Potpourri of Tax Topics

/Potpourri of Tax Topics

If Newly Self-Employed, Beware of Self-Employment Tax

By | May 18th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

Self-employment tax is the bane of existence for many sole proprietors. And it’s often a surprise to people who are new to self-employment -- they file their tax return and find out that things often turn out much differently when you’re self-employed.

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Glossary: Non-Deductible IRA Contributions

By | May 16th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

A non-deductible IRA contribution refers to money put into a traditional IRA, for which the taxpayer does NOT get a tax deduction.

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Basics of the Iowa Pension Exclusion, Part 2

By | May 10th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

When married taxpayers file separate tax returns, the $12,000 pension exclusion might need to be allocated.

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Is Tuition for Christian Schools Deductible in Iowa?

By | May 2nd, 2017|Categories: Potpourri of Tax Topics|Tags: , |

Short answer: the tuition is not "deductible," but some of the tuition might qualify for the Iowa "Tuition and Textbook Credit."

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Do I Need a Receipt for Charitable Contribution Less than $250?

By | April 20th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

Question from a client: One of the charities I donate to told me that I don't need a receipt unless I donate $250 in one year...is this true...even if I get audited? Answer: Yes.

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