As we approach year end I want to issue a reminder concerning mailing deadlines. This year, December 31st falls on a Sunday. To ensure a payment qualifies as a deduction in 2017, make sure the payment is postmarked by December 29th unless you find a post office that is open on Saturday, December 30th. If you are paying 4th quarter 2017 estimated income taxes, you need to pay by the end of the year in order for federal tax to be deducted on the Iowa return and Iowa taxes to b

It is official. The “Tax Cuts and Jobs Act” was passed by the Senate early this morning and passed by the House early this afternoon. President Trump has indicated he will sign it as quickly as possible this week. Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requi

On December 15th, the Conference Committee reconciled and merged the differing House and Senate provisions into a single piece of legislation and released the final version of the “Tax Cuts and Jobs Act”, a sweeping tax reform proposal. It is anticipated that the House will vote on this today and the Senate will vote on Wednesday and it will be signed into law before Christmas. As of right now, subject to change at the whim of Congress, the following are some tax changes that

We are still waiting for the House and Senate to reconcile the differences between their two tax reform bills. It is possible that it won’t happen until right before Christmas so I am going to discuss some of the possible changes before then. The Senate bill has seven tax brackets for individuals with rates ranging from 10% to 38.5%. The House bill has four tax brackets ranging from 12% to 39.6%, retaining the top rate under current law. The House bill would repeal AMT for i

The Social Security Administration (SSA) has announced a correction to its previously issued announcement regarding the wage base for computing the Social Security tax in 2018. The corrected amount is $128,400. In October 2017, the SSA announced that for 2018 the maximum would be $128,700 for 2018. Also an update on tax reform. The Senate passed their version of tax reform on Saturday morning. The House had earlier passed their version. Now the two sides go to a conference