Itemized Deductions

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From the Archives: Filing Separately on Your Iowa Return? Don’t Forget to Allocate Deductions

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

In Iowa, if you file as married filing separately, you must allocate itemized deductions based on income ratios.

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Deducting Business Charitable Contributions

By | October 18th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

Let's look at how to account for charitable contributions made through your business.

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Iowa Deduction for Charitable Mileage

By | June 5th, 2017|Categories: State Taxes|Tags: , , , |

Image courtesy of user Maialisa on Pixabay.com Iowa allows taxpayers to take an extra itemized deduction for charitable mileage. Here’s how it works. Background On federal tax returns, taxpayers who itemize deductions can take a deduction for mileage driven for charitable purposes. The deduction is equal to 14 cents per mile. (Note: this amount [...]

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Glossary: Itemized Deductions

By | April 12th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , , |

Itemized deductions are an optional deduction taxpayers can take on tax returns for things such as medical expenses, property taxes, mortgage interest, and charitable contributions.

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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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