April 11, 2017

Don’t forget — April 18th is the due date for your 2016 individual tax return. 

Don't forget to file or extend your return.

Sometimes individuals don’t have cash to pay their income tax bills.  This week we will examine some ways to defer paying income taxes including in...

January 10, 2017

This week I want to remind you of some changes to due dates for W-2 and 1099-MISC forms that are effective for 2016.  Also, we will discuss some new Iowa W-2 reporting requirements and penalties for not timely filing or providing 1099 forms.

The Protecting Americans fro...

December 20, 2016

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 beg...

March 29, 2016

A critical date is approaching for many clients who turned age 70½ in 2015.

By April 1, 2016, these clients must start making required minimum distributions (RMDs) from their traditional IRAs. Lifetime distributions are not required to be taken from Roth IRAs at any ag...

February 9, 2016

You may want to wait to file your tax return.

In the January 19th Tax Tip Tuesday, I indicated that the 2016 tax season was now open.  That was correct for federal returns.  Unfortunately, as we noted in last week’s edition, some state returns are still...

January 19, 2016

Following a review of the tax extenders legislation that was signed into law, the IRS announced that the nation's tax season will begin as scheduled on Tuesday, January 19, 2016 

The IRS will begin accepting individual electronic returns today. The IRS will begin proce...

December 22, 2015

The IRS has issued the 2016 standard mileage rates. These are used to calculate the deductible costs of operating an automobile for business, charitable, medical, and moving purposes.

Beginning on January 1, 2016, the standard mileage rate for the use of a car, van, pic...

November 10, 2015

For the past couple of months, we've been informing you of important tax law updates and information for 2016. In this post you will find information on all those topics in one place.

Health Savings Account Limits

The IRS has provided the annual inflation-adjusted contri...

November 3, 2015

Today we will address some inflation adjusted tax changes for 2016.

  • For gifts made and estates of decedents dying in 2016, the exclusion amount will be $5,450,000 up from $5,430,000 from 2015.

  • For gifts made in 2016, the gift tax annual exclusion will be $14,00...

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Previous Editions of Tax Tip Tuesday
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March 5, 2019

February 19, 2019

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