DC Updates

Can you deduct your home office?

A deductible home office is an area in the home that is both used exclusively for business and is where you do a substantial amount of work, not just where you “manage” your investment. It is often the only fixed location for your business. You look at whether or not you can claim a home office deduction every year.

Optimizing the Iowa Beginning Farmer Tax Credit

On January 8, 2015 at 1:00 PM,  we will be hosting a workshop on the Iowa Beginning Farmer Tax credit at Dickinson & Clark. This workshop is intended to help landlords and beginning farmers that are pursuing the credit consider the lease structures that effect the credit calculation. Steve Ferguson from the Iowa Finance Authority

Required Minimum Distribution Tips

My father said that he quit having birthdays a long time ago, but hopefully he didn’t stop paying attention to birthdays when he reached the mystical age of 70 ½. That is the year he needed to take his first required minimum distribution (RMD) from his IRA account(s). Birthdays do matter when making this decision, and you should consider the timing of your first RMD for the best tax results.

Are your books real-time or redundant?

Does your financial information help you make daily decisions? Does your financial information give you meaningful insights to develop a clear plan for the future? Are you digging deeper than reviewing the reconciled cash balance and examining net income for business management and financial analysis?

Tax Credit Cash in Your Old Tax Returns

Although the passage of time has brought new rules about the Small Employer Health Insurance Tax Credit under the ACA (Affordable Care Act), there are still tax returns that may need amending even if you don’t qualify for the tax credit this year. The 2010 Tax return amending period is now over, but tax returns from 2011-2013 may be hiding a pile of cash for you and your business.

What Accounting Reports Should You Be Looking At?

As a business owner, there are three statements that you should be looking at to assist you in analyzing your company (Income Statement, Balance Sheet, and Cash Flow Statement).

“The Good Life” Improves for Nebraska’s Retirees and Disabled Persons

“The Good Life” is becoming more attractive to Nebraska retirees. The Nebraska legislature has recently approved limiting Social Security and military retirement taxation for Nebraska purposes for tax years beginning January 1, 2015. Iowa has had similar tax breaks for several years, and now Nebraska is becoming more competitive.

Staying at Home with Nebraska’s Homestead Exemption

States often offer senior citizens, veterans and disabled taxpayers various tax savings opportunities. Nebraska tries to make home ownership more affordable for these taxpayers through the Homestead Exemption which reduces the real estate tax liability for qualifying taxpayers. The annual applications are accepted after February 1st and  before June 30th each year and affect the following year’s real estate tax liability. The eligibility qualifiers are

Iowa Inheritance Tax

Iowa is one of a number of states that assess a tax on the inheritance of property. The tax applies to Iowa residents and to nonresidents who own certain types of property (such as real estate) located in the state of Iowa at the time of death.

WARNING: New IRS Phone Scam

URGENT NOTICE: Taxpayer’s are receiving phone calls from various phone numbers posing as agents of the IRS.