Summer is here and school is out! Woo-hoo, free labor—your kids working for you, what could be better? Well, possibly hiring your children in your business would be an even better answer.
Category: Accounting
SAVE $7,500?? Electric Vehicle Tax Credit Update
I am looking for a new vehicle. I never really thought of an electric vehicle until I became a bit infatuated with a Tesla which, as I am sure you know, is an electric car. Being a CPA, I also knew about the tax credit of $7,500 for certain electric vehicles so that was enticing, also. Then I heard on the news that the credits for Tesla vehicles are being phased out and so I decided I needed to do some research on these credits. And here are my findings. Read More
Do You Rent Your Building to Your Business?
Are you eligible for the 20% Qualified Business Income Deduction? Read More
Better Late Than Never
Oops, I didn’t do any tax planning and 2018 is gone! Before you give up entirely, here are a few ideas that you can still do that might help your 2018 tax situation.
2019 Increases That Help Decrease Your Tax Liability
Happy New Year! 2019 is here and with the new year come various cost of living adjustments released from the IRS. Will any of these increased limits help you reduce 2019 tax liability?
Last Chance to Save On Your Taxes
The end of the year is fast approaching and after the end of the year, your chance to make tax saving moves will be limited. The Tax Cuts and Jobs Act (TCJA) made some major changes to the federal tax laws that will affect nearly all individuals.
Top 5 Reasons For Tax Planning NOW!
Well, it is that time again! Not just for Holiday parties and Christmas shopping, but even more importantly, it’s time to do your tax planning! Why, you may ask? Well, here are the top five reasons I recommend planning to my clients.
Iowa Tax Reform Bill-What’s next?
I am sure you have heard of all the changes made to the federal tax law, but did you know that Iowa also passed an Iowa Tax Reform Bill? It was signed into law on May 30, 2018 by Governor Kim Reynolds. Here are a few of the highlights and when to expect the changes.
Business Interest Expense-Deductible or Not? Part 2
Last month we started the discussion about the new limitation on business interest deduction. I gave the three exceptions to the limitation.
- The Small Business with average annual gross receipts of $25 million
- Electing Real Property Business
- Electing Farm Business
For more information about these exceptions, please see last month’s blog.
This month I want to discuss how the limitation is calculated if you don’t meet one of these exceptions.
Business Interest Expense—Deductible or Not?
Another provision of the Tax Cuts and Jobs Act (TCJA) is a new limitation on the business interest deduction. It appears simple, but it is one of the most complicated calculations you will have to make if you don’t meet an exception.
Moving Just Got More Expensive!
You just found the perfect employee and have agreed to pay their moving expenses to move into town to work for you! Well, bad news, with the change in the moving expense rules with the new tax law, this just became a more expensive endeavor for you and your employee.
Where’s My Iowa Refund?
You electronically filed your returns on or before April 15th and have received your federal refund weeks ago. But still no Iowa refund. Where is your Iowa refund?
Employee or Independent Contractor? Business Owners Need to Define and Choose Wisely
With summer upon us, many business owners may decide to hire students who are home from college for summer break. This may lead to the question of whether the person hired is an employee or a contractor. What you decide can make a big difference in how their pay is figured and if you are required to withhold taxes for them or not.