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.
Category: Accounting
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.
So, Small Businesses—Do you get a tax cut?
One of the biggest and most talked about changes in the Tax Cut and Jobs Act passed in December is the decrease of the business tax rates. If you are a business owner, I am sure you are wondering if you get a tax cut and if so, how much?
Cryptocurrency Taxation
There has been one common theme in almost every tax conversation I have had with friends and family over the last couple of months….. Bitcoin. Read More
Four Things Your Business Needs to Know Now
Change is in the air, at least when it comes to taxes. There is both good and bad within the new Tax Cuts and Jobs Act (TCJA) that was signed into law in late 2017; however, for most businesses a positive impact is expected. You have probably heard a lot about tax reform in the past month, but what are the things your business should know about right now to proactively plan for your 2018 tax return?
Christmas Gift from the President?
As I am sure you have heard, Congress passed new tax legislation just in time for President Trump to call it a Christmas gift from the White House. Well, we are yet to see how much of a gift it is, but one thing we do know is that it is going to change how your taxes are figured and, for at least the next year, it will complicate your tax return. So what was included in this gift? Let’s unwrap it and see.
Is your tax planning done?
Christmas shopping, holiday parties and tax planning are all items on your to-do list for December. What? You don’t have tax planning on your list? Well, here a few reasons you might want to add it. Read More
Tax Reform – To Be or Not To Be? That is the question.
I have to admit that I have been fairly pessimistic that any tax reform will happen, especially in 2017. However, I am hearing from more and more national sources that it is looking more likely to happen. But there are still lingering questions: When will it be enacted? Will it affect 2017? What will be included in the bill? Here is what I am hearing. Read More