Iowa Beginning Farmer Tax Credit Update 2014

The Iowa Finance Authority has revised the Beginning Farmer Tax Credit Program summary effective October 1, 2013 (10/01/13). For 2014, a beginning farmer may be qualified if their net worth is less than $678,731 according to the Iowa Finance Authority’s notice for January 1, 2014. Currently, the program summary contains an error in stating that […]

Iowa Beginning Farmer Tax Credit Calculator

I created a couple worksheets in Google Docs to help calculate a comparison of the Iowa Beginning Farmer Tax Credit on a crop share basis and a cash rent basis. I wanted to share this worksheet to help others evaluate their options and make better decisions. The main conclusion I’m seeing is that the amount […]

Where’s my refund?

Expecting an income tax refund? You can find your IRS refund here. Have your social security number, filing status, and refund amount ready. You can find your Nebraska refund here. Have your social security number and refund amount ready. You can find your Iowa refund here. Have the tax year, social security number, and refund […]

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Council Bluffs Elementary School Supply List

I took the back to school list for Council Bluffs Elementary, and turned it into a spreadsheet that can make a shopping list for those with more than one child in school. Enter the number of children in each grade in Column A of the School List tab and get a list of items to […]

Iowa Beginning Farmer Tax Credit Calculator

I created a couple worksheets in Google Docs to help calculate a comparison of the Iowa Beginning Farmer Tax Credit on a crop share basis and a cash rent basis. I wanted to share this worksheet to help others evaluate their options and make better decisions. The main conclusion I’m seeing is that the amount […]

MACRS HY Depreciation Schedule

Just to show how big of a dork I am, I wanted to share a spreadsheet that I made in Excel originally, then realized it was simple enough to even be used as a Google Document. It’s set up to put in the asset information you have, then figure the MACRS depreciation based on the […]

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Review #5: Wave Accounting

I want my clients to keep a good set of books so that I can help them make good decisions. I also want them to have as few barriers to getting that system running as possible, including the excuse of how costly it is. This is where Wave has given me an opportunity to recommend a […]

Review #4: LessAccounting

If you have a Schedule C business (sole proprietor), LessAccounting wants to be your one stop bookkeeping shop. The key for LessAccounting is being an integrated solution rather than having to stop by one program for invoicing, another for bookkeeping, and yet another for contact management. Goal: Simplify bookkeeping for micro-businesses (less than 20 employees […]

Review #3: Freshbooks

Freshbooks was not intended to be an accounting system. Freshbooks still claims to not be an “accounting package” although it allows you to produce a profit and loss statement for your business by entering non-billable expenses as well as billable expenses into the system (in other words, you can track all your expenses, not just […]

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Local Tax News

Carbon tax going, but don’t expect big savings

The carbon tax will be repealed within days after a breakthrough in talks between the government and cross bench senators who were concerned at what they believed were draconian provisions in the repeal bill. An amended bill will be presented to the Se…

Section 482 Allocations: Judicial Decisions and IRS Practice (Portfolio 553)

Lepard of the University of Nebraska College of Law, examines judicial decisions … which covers every federal tax topic with expert, in-depth analysis, and offer commentary on a wide range of federal taxation topics, including Compensation Planning …

Reporting Farm Income (Portfolio 608)

McEowen, Esq., Associate Professor of Agricultural Law at Iowa State University, describes the tax accounting periods and methods available to farmers and ranchers in determining their federal tax liability. Farmers, like other taxpayers, can use the …

Msgr. Lafferty awards millions in tuition assistance

Tom Vilsack signed the Educational Opportunities Act. The legislation allowed private schools to establish STOs that provide huge tax advantages to donors. Iowa taxpayers with a tax liability may receive a 65 percent tax credit on their gift to an STO …

Gas Tax And Mileage Tax Proposed To Solve The Highway Trust Fund Fiscal Cliff

In general, the idea for a new gas tax is unpopular because of the looking 2014 mid-term elections. As such, Congress is also considering a six month temporary extension that would give money to the Highway Trust Fund from other sources. Iowa Gov.

Iowa wind projects get incentives, provide financial benefits

A 20-year federal tax credit was worth about $2 billion for all U.S. wind projects in 2013, according to Bloomberg BusinessWeek. The credit expired Dec. 31, but projects started by that time are eligible for up to 10 years. Iowa offers wind energy …

Mayor’s Budget Proposal For 2014-2016 Adds City Jobs

Lincoln’s property tax levy is the fourth lowest of the fifteen largest cities in Nebraska. Also, the property tax levy has declined 38.5 percent since 1993 in Lincoln and the city receives only 15.6 percent of the total property tax dollar. The Mayor …

Platte County considering lodging tax

COLUMBUS — Officials in eastern Nebraska’s Platte County are mulling a request to collect a lodging tax for a fund that would go to improve local attractions. The Platte County Board of Supervisors will hold a public hearing Tuesday at the Platte County …

Divorcing? The Right Way to Split Retirement Plans

If you specified that your IRA division is to be treated as a transfer incident to divorce in your agreement, no tax will be assessed on the separation transaction. The movement of funds may be classified as either a transfer or a rollover by the IRA …

In the Republican lion’s den, King’s words don’t catch wind

just two days before the summit, railing against the wind-energy tax credit and urging Camp to stand firm against “special interests in the wind industry.” King and the rest of the Iowa congressional delegation say renewal of the wind credit, which exp…

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