Health Savings Account Limits Increase for 2018

For 2018, the annual limit on deductible contributions is $3,450 for self-only coverage (up from $3,400 in 2017) and $6,900 for family coverage (up from $6,750 in 2017). There is an additional HSA catch-up contribution if age 55 or older of $1,000. The minimum annual deductible for self-only coverage is $1,350 (up from $1,300 in… Read More

College in Fall of 2017?

Do you have a child going off to college in the fall of 2017? Be aware they are making the application for FAFSA available to you October 1st and you will be using your 2015 tax information for students applying for the 2017-18 school year. These changes should help prevent the scramble in the spring… Read More

Back To School Tax Savings

It’s back to school time! This week has been full of first day pictures, nervousness for both parents and kids, and the first of the last for those seniors! We wanted to make sure you remember some tax advantages for parents with kids in grades K-12 in Iowa. Yep, there’s a tax credit for that!… Read More

Beginning Farmer Tax Credit

Have you ever heard of the Beginning Farmer Tax Credit? Maybe you didn’t think you qualified or you thought it looked like too much work. The Beginning Farmer Tax Credit is designed to secure leased land and to help young farmers get lower rent rates and in return the landowner gets a tax benefit on… Read More

Denver to the Smoky Mountains

Every year we try to make it to at least one national conference focusing on the new tax laws & regulations and updates in the agricultural world. This year we were fortunate enough to attend two conferences. Back in May, Tim and Lisa attended the Agriculture Conference that was hosted by the AICPA (American Institute… Read More

QuickBooks Memorized Transactions

Do you ever get tired of entering the same transactions Month after Month? Ever scared you may forget an important payment? Let QuickBooks do the remembering for you with memorized transactions. Memorized transactions are just that; QuickBooks remembers how to enter the transaction for you, so there are no clerical errors month after month. You… Read More

MILEIQ App Review

MILEIQ App – Are you familiar with it? It’s the easiest and most user-friendly app to track an individual’s mileage. Let’s take a look at why this app has remained at the top of the App Store sales charts and why over 15,900 users have rated it 4.3 stars on Google Play. Automatic Detection MILEIQ… Read More

Paying Farm Kids for Farm Work, Part III

Farm children of any age working in mom or dad’s farm operation provide more tax opportunities for farmers. Farmers can pay reasonable wages in the form of commodities to their children (for farm work) and reap family tax savings. Children can be paid wages in the form of commodities (and NOT cash) and not have… Read More