Potpourri of Tax Topics

/Potpourri of Tax Topics

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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Proper Documentation of Charitable Contributions

By | February 15th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

Questions often arise about how to properly document charitable contributions. Here’s a brief overview.

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Are Unemployment Benefits Taxable?

By | February 3rd, 2017|Categories: Potpourri of Tax Topics|Tags: |

The short answer to this question is: yes. Unemployment benefits are reported to the recipient on a Form 1099-G, and the benefits are taxable. There was a year or two, several years ago, where the federal government allowed people to exclude a certain amount of unemployment benefits from taxation, but that provision expired. In Iowa, unemployment [...]

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