Practice Area: Tax

HOME-EQUITY DEBT LOSES SOME APPEAL

December 5, 2018

One of the many changes that went into effect with the tax overhaul earlier this year was the deductibility of interest accruing from home-equity debt. Previously, homeowners could deduct the interest from up to $100,000 of home-equity debt borrowed for any purpose. For example, if you borrowed $20,000 against your home to pay for a […]


TAX TIPS AND REMINDERS FOR YOUR 2016 RETURNS

February 2, 2017

Now that it is 2017, tax season is approaching.  Here are some of the biggest mistakes to avoid in your taxes this year, as well as some other useful tax information. When are my taxes due? Generally, the filing deadline for taxes is April 15.  However, April 15 falls on a Saturday this year, and […]


THE BASICS OF SECTION 1031 LIKE KIND EXCHANGES

Internal Revenue Code Section 1031 Like Kind Exchanges (LKE) can be incredibly beneficial upon the sale of income producing property, but are one of the most underutilized sections of the tax code. A LKE is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement […]


Oops! Tax Mistakes to Avoid

June 23, 2016

Taxes.  We all pay taxes, but sometimes we make mistakes or “embellish” our deductions.  Here are some interesting stories and facts you may enjoy. Trickster Tax Accountant – A former baseball player hired an accountant to manage his financial affairs, pay his bills, and file his tax returns.  He fired her a few years later […]


Saving for Disability Related Expenses – Iowa Able Accounts

January 29, 2016

In 2015, Iowa enacted the ABLE (Achieving a Better Life Experience) Act, which allows tax-free savings accounts for individuals with disabilities to pay for certain qualified expenses related to their disability. The ABLE accounts are expected to be available for Iowa residents beginning July 1, 2016.  ABLE accounts are modeled after 529 college tuition savings […]


IRS Scams Continue

October 14, 2015

Nationwide scams against taxpayers continue to grow and evolve.  Scammers, posing as the IRS, attempt to trick taxpayers into making false tax payments directly to them or providing them with the taxpayer’s personal information. The IRS reports that since October 2013, its Treasury Inspector General for Tax Administration (TIGTA) has received reports of roughly 600,000 […]


Tax Tips When Selling Your Home

July 8, 2015

If you are looking to sell your home, there are several tax rules that you should be aware of.  Generally, the IRS treats a gain or loss from the sale of your home differently than it treats a gain or loss from the sale of other property or assets.   Publication 523 from the IRS […]


Saving for College While Maximizing Your Tax Benefits

May 14, 2015

With the cost of education only going up, many parents start saving for their children’s education long before their children will be attending college.  Fortunately, there are tax-favored options that let you save in taxes while saving for college.  529 Accounts.  Payouts from a 529 account used for eligible postsecondary education expenses are tax free.  […]