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What Happens to Clients Who “Want a Second Opinion”?

By | August 15th, 2018|Categories: Editorial Commentary|

Image courtesy of Pixabay.com Something I always wonder: when a client claims to be unhappy with how their tax return turned out, and so they go somewhere else, what ends up happening with that client? How do they react when the other preparer inevitably tells them the same thing I told them? This past [...]

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Does My LLC Need a New EIN?

By | August 8th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

Scenario: an existing LLC, taxed as a sole proprietorship or a partnership, has an employer ID number. If the LLC later decides to be taxed as a corporation, does it need a new EIN? This one is straightforward to answer. The answer is, no.

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Can an Iowan Claim a 529 Deduction for Contributions Into Another State’s 529 Plan?

By | August 1st, 2018|Categories: State Taxes|Tags: , , |

Can a taxpayer claim a deduction in Iowa for contributions made to another state's 529 plan? The short answer is no.

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Claiming Spouse as Dependent: What is Gross Income?

By | July 25th, 2018|Categories: Potpourri of Tax Topics|Tags: , |

Image courtesy of Pixabay.com A couple of weeks ago I wrote a post about whether or not a married couple can choose to file a separate return where one spouse claims the other spouse as a dependent. The answer is yes, if the spouse being claimed as a dependent: Has no gross income, and [...]

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When and How to Fill Out a Form W-9

By | July 18th, 2018|Categories: Small Businesses Taxes|Tags: , , |

Image courtesy of user "myrfa" on Pixabay.com Today I want to write about Form W-9 and when it's used. My discussion will focus on the most-common usage of Form W-9, which is to collect information from contractors so a Form 1099 can be prepared. I will not be getting into other uses of the [...]

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