College bound, but hopefully not debt bound!!

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It’s that time again when the kids head off to school. I hear parents everywhere discussing the cost of college including tuition, books, room and board, not to mention transportation, clothing and entertainment. As these costs continue to escalate, it is more important than ever to plan for these expenses. One way that I know that can help is by setting up a college savings plan called a “529 plan” or qualified tuition program. The one that I am most familiar with is the Iowa College Savings Program that is especially beneficial to Iowa residents. Read More

SAVE $7,500?? Electric Vehicle Tax Credit Update

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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

Business Interest Expense-Deductible or Not? Part 2

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Last month we started the discussion about the new limitation on business interest deduction.  I gave the three exceptions to the limitation.

  1. The Small Business with average annual gross receipts of $25 million
  2. Electing Real Property Business
  3. 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.

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