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Upcoming Workshops

Computer Basics

4/1 (9 am-12 pm)

 

Excel I- Basics of Spreadsheets

4/1 (1 pm-4 pm)

 

iPhones, iPads, and Your Business

4/7 (10 am-12 pm)

 

Windows 8

4/7 (1 pm-3 pm)

 

Gimp I- Photoshop Alternative

4/8 (9 am-12 pm)

 

Gimp II- Beyond the Basics

4/8 (1 pm-4 pm)

 

PowerPoint I- Basics of Creating Presentations

4/9 (9 am-12 pm)

 

 

PowerPoint II- Beyond the Basics

 

4/9 (1 pm-4 pm)

 

 

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Business Insurance 101
Protect Yourself and Your Business

Thursday April 9, 2015
9:30 am-11:30 am
$25
Center for Economic Development

Speaker: Tucker Hanlon, Hanlon & Associates

Business Tip of the Week: 


Making calendar appointments with ourselves reduces stress by blocking adequate time to complete the project before deadline.

Read more about this topic at

www.bizjournals.com

Quick Links
Contact Us

UMD Center for
Economic Development


The Small Business Development Center for Northeast MN

Helping Entrepreneurs
and Businesses

Grow and Succeed


218.726.7298

Regional Center:
 
  • Duluth
Satellite Offices:
  • Cook County
  • Ely 
  • Grand Rapids
  • Hermantown
  • International Falls
  • Lake County
  •  Quad Cities
23rd Joel Labovitz Entrepreneurial Success Awards Nominees 
Nominees for the 23rd Annual Joel Labovitz Entrepreneurial Success Awards were announced on March 26, 2015. To view the press release with the complete list, click HERE. 


Attend the 23rd Annual Joel Labovitz Entrepreneurial Success Awards Luncheon and Awards Ceremony

Join business and community leaders from throughout  Northeast Minnesota and the state to recognize business owners and entrepreneurs who are taking risks and making a difference in our regional economy.


April 22, 2015
Duluth Entertainment Convention Center Harborside Ballroom
11:00 Check-in and Networking
11:30 - 1:30 Lunch and 
Awards Ceremony

 
Taxpayers Receiving Identity Verification Letter Should Use IDVerify.irs.gov 

The Internal Revenue Service is reminding taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website,idverify.irs.gov, offers the fastest, easiest way to complete the task.


Taxpayers may receive a letter when the IRS stops suspicious tax returns that have indications of being identity theft but contains a real taxpayer's name and/or Social Security number. Only those taxpayers receiving Letter 5071C should access idverify.irs.gov.

 

The website will ask a series of questions that only the real taxpayer can answer.

 

Once the identity is verified, the taxpayers can confirm whether or not they filed the return in question. If they did not file the return, the IRS can take steps at that time to assist them. If they did file the return, it will take approximately six weeks to process it and issue a refund.

 

Letter 5071C is mailed through the U.S. Postal Service to the address on the return. It asks taxpayers to verify their identities in order for the IRS to complete processing of the returns if the taxpayers did file it or reject the returns if the taxpayers did not file it. The IRS does not request such information via email, nor will the IRS call a taxpayer directly to ask this information without you receiving a letter first. The letter number can be found in the upper corner of the page.

 

The letter gives taxpayers two options to contact the IRS and confirm whether or not they filed the return. Taxpayers may use the idverify.irs.gov site or call a toll-free number on the letter. Because of the high-volume on the toll-free numbers, the IRS-sponsored website, idverify.irs.gov, is the safest, fastest option for taxpayers with web access.

 

Taxpayers should have available their prior year tax return and their current year tax return, if they filed one, including supporting documents, such as Forms W-2 and 1099 and Schedules A and C.

 

Taxpayers may also access idverify.irs.gov through www.IRS.gov by going to  Understanding Your 5071C Letter or the Understanding Your IRS Notice or Letter page. The tool is also available in Spanish. Taxpayers should always be aware of tax scams, efforts to solicit personally identifiable information and IRS impersonations. However,idverify.irs.gov is a secure, IRS-supported site that allows taxpayers to verify their identities quickly and safely.

 

IRS.gov is the official IRS website. Always look for a URL ending with ".gov" - not ".com," ".org," ".net," or other nongovernmental URLs.

 

Six Tips You Should Know about Employee Business Expenses

If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you claim allowable expenses on Schedule A, Itemized Deductions. 

 

Here are six tax tips that you should know about this deduction.

 

1. Ordinary and Necessary.  

You can only deduct unreimbursed expenses that are ordinary and necessary to your work as an employee. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is appropriate and helpful to your business.

 

2. Expense Examples.  Some costs that you may be able to deduct include:    

  • Required work clothes or uniforms that are not appropriate for everyday use.
  • Supplies and tools you use on the job.
  • Business use of your car.
  • Business meals and entertainment. 
  • Business travel away from home. 
  • Business use of your home.
  • Work-related education.

This list is not all-inclusive. Special rules apply if your employer reimbursed you for your expenses. To learn more, check out  Publication 529, Miscellaneous Deductions. You should also refer to Publication 463, Travel, Entertainment, Gift, and Car Expenses.

 

3. Forms to Use.  In most cases you report your expenses on Form 2106 or Form 2106-EZ. After you figure your allowable expenses, you then list the total on Schedule A as a miscellaneous deduction. You can deduct the amount that is more than two percent of your adjusted gross income.

 

4. Educator Expenses.  If you are a K through 12 teacher or educator, you may be able to deduct up to $250 of certain expenses you paid for in 2014. These may include books, supplies, equipment, and other materials used in the classroom. You claim this deduction as an adjustment on your tax return, rather than as an itemized deduction. This deduction had expired at the end of 2013. A recent tax law extended it for one year, through Dec. 31, 2014. For more on this topic see Publication 529.

 

5. Keep Records.  You must keep records to prove the expenses you deduct. For what records to keep, see Publication 17 , Your Federal Income Tax.

 

6. IRS Free File.  Most people qualify to use free, brand-name software to prepare and e-file their federal tax returns. IRS Free File  is the easiest way to file. These rules can be complex, and Free File software will help you determine if you can deduct your expenses. It will do the math, fill out the forms and e-file your return - all for free. Check your other e-file options if you can't use Free File.

 

Visit IRS.gov/forms to view, download or print IRS tax products anytime.

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Funded in part through a Cooperative Agreement with the U.S. Small Business Administration, Minnesota Department of Employment and Economic Development and regional support partners. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the program sponsors. Programs are open to the public on a nondiscriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.
Contact the UMD Center for Economic Development at 218-726-7298 to make arrangements.