You may claim the Minnesota standard deduction or itemize your deductions on your Minnesota income tax return. You may claim the Minnesota standard deduction even if you itemized your deductions on your federal income tax return.
A business partnership is subject to the minimum fee if its Minnesota property, payroll, and sales total at least $1,040,000 for the year.
The $1,040,000 figure is for the 2020 tax year and is adjusted annually for inflation.
Mack is the sole proprietor of a trucking company who purchased a new dump truck he placed in service in 2020 and used for his business. On his federal return, Mack elects to expense $100,000, which is the entire cost of the new truck.