Category: Accounting

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

If you took a trip already this summer, you are possibly wondering if any of the trip could be a business trip and therefore be deductible on our tax return. Now is a good time to review some of the travel rules and what can be deductible as a business expense.

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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.

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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

Are you eligible for the 20% Qualified Business Income Deduction? Read More

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.

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Even though the IRS allows less deductions for those Entertainment and Meal Expenses!

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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?

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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.

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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.

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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.

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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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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. 

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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.

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