Known as the place “where the forests meet the prairie,” Todd County has a rich agricultural heritage and abundant recreational opportunities side by side. Small-town values and an easy pace of life characterize Todd County. Our agricultural and value-add industries serve as a strong backbone to a growing mix of other sectors. Learn more at www.co.todd.mn.us
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Minnesota has two important taxes that apply to business entities:
In addition to the latter taxes, if income from your business passes through to you personally, that income will be subject to taxation on your personal state tax return.
Minnesota’s corporation franchise tax, which is a tax on the income of traditional corporations, is comprised of a flat 9.8% tax plus an additional, alternative minimum tax (AMT). In general terms, the AMT is based largely on the federal AMT rules, and is a 5.8% tax on Minnesota alternative minimum taxable income in excess of $40,000.
Minnesota’s “minimum fee” tax applies to traditional corporations, S corporations, LLCs, and partnerships. The minimum fee is based on the combined value of a business’s property, payroll, and sales. If these three values together total at least $500,000, the business is required to pay the minimum fee. The exact amount of the minimum fee will vary depending on the total value of property, payroll, and sales, as follows:
total value less than $500,000 = $0 minimum fee
total value $500,000 to $999,999 = $100 minimum fee
total value $1,000,000 to $4,999,999 = $300 minimum fee
total value $5,000,000 to $9,999,999 = $1,000 minimum fee
total value $10,000,000 to $19,999,999 = $2,000 minimum fee
total value $20,000,000 or more = $5,000 minimum fee
For corporations, returns are due on the 15th day of the third month after the end of the tax year. For other forms of business, returns are due on the 15th day of the fourth month after the end of the tax year.
For purposes of comparison, note that Minnesota generally taxes personal income at rates ranging from of 5.35% to 7.85%.
To find the latest information on available sites and buildings in this county please visit the Minnesota Prospector website»
TCDC RLF funds provide additional access to capital for new and emerging small businesses where traditional sources of funding are unavailable or limited. Strong consideration is given to value added agricultural manufacturing, technology, commercial/industrial and product manufacturing businesses that retain or create quality jobs.