Minnesota

The state of Minnesota, like most states, imposes many different taxes on its residents. These taxes include individual income tax, corporate franchise tax, sales and use tax, and various other taxes.

The general state sales and use tax rate for Minnesota is 6.5%. Localities may also impose a sales and use tax.

Individual income tax is reported on Form M1. The returns are due on April 15. If the due date falls on a weekend or holiday, taxpayers have until the next business day to mail the return. The tax rates are from 5.35% to 7.85%.

Form M4 is used to report Corporation Franchise Tax. An S corporation reports using Form M8, and a partnership uses Form M3. Exempt organizations use Form M4NP.

Revenue is also generated for the state by imposing other taxes such as the withholding tax, estate and trust tax, property tax, air emissions fee, alcoholic beverage tax, cigarette and tobacco tax, contamination tax, deed tax, fur clothing tax, hazardous waste fee, and insurance taxes.

For additional information on Minnesota taxes or to download forms, visit the Department of Revenue website at www.taxes.state.mn.us.

Are you looking for a CPA, Accounting Firm, or Financial Advisor to assist you with your Minnesota tax reporting, bookkeeping, or general accounting needs? Try the CPA Search feature on this website.