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."
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 [...]
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.
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 [...]