Accounting and Tax Services for Small Businesses and Individuals in the Des Moines, Iowa Area and Beyond
The IRS released a revenue procedure today (Friday) that clarifies the treatment of rental properties and the “qualified business income” deduction. The revenue procedure provides a safe harbor where rental activity can be presumed to be a “trade or business” for QBI purposes. This ties back into the 6-part series I posted a month ago about whether or not rental [...]
The Dinesen Tax Times
If a not-for-profit loses its corporate status at the state level, does this affect its tax-exempt status with the IRS?
Image courtesy of Pixabay.com Iowa allows a tax credit of up to $250 for K-12 school-related expenses such as tuition, textbook purchases, and other [...]