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.
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.
Iowa allows a deduction in full for health insurance premiums paid with after-tax dollars. This deductions is available to everyone, even those who don't itemize. Here's how this deduction works for people filing as married filing separately.
A common question from business owners is, how can a small business avoid the crush of taxes and regulations while still staying within the confines of the law?