Minnesota Department of Revenue, Minnesota Tax

Minnesota Business Corporate Tax, Minnesota Personal Income Tax, Minnesota Sales Tax Rates

What is the Minnesota corporate net income tax rate(s)?

9.8%

There is a 5.8% minimum tax on value, if there is property owned in Minnesota.

What is the Minnesota personal net income tax rate(s)?

What is the average Minnesota sales tax rate(s)?

7.22%
The state has a 6.88% tax, but the average local tax is .34% making a total of 7.22% The Mall of America has no sales tax though!!

Are there standard deductions?

Single:  $5,450
Joint:  $10,900

Are there personal exemptions?

Single:  $3,500
Dependants:  $3,500

What forms do you file for your Minnesota taxes?

C corporations:   Form M4
S corporations:  Form M8
Partnerships:  Form M3
Individual:  Form M1

Estimated tax payments?

Form M18 for corporations that have more than a $500 liability for taxes. Minnesota follows the IRS standards for estimated payments. If you will owe $500 or more in tax for the current year, you are required to make 90% of the tax due, over quarterly payments. It has to be at least 100% of the previous year, even if you think you won't make as much in the current year. Individuals file form M14.

Minnesota Department of Revenue:

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