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Addition By Subtraction: Reducing Your Business’s Service Area

By | March 15th, 2017|Categories: Small Business Tax and Accounting|Tags: , |

A few years ago, towards the end of the year, I got a voicemail from a frustrated business client. The profanity laced message went something like this: “I’m sick of this $hit and want to sell this f___ing business. I can’t take it any more. I want to get together to talk about closing or just [...]

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Glossary: Audit Technique Guides

By | March 13th, 2017|Categories: Potpourri of Tax Topics|Tags: |

Audit Technique Guides are IRS guidebooks that give detailed insight into various industries IRS auditors may encounter.

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Can a Non-Resident of Iowa Take the Deduction for Health Insurance Premiums?

By | March 9th, 2017|Categories: State Taxes|Tags: , , |

Can a non-resident take the deduction for health insurance premiums on their non-resident Iowa tax return? Yes.

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Reminder: There’s No Such Thing as a $500 Non-Cash Charitable Contribution “Standard Deduction”

By | March 7th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

This comes up every tax season and seems to be something people don't understand. On Schedule A, for itemized deductions, there's no such thing as a "$500 standard deduction for non-cash charitable contributions."

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Glossary: Form W-2

By | March 3rd, 2017|Categories: Glossary|Tags: , |

Form W-2 is a reporting for issued by employers to employees. The W-2 shows the amount of wages paid to the employee during the year, as well as the amount of taxes withheld.

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