Potpourri of Tax Topics

/Potpourri of Tax Topics

Allocating Estimated Payments for Taxable Refund Calculations

By | March 21st, 2017|Categories: Potpourri of Tax Topics|Tags: , |

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year ... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

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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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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Getting Your Business Off to a Good Start, Part 9: Wrapup Post

By | March 1st, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

For nearly 4 months I've been posting excerpts from a presentation I give to entrepreneurs trying to get businesses off the ground. Because the posts are scattered across many weeks, this post serves as a reference point to pull them all together. Part 1: Proper Recordkeeping Part 2: Scanned Copies of Receipts Part 3: Bookkeeping Systems [...]

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Does Coast Guard Retirement Pay Count Toward the Iowa Military Pension Exclusion?

By | February 23rd, 2017|Categories: Potpourri of Tax Topics|

Iowans who receive pension income from the military can exclude that income from taxation on their Iowa tax return. Does Coast Guard pay count toward this? Yes.

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