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Can I Deduct Cash Put Into the Collection Plate at Church?

By | May 22nd, 2018|Categories: Potpourri of Tax Topics|Tags: |

At first blush, the answer to the question posed in the title of this post would seem to be yes. Unfortunately, the answer is actually “no.”

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Iowa Taxes and Married Filing Separately, Issue 8, 9 & 10: Moving Expenses, Student Loan Interest, Deductions Relating to a Dependent

By | May 16th, 2018|Categories: State Taxes|Tags: , , , |

Iowa’s taxation of married couples has quirks that can throw a taxpayer or tax preparer for a loop. This post will look at allocating moving expenses, student loan interest, and deductions relating to a dependent.

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Turning a Profit is Not a Bad Thing

By | May 10th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

I always get sideways looks from people when I say this: turning a profit is not a bad thing. Yes, you’ll have to pay tax on that profit, and that stinks. And yes, of course you should deduct everything you possibly can. But when you show losses in a business venture, that means you spent more money than you brought in.

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Iowa Taxes and Married Filing Separately, Issue 7: Pension Exclusion

By | May 8th, 2018|Categories: Potpourri of Tax Topics|Tags: , , |

Iowa allows an exclusion of up to $12,000 of pension/retirement account income for taxpayers age 55 and older. When taxpayers file separate tax returns, the $12,000 exclusion might need to be allocated.

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2018 Tax Season Recap: Not Too Bad

By | May 2nd, 2018|Categories: Editorial Commentary|Tags: , |

It's time for my annual look back on how the tax season went. Unlike the last 3 seasons, I don't have a lot to complain about.

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