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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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Iowa Taxes and Married Filing Separately, Issue 6: Health Insurance Deduction

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

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.

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Three Ways A Small Business Can (Legitimately) Avoid Regulations

By | April 18th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

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?

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