Signed into law on May 4th, 2023, with bipartisan support, Iowa House File 718 introduces significant changes to the property tax landscape, specifically the Homestead Tax Credit, for Iowa residents. This reform primarily benefits seniors and veterans by reducing their property taxes. Simultaneously, it imposes a cap on cities regarding the amount they can levy for property taxes based on revenue. Iowa Republicans project that these changes will yield $100 million in property tax relief statewide. This blog post explains who stands to gain from these changes and how to apply for property tax relief.
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No one enjoys the thought of being audited by the Internal Revenue Service (IRS). While not common, it is important to remember that audits are a routine part of the tax process. According to the IRS, for all returns filed for tax years 2012-2020, 0.49% percent of returns were audited. At Boelman Shaw Tax & Financial Planning in Des Moines, Iowa, we understand that facing a tax audit can be stressful. That's why we've created this helpful guide to surviving a tax audit, which will outline the steps you should take to navigate the process with confidence and ease.
Ideally, we would all file our tax returns on time and pay every penny that we owe to the IRS by April 15. At times, however, we all have trouble living up to ideals. If you missed this year’s filing deadline, you obviously can’t go back in time and undo that, but there are steps you can take to limit the damage to your finances.
Tax scams are a constant this time of year. According to the IRS, $5.7 billion in tax fraud was flagged in just 2022. Tax scams can be done via email, offering fake services, and over the phone leading to fraud and possible identity theft.
If you still have not filed your taxes for 2022, don’t panic. The IRS estimates that 1/3 of Americans wait until the last minute to complete their tax preparation. It is not the ideal way to handle your tax return, but it’s not too late to get all of your documentation in order and file an accurate return that includes all of the tax credits and tax deductions you are entitled to claim. The important thing is to get started now and commit to filing what you need by the April 18th deadline.
As a small business owner, one of the most important aspects of running a successful company is managing your finances. While keeping track of your expenses and revenue is important, it's equally important to make sure you're paying the correct amount of taxes each year. This is where tax services can be invaluable to your small business. In this article, we'll explore how tax services can help your small business increase profits and stay compliant with tax laws.
Filing your taxes can be a daunting task, especially if you're not familiar with the process. It can be time-consuming, confusing, and even stressful. Legislation like the Affordable Health Care Act, and the Tax Cuts and Jobs Act make even simple returns more difficult. However, it's a necessary task that needs to be done to avoid penalties and fines from the IRS. That's why it's essential to consider expert tax preparation services to help you get your taxes done right. In this article, we'll discuss the benefits of hiring a professional and how they can help you save time and money.
You’ve probably heard the term “death tax,” but what does it mean? Dead men tell no tales—nor do they pay taxes. When you pass away, who has to pay tax on what you leave behind? That depends on several factors, including how much you leave, the people and/or organizations you leave it to, and how you go about transferring it. To get a basic understanding of how this all works, we’ll look at three kinds of taxes: estate tax, gift tax, and inheritance tax.
Do you get that sinking feeling in the pit of your stomach when a letter arrives from the IRS? If so, you’re far from alone. The good news, however, is that the letter is probably nothing to worry about.
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.