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Tax Roundup, 4/3/15: The no appraisal, no deduction rule for big donations....
Who is going to appraise those bags of clothes? If you’ve prepared tax returns for a long time, you have probably seen something like this in client tax information: Donation, used clothes, Goodwill:...
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Sunday Filing Season Tip: A Roth IRA for your student.
So your high-schooler or college student is waiting tables, serving lattes, cutting grass, working hard to help out. What can you do to show you appreciate the effort? Consider gift of tax shelter. You...
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Tax Roundup, 4/6/15: I don’t have my K-1 yet. Is that illegal? Or, why K-1s...
I have my W-2. Why don’t I have my K-1? Tax practitioners hear some version of this every year. The short answer is that employers are required to provide W-2s by the end of January, but most K-1...
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Tax Roundup, 4/7/15: Dealing with that long-awaited K-1. And: IRS, beacon for...
My K-1 finally showed up. Now what? Many Tax Update visitors arrive here when they ask their search engines something like “understanding K-1s” or “deducting K-1 losses on 1040.” As more business...
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Tax Roundup, 4/8/15: It’s all due a week from today. The case for extensions.
The tax deadline is a week from today. An extension might be a great idea. It’s all real at your local tax pro’s office. Late nights, new information, complex returns, tight deadlines — all...
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Tax Roundup, 4/10/15: The Iowa tax credit that breaks hearts. And: IRS budget...
Flickr image courtesy Alexander Marie Guillemin under Creative Commons license Stimulate them young. By my count, Iowa’s tax law has at least 31 tax credits designed to stimulate economic activity in...
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Last Saturday tip: Maybe a SEP.
If you have self-employment income, or you run your business through a corporation where you are the only employee, a “Simplified Employee Pension” might be just the trick to reduce your 2014 tax bill....
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Sunday reading tax tip: read that return!
Today’s filing season tip is based on one that ran in 2008, but it works just as well in 2015. This might seem like a self-serving thing for a tax preparer to say, but it’s true: no matter how much you...
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Tax Roundup, 4/13/15: Tips for those caught cash-short for April 15. And: bad...
I owe how much? As April 15 approaches, more taxpayers than usual are finding that not only is no refund on its way, but they are supposed to send the IRS more money. For many, it’s because they are...
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Tax Roundup, 4/15/15: So here we are. Your last-minute tax list!
It’s April 15. That means your taxes should be done, or extended, or ready to be filed today or extended. If they aren’t done, do yourself a favor and extend. I will! – E-filing is the way to go....
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