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Posted February 05, 2020in Accounting

Have you heard about the Disaster Relief Act?

On Dec. 20, 2019, the President signed the Taxpayer Certainty and Disaster Tax Relief Act of 2019. Inside this law, Congress retroactively reinstated several tax deductions that lapsed on Dec. [...]

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Posted January 01, 2020in Accounting

What type of fringe benefits can a business offer to employees?

Offering fringe benefits to employees is an excellent way to help attract and retain great staff, improve employee morale, and create tax deductions for the business. There are a variety [...]

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Posted December 04, 2019in Accounting

How do S corporation shareholders deduct health insurance premiums?

More than 2 percent owner of S corporations are allowed to deduct 100 percent of the owners health insurance premiums as long the owner pays him(her)self a reasonable salary. To [...]

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Posted November 06, 2019in Accounting

What are the 1099 filing requirements for payments to subcontractors?

Any business that pays $600 or more in any calendar year to an individual, LLC or partnership for services provided has a 1099 filing requirement. These services can include subcontractor [...]

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Posted October 02, 2019in Accounting

How does the College Savings Iowa Plan help people plan for education costs?

The College Savings Iowa Plan is a great tool for people to use in planning for their child’s education costs. The interest, dividends, and capital gains earned on plan funds [...]

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Posted September 04, 2019in Accounting

Do you know about Iowa’s Tuition and Textbook Credit?

The Iowa Tuition and Textbook credit is a state income tax credit for 25 percent up to $1,000 ($250) for each Kindergarten – 12th grade child’s qualified tuition, textbooks and [...]

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Posted July 31, 2019in Accounting

How much does a medical flexible spending account really save you?

Under the new tax law, it is difficult for many people to have enough medical costs to get a tax deduction on their income tax returns. Utilizing a medical flexible [...]

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Posted July 03, 2019in Accounting

How much does a daycare flexible spending account really save you?

The IRS allows employees to designate up to $5,000 of wages to be tax free to pay for qualified daycare costs when employers have a qualified cafeteria plan set up. [...]

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Posted June 05, 2019in Accounting

What is an LLC and how is it taxed?

LLC stands for Limited Liability Company and is a business entity form thatgenerally grants protection for the business owner personally from the business’s legal issues. Organizing as an LLC does [...]

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Posted May 01, 2019in Accounting

How do vehicle deductions work?

Businesses can deduct either mileage or actual costs of the vehicle. The 2019 federal mileage rate is 28 cents per mile. Actual costs include but are not limited to depreciation [...]

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