business? Send your ideas, concerns and/or interest in joining the government relations committee to aundrey@smallbusinessmn.org. So far members have asked us to consider:  minimum wage (including tip credit)  environmental (chemical) policy to protect downstream small businesses   tax fairness for small business   active negotiating for small-business health insurance rates   the remaining business-to-business services taxes   education issues to ensure we have a properly trained and ready workforce for tomorrow   property tax reform for businesses who own their business site We want to hear from you. While we may not be able to work on all issues, we will certainly discuss each.

Small business networking and holiday celebration Dec. 3

Celebrate the holiday season with other local business owners at Small Business Minnesota’s open house and networking event co-hosted with member Thompson Hall and Accelerate MN, Dec. 3, 4:30-6:30 p.m., 901 Marquette Ave.  20th floor, downtown Minneapolis. More than 200 people have already registered. Enjoy free drinks and appetizers with a $10 charitable donation. It would be great to see and meet you there!  More information and RSVP.

Business tax obligation class, Nov. 21, Brooklyn Park

The Minnesota Business Tax Education Partnership is offering a free class on state and federal employment taxes and other employer responsibilities, Thursday, Nov. 21, 8:30 a.m. – 4 p.m. Learn about worker status (independent contractor v. employee), tax withholding, depositing and reporting, labor standards, Workers’ Compensation insurance, new hire reporting rules and Department of Homeland Security (immigration) requirements.The class is taught by tax professionals from the IRS, U.S. Departments of Labor and Revenue, the Minnesota Unemployment Insurance Program, and the Minnesota Workers’ Compensation Insurers Association.  Register and more information.