Tax Tip Tuesday: End of the Year Reminder
As we approach the end of the year, here are some important reminders I want you to know about to prevent any unpleasant tax surprises. This year, December 31st falls on a Saturday. To make sure a payment qualifies as a deduction in 2016 make sure the payment is postmarked by December 30th (unless you find a post office that is open on Saturday, December 31st). If you are paying fourth quarter 2016 estimated income taxes, you need to pay by the end of the year in order for f
Tax Tip Tuesday: Federal and Iowa Accelerated Depreciation Numbers
This week we will look at some accelerated depreciation numbers for both federal and Iowa tax. Expensing is generally available for: Most depreciable property (other than buildings) Off-the-shelf computer software Qualified real property For tax years beginning in 2016, the federal section 179 expensing limit is $500,000. Iowa has not coupled with federal section 179 amounts for the 2016 tax year. That means Iowa is limited to $25,000. The section 179 limit for Iowa for the
Tax Tip Tuesday: Part Two The President Elect's Proposed Tax Plan
Last week and this week we are taking a look at President-elect Trump’s tax plan. He declared that a “major tax bill lowering taxes in this country” would be one of his top three priorities. Please remember that nothing he has proposed is guaranteed to happen. But there are year-end tax moves that you can make now, with his plan in mind, to benefit your situation. Last week we looked at the income side. This week we are looking at the deduction side. Itemized deductions prod
Tax Tip Tuesday: Part One The President Elect's Proposed Tax Plan
This week and next week we will take a look at President-elect Trump’s tax plan. He declared that, “a major tax bill lowering taxes in this country” would be one of his top three priorities. Middle and upper-income taxpayers, who may be betting he can deliver on this promise, should revisit their year-end tax moves to make the most of what might be windfall savings next year. Please remember that nothing he has proposed is guaranteed to happen. The Trump tax plan would featur
