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What Tax Benefits Can I Claim When Adopting a Child?

Mar 10, 2016 2:00:03 PM / by Dave Boelman posted in Tax Services

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If you recently adopted a child or are currently in the process, you may be able to claim tax benefits for the costs associated with your adoption efforts. Here are the basics on how to qualify and what costs you may be able to claim.

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Divorce Raises Questions About Your Tax Return

Feb 26, 2016 12:10:32 PM / by Dave Boelman posted in Tax Services

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If you are in the midst of a divorce, or if your divorce was finalized this year, your tax return will require extra attention this year. It’s important to consult with a qualified tax professional to ensure that your return is completed properly and accurately and that you claim all of the tax benefits to which you are entitled.

Below are just a few of the questions that your recent or pending divorce may raise about your return.

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Filing Taxes for the First Time? Here’s What You Need to Do.

Jan 15, 2016 12:25:36 PM / by Dave Boelman posted in Tax Services

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Filing taxes for the first time doesn’t have to be intimidating. Doing it right does require a certain amount of focus and organization, however. Taking these steps will help you to ensure that your first tax return is accurate and complete.

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Using the Simplified Method of Calculating the Home Office Deduction

Dec 9, 2015 1:54:26 PM / by Dave Boelman posted in Tax Services

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Prior to 2014, taxpayers who wished to claim the home office deduction had to fill out a lengthy form (Form 8829) and often make complex calculations in order to do so. In an effort to lighten the burden on small, home-based businesses, however, the IRS introduced a simplified method for taking the home office deduction, which became available for the first time for the tax year 2013. This new, simplified method makes it easy to claim the home office deduction to which you’re entitled.

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What Is the Gift Tax, and When Does It Apply?

Nov 25, 2015 1:56:52 PM / by Dave Boelman posted in Tax Services, Estate Planning, Tax Planning

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The gift tax is a tax levied on the transfer of property from one person to another in exchange for nothing or for less than the property’s full value. While this seems to cover many transactions that most of us make many times throughout the year, the exceptions to the gift tax actually make taxable gifts fairly rare.

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Tax Tips For Starting a Business

Sep 24, 2015 4:51:41 PM / by Dave Boelman posted in Tax Services

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Starting your own business can be exciting and rewarding.  It is critically important, however, to understand all of your tax and recordkeeping obligations. Use this guide to help you make sure you are ready for tax season.

One of the first things you will need to do is decide what type of business you will establish.  Each carries its own legal and tax requirements.  For detailed information on the types of business taxes to which you may be subject, see http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Business-Taxes.

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Roll Over Your After-Tax 401(k) Contributions to a Roth IRA

Nov 14, 2014 1:36:35 PM / by Dave Boelman posted in Tax Services, Retirement

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If you have access to a 401(k) plan, contributing at least the amount for which your employer will provide matching funds is one of the best ways to save for retirement.  That has been true for some time.  However, the IRS has just given you more incentive to pack money into your 401(k).

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Comprehensive Financial Planning for Your Family

Oct 23, 2014 12:51:35 PM / by Jason Shaw posted in Financial Planning, Tax Services, Retirement

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Boelman Shaw Tax & Financial Planning offers a specialized blend of expertise in multiple aspects of financial planning.  We provide our Des Moines area clients with well-rounded advice to create an optimized financial plan that provides for the needs of individuals and their families. We advise families just starting their financial journey with their first steps toward securing their child’s college tuition and individuals nearing retirement who worry that they have not saved enough.  Wherever you are on your financial path, we can help.

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The Advantages of Combining Tax and Financial Planning

Apr 15, 2014 2:05:36 PM / by Jason Shaw posted in Financial Planning, Tax Services

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Financial planning involves more than simply understanding how to invest your money to balance risk and return.  To be truly effective, it must include a tax strategy as well.  Virtually every financial move you make has tax implications, which affect your return on investment.  For that reason, it pays to work with financial professionals who specialize in both tax and financial planning.

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What Your Teenager Should Know About Income Tax

Apr 1, 2014 1:55:42 PM / by Dave Boelman posted in Tax Services

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A first job can be an empowering and educational experience for teenagers.  It provides them with their own money, which they must learn to manage.  It gives them a sense of what things cost and what it takes to earn them.  It teaches them to prioritize wants and needs and can form the basis for good lifelong financial management practices.  It is also an opportunity for them to begin learning about income taxes.  Most teens do not earn enough to have to file a tax return, but in some situations, minors are required to file, and some who are not required will benefit from filing anyway.  When teenagers begin their first jobs, understanding a few basic tax principles will help them to understand their tax obligations and how they might limit the income tax they will owe.  Parents will also benefit from understanding how their children’s jobs may affect their own tax returns.

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