Question from a web visitor: do I prorate income from a fiscal year K-1? Short answer: NO.
Iowa offers a tax credit called the "tuition and textbook credit" for expenses relating to dependents who are in grades K-12. What about if you send your kids to a private school that teaches religious doctrines?
Many of the business clients I work with are either side businesses, or side businesses that are turning into "real" businesses. I've written before about the struggle of taking a side business and turning it into something more. Today, I'm going to write about the choices a business owner has with their side business when they [...]
When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year ... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.