Tax Tip Tuesday: Tax Cuts and Jobs Act Review
This week we will review some of the changes from the Tax Cuts and Jobs Act passed last December. Itemized Deductions Beginning in 2018, many taxpayers who claimed itemized deductions in prior years will no longer be able to do so. That's because the basic standard deduction has been increased (to $24,000 for joint filers, $12,000 for singles, $18,000 for heads of household, and $12,000 for marrieds filing separately), and many itemized deductions have been cut back or abolis
Tax Tip Tuesday: Are You Registered to Vote?
Are you registered to vote yet? The mid-term election is only 14 days away! Click here to find out if you are registered in Iowa. (If you are not in Iowa, please check your secretary of state’s website). In Iowa you can register to vote by mail, online, or at your polling location on the day you go to vote. There are significant differences in tax proposals between the Republican and the Democratic candidates for both Iowa and national races. Please take the time to review
Tax Tip Tuesday: Social Security Wage Base for 2019
The Social Security Administration has announced that the wage base for computing the Social Security tax in 2019 will increase to $132,900, up from $128,400 in 2018. This means that for 2019, the maximum Social Security tax that employers and employees will each pay is $8,239.80 ($132,900 x 6.2%). A self-employed person with at least $132,900 in net self-employment earnings will pay $16,479.60 ($132,900 x 12.4%) for the Social Security part of the self-employment tax. The Me
Tax Tip Tuesday: Tax Reform 2.0 Update
House lawmakers on September 28th passed the third and final portion of the Tax Reform 2.0 plan. The House approved the Protecting Family and Small Business Tax Cuts Act of 2018 which would make permanent the individual tax rate cuts in the Tax Cut and Jobs Act, the new cap on the so-called SALT (State and local tax) deduction, and the Code Sec. 199A pass-through income deduction. A day earlier, the House passed the other two portions of Tax Reform 2.0—one would expand retire