Investment Taxes Explained

The federal government taxes investable income such as dividends, interest, and rent on real estate, just to name a few. Tax on Dividends If you have money invested in a security (e.g. stocks, bonds, real estate) then there’s a good chance that you are receiving a dividend on each mutual fund or bond fund that [...]

By |2018-08-06T20:06:57+00:00August 22nd, 2017|Governments, Taxes|0 Comments

Roth IRA vs. Traditional IRA: Taxes

You’ve probably heard of these different account types, but perhaps you never nailed down the key differences. So first, let’s touch on the basics of these two IRA’s (Individual Retirement Accounts) and then we’ll get into the finer details and tax incentives.   Income Limits If you are under 70½ years of age, you can [...]

By |2017-07-14T16:32:16+00:00July 12th, 2017|Financial, Taxes|0 Comments

Top 15 Small Business Tax Advantages

In the winter of 2016, the Internal Revenue Service released data on Schedule C filers. This information showed us the most popular and common tax deductions of that year. It is important to note that although other business entities (C corporations, S corporations, Limited Liability Companies, and partnerships) can deduct these as well, there may [...]

By |2017-06-22T16:46:18+00:00June 22nd, 2017|Taxes|0 Comments

IRS Debunks Myths Surrounding Tax Refunds

As millions of people begin filing their tax returns, the Internal Revenue Service reminds taxpayers about some basic tips to keep in mind about refunds. During the early parts of the tax season, taxpayers are anxious to get details about their refunds. In some social media, this can lead to misunderstandings and speculation about refunds. [...]

By |2018-08-07T14:31:10+00:00March 21st, 2017|Governments, Taxes|0 Comments

Tax Benefits for Higher Education

Tax Benefits for Higher Education   Higher education costs paid in 2016 can mean tax savings when taxpayers file their tax returns. If taxpayers, their spouses or their dependents took post-high school coursework last year, they may be eligible for a tax credit or deduction. Here are some facts from the IRS about tax benefits for [...]

By |2018-08-07T14:37:17+00:00March 15th, 2017|Taxes|0 Comments

2017 Dirty Dozen Tax Scams

Each year, the Internal Revenue Service issues a list of the top 12 tax-related scams it sees throughout the year. The IRS “Dirty Dozen” highlights various schemes that taxpayers may encounter anytime, many of which peak during tax-filing season. Taxpayers need to guard themselves against these ploys. JM Short CPA is a local accounting [...]

By |2018-08-07T16:50:41+00:00February 12th, 2017|Governments, Taxes|0 Comments

Before You Hire a Company To Do Your Taxes

There are a variety of choices available for help with tax preparation and tax filing in Adel, Iowa and surrounding areas.  Certified Public Accountants (CPAs), such as JM Short CPA, and tax preparation chains such as H&R Block and Jackson Hewitt, are both readily available in these areas. It is important to know the difference between [...]

By |2018-08-07T16:52:24+00:00February 2nd, 2017|Financial, Taxes|0 Comments