Fastner Business Services, Inc.

08/10/2026

PREPARATION FOR 2026 TAX FILING-------

Minnesota offers two tax relief programs for families with K-12 students:
1) The refundable K-12 Education Credit: The Credit covers 75% of eligible school expenses (like supplies, rentals, and tutoring) for lower-to-middle-income families
2) The K-12 Education Subtraction: The Subtraction allows all families to reduce taxable income.

Qualifying School Expenses are:
*Pencils, pens, notebooks, and paper
*Rental or purchase of musical instruments for school
*Computer hardware and educational software (limits apply)
*After-school tutoring and academic summer camps
*Required school field trips and instructional fees

Credit vs. Subtraction Limits:
---K-12 Education Credit: Refundable up to 75% of qualifying expenses; income limits apply based on family size.
---K-12 Education Subtraction: No income limit. Maximum subtraction is $1,625 per child in grades K-6 and $2,500 per child in grades 7-12.

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08/06/2026

In a VERY QUIET announcement, the IRS raised the optional standard mileage rates mid-year in 2026 because fuel prices climbed.
Source: IRS Announcement 2026-11, which modifies Notice 2026-10.

Verified rates to use:
Business: 72.5¢/mile for Jan 1–Jun 30, 2026; rises to 76¢/mile for Jul 1–Dec 31, 2026
Medical & moving: 20.5¢ → 23.5¢ (same mid-year split)
Charitable: stays 14¢ all year
National avg regular gas (AAA): ~$2.81 in January 2026, ~$4.05 in June 2026
This is important to you because you WILL need to calculate mileage separately for the periods 01/01/2026–06/30/2026 and 07/01/2026 - 12/31/2026. You will NOT be able to take your mileage and use ONLY one rate in 2026.

03/30/2026

Please be aware of a scam from AMEX. Send me a direct message if you want the details.

09/16/2025

IRS assesses $162 million in penalties over false tax credit claims tied to social media

IR-2025-90, Sept. 8, 2025

WASHINGTON — The Internal Revenue Service is alerting taxpayers about a growing number of fraudulent tax schemes circulating on social media that promote the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. These scams have led thousands of taxpayers to file inaccurate or frivolous returns, often resulting in the denial of refunds and steep penalties.

Since 2022, the IRS has seen a surge in questionable refund claims fueled by misleading social media posts and bad actors posing as tax experts. Many of the posts falsely claim that all taxpayers are eligible for credits they do not actually qualify for, such as those meant for self-employed individuals or businesses. The IRS routinely publishes and updates a list of frivolous positions on IRS.gov that could lead to the imposition of penalties.

“These schemes are not only misleading but can cost taxpayers dearly,” said James Clifford, IRS Director Return Integrity and Compliance Services. “People who follow this advice could end up with rejected claims and a penalty of up to $5,000 in addition to any other penalties that might apply. So far, the IRS has imposed over 32,000 penalties costing taxpayers more than $162 million. It’s in the taxpayer’s best interest to stay informed.”

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08/08/2024

IMPORTANT INFO FOR MN RESIDENTS:

In response to recent legislation, the Renter's Property Tax Refund is ending. Renters will instead claim the Renter's Credit on their Minnesota Individual Income Tax Return. These changes begin with the tax year 2024.

New Certificate of Rent Paid (CRP) Requirement
To allow us to verify rent paid information as part of the income tax return, all property owners and managing agents must use our e-Services filing and payment system to create and submit all Minnesota CRPs. e-Services will automatically assign an Electronic Certificate Number (ECN) to each CRP renters use when filing their income tax return.

We are in the process of developing a limited alternate process to accommodate customers with limited or no access to technology. The alternate process will be available later this year.

If you have questions about the new CRP requirement, e-Services, or the alternate process, email our Taxpayer Assistance team. You can also call 651-556-3017 or 1-833-263-8663.

Renter’s Credit

We will remove the Renter's Property Tax Refund from Form M1PR, Homestead Credit Refund (for Homeowners) and Renter’s Property Tax Refund. We are developing a new schedule, M1RENT, for renters to file with their income tax return to receive the Renter’s Credit.

This means that renters will no longer file a Property Tax Return in August and will not receive a separate refund later in the year. The Renter's Credit will function like other refundable credits on an income tax return. It will be part of the amount owed or refunded.

This change does not affect homeowners. They will still use Form M1PR to file a property tax return to receive the Homeowner's Homestead Credit Refund.

We have a comprehensive communication effort planned, but we would appreciate your assistance providing information about the new process to your clients. We will share more information later this year.

11/27/2023

If you are making year end charitable donations, they must be an approved IRS charity to be tax deductible. You can check that here. IRS's Tax-Exempt Organization Search (TEOS).https://apps.irs.gov/app/eos/

Contrary to popular belief, GoFund Me is NOT a charity. Any contribution is a gift NOT a donation.

To use this app, JavaScript needs to be enabled. To enable JavaScript on your browser, please check out the appropriate link provided below:

11/15/2023

Department of Revenue begins reissuing nearly 150,000 expired one-time tax rebate checks

ST. PAUL, Minn. – The Minnesota Department of Revenue announced today that they will begin reissuing nearly 150,000 one-time tax rebate checks that have gone uncashed and subsequently expired after 60 days from their August and September issuance dates. The reissued checks will go out in two batches: one batch this week and the second batch in early December. The reissued checks will be valid for 60 days from the date of issuance.

What do the checks look like?

Paper checks appear in a plain white envelope. They will be from Submittable Holdings located in Missoula, Montana and will carry the signature of Revenue Commissioner Paul Marquart. These checks are protected by standard banking safeguards that help detect and deter fraud.

What happens if the reissued check goes unclaimed?

We will work with taxpayers who are eligible but did not get their rebate after the reissued checks void in early 2024. To avoid duplicate payments, we cannot issue a rebate payment while a rebate check is still valid but uncashed.

Any unclaimed one-time rebate payments will eventually be handed over to the Minnesota Department of Commerce’s Unclaimed Property Division.

Get the latest news and updates from the Minnesota Department of Revenue by following the department on Facebook and Twitter or by signing up for our email subscription list.

01/12/2023

The Internal Revenue Service today announced Monday, Jan. 23, 2023, as the beginning of the nation's 2023 INDIVIDUAL tax season.

01/01/2023

It is January 1st: If you deduct your mileage, take a picture of your odometer today. The IRS requires contemporaneous proof and a photo of starting mileage for the year is excellent proof for those purposes. Pass it on to your clients.

11/18/2022

Monday’s ruling by an appeals court bars the forgiveness of as much as $20,000 of debt to qualified borrowers.