Deductions

Tax Bill Allows for Deduction equal to 20% of Qualified Business Income

By |2018-11-16T15:42:30+00:00November 16th, 2018|Agriculture, Change, Compliance, Deductions, IRS, TAX, Tax Reform|

   In continuation of our last article by Susan K. Voss, CPA, of our Agriculture Team, let’s review another new IRC code section 199A, created in the Tax Cuts and Jobs Act that will impact both the agricultural and commercial industries beginning January 1, 2018 and ending January 1, 2026. The following is [...]

4 Items to Consider Before the End of The Year

By |2018-11-16T15:18:26+00:00November 9th, 2018|Advisory, Compliance, Deductions, IRS, Preparation, Tax Planning, Tax Reform, Vehicle|

It’s the time of year when we like to sit down with clients to project current year results and see how we can help them manage their tax liabilities and avoid surprises.  Planning is more important than ever with the changes brought about by the Tax Cuts and Jobs Act. It’s not as simple as [...]

5 Reasons to Utilize a Trust in Your Estate

By |2018-12-14T14:24:43+00:00November 2nd, 2018|Change, Deductions, Estate Planning, Long-Term Care, Preparation, Trust|

Estate Planning can be a tough discussion, but having a trust and will in place when the time comes can help answer the important questions for your loved ones. Your estate plan will outline your wishes for the transfer of your assets when you die.  The written legal document detailing your wishes is usually a [...]

Do You Need to Adjust Your Withholding?

By |2018-08-28T16:57:05+00:00August 28th, 2018|Accounting, Change, Deductions, IRS, Preparation, TAX, Tax Planning|

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should [...]

Business Deductions for Meal, Vehicle, and Travel Expenses

By |2018-08-24T13:56:03+00:00August 24th, 2018|Accounting, Deductions, IRS, Saving, Tax Reform, Tips|

A Critical Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or reimburse employees for them. Deductibility depends on a variety of factors, but generally the expenses must be “ordinary and necessary” and directly related to the business. Proper [...]

Close-Up on the New QBI Deduction’s Wage Limit

By |2018-08-24T13:53:05+00:00August 24th, 2018|Change, Deductions, Home, Tax Reform|

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of [...]

Iowa 179 Problems Grow Larger with No Like-Kind Exchange for Equipment and Livestock

By |2018-07-12T09:08:38+00:00July 3rd, 2018|Agriculture, Change, Deductions, IRS, TAX, Tax Reform|

Susan K. Voss, CPA, has over 30 years of public accounting experience, and she specializes in farm operations, agri-business, and individuals and their closely-held businesses. In continuation of Susan's last article, let’s review another key IRC Section 179 issue impacting Iowa’s agricultural community. Thank you Kristine A. Tidgren from the Center for Agricultural Law and Taxation [...]

Is it Time to Make a Change? C Corp vs. S Corp

By |2018-07-12T09:09:23+00:00May 22nd, 2018|Change, Deductions, IRS, Saving, TAX, Tax Planning, Tax Reform|

Monica Sullivan, CPA and Partner at TDT, provides an overview between S and C Corporations and their associated tax reforms. Monica brings more than 23 years in diverse tax, financial, and business consulting experience to the firm.  Monica specializes in serving privately held companies and their owners through comprehensive tax planning including significant experience in individual, [...]

Deductibility of Alimony Going Away

By |2018-08-07T14:26:43+00:00May 1st, 2018|Advisory, Business Valuation, Change, Deductions, Litigation Support, Tax Planning|

Jeremy Green, MBA, CPA, ABV, CFE, CFCI, and Senior Forensic & Valuation Associate at TDT, discusses the recent federal tax law changes of alimony payments and how that impacts involved parties. Jeremy specializes in business valuations, forensic accounting and litigation support engagements, succession planning, and management consultation services. Due to recent changes in federal tax law [...]

Iowa Has a Section 179 Problem

By |2018-05-31T07:29:56+00:00April 8th, 2018|Accounting, Agriculture, Deductions, IRS, PATH, TAX, Tax Reform|

The tax filing season is well underway with deadlines coming and going and increased timing pressures. With the season comes look-backs and look-forwards. One of the biggest tax items affecting nearly every farm operation in 2018 and beyond is the IRC Section 179 Expense. The federal government has been generous with this deduction; however, Iowa [...]