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Saver’s Credit Makes Saving Easier for Lower Earners

Mar 20, 2014 1:51:05 PM / by Dave Boelman posted in Tax Services

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Tax Tip: If you are struggling to put away money for retirement, the Saver’s Credit can help.

If you are a low- to moderate-income earner, the Saver’s Credit provides a wonderful opportunity to reap additional benefits from putting money into a retirement plan.

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Saving for College with an Iowa 529 Plan

Mar 18, 2014 1:49:40 PM / by Dave Boelman posted in Financial Planning, Tax Services, Iowa 529

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If you are wondering how to save for your child’s college education, looking into a 529 plan is a good place to start.  529 plans are among the most popular tax-advantaged college savings plans available.  The flexibility and tax advantages of the 529 make it well-suited to a wide range of investors.

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4 Questions to Help You Find the Right Tax Preparer

Mar 4, 2014 12:43:19 PM / by Dave Boelman posted in Tax Services

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When you begin searching for a tax preparer, you encounter a wide range of choices.  There is no one right choice for everyone; the right choice for you will depend a great deal upon your individual preferences and tax needs.  The only way to find the best fit is to ask questions.  The following questions can help you learn more about the tax preparers you are considering and decide which is the best fit for you.

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Tax Tips: What You Need to Know About Form 1099

Feb 20, 2014 12:40:29 PM / by Dave Boelman posted in Tax Services

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Do I have to report all of my 1099 income?

Yes! In fact, if you are due to receive one or more 1099 forms this tax season, you bear a more burdensome recordkeeping duty than employees whose income is reported only on W-2s.  Particularly if you are an independent contractor, you may receive a large number of 1099s.  Some who have hired you may neglect to send the form to you.  Regardless of the number of forms you receive or fail to receive, you are responsible for reporting to the IRS all income that should have been reported on this form.  The IRS receives a copy of each Form 1099.  Failure to report one or more of these amounts will certainly trigger questions from the IRS, if not a full audit.

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What Should I Do If I Can't Pay My Taxes?

Feb 18, 2014 12:38:48 PM / by Dave Boelman posted in Tax Services

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Many taxpayers find themselves in this situation at one time or another in their lives.  Maybe your financial picture has shifted significantly in the past year, and you did not foresee the consequences the changes would have on your tax bill.  Maybe you were diligent about planning, but a hardship such as job loss, illness, or divorce has made it impossible to set aside the funds necessary to pay.  Whatever the reason, you find yourself looking at a tax bill that you cannot afford to pay on time.  No one wants to be in this situation, but ignoring the problem is the worst thing you can do.  The IRS has the power to garnish wages, seize bank accounts, and put liens on your property.  If you owe more than you can pay, consider these tips to avoid such drastic and undesirable collection activities.

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Preparing for Your Tax Appointment

Feb 6, 2014 12:37:08 PM / by Dave Boelman posted in Tax Services

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Arrive prepared for your tax appointment.  Having everything ready well ahead of time will streamline the tax preparation process, get your filing completed earlier, and ensure that you have the opportunity to claim all the tax benefits to which you are entitled.

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Tax Planning for the Sale of Your Home

Jan 15, 2014 12:24:23 PM / by Dave Boelman posted in Tax Services

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If you are planning on selling your home, it is important to plan for any resulting tax consequences.  Those consequences will depend upon a number of factors.

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Des Moines Tax Advice: Common Tax Mistakes to Avoid

Nov 21, 2013 11:55:11 AM / by Dave Boelman posted in Tax Services

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Boelman Shaw Tax & Financial Planning in Des Moines wants to help you avoid unnecessary tax issues this year.  Steer clear of these common tax mistakes when preparing your return.

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Should I Use Professional Tax Services or Prepare My Own Return?

Nov 19, 2013 11:21:57 AM / by Dave Boelman posted in Tax Services

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Whether you should enlist professional tax services for the preparation of your tax return or prepare the forms yourself depends largely upon the complexity of your return and the amount of time you are willing to dedicate to completing the task yourself.  Consider the factors below when deciding whether hiring a professional is the best choice for you.  If you decide to go with a professional in Des Moines, consider Boelman Shaw Tax & Financial Planning.  Dave Boelman and Jason Shaw are CPAs with over 20 years of experience.  We provide professional tax planning, preparation, and IRS representation.

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Tax Tips for Newlyweds in Des Moines

Oct 1, 2013 4:53:07 PM / by Dave Boelman posted in Tax Services

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A new marriage brings a great deal of change into your life. One thing that may change significantly is your tax return. The financial planning professionals at Boelman Shaw Tax & Financial Planning in Des Moines can answer your tax questions and help you file wisely. Below are some key considerations for your new tax situation:

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