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

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

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

Paying Farm Kids for Farm Work, Part II

Farm children 18 years or older working in mom or dad’s farm operation provide more tax opportunities for farmers. Schedule F and corporate farmers can pay reasonable wages to their children (for farm work) and reap large family tax savings. Children can be paid cash wages income tax free, subject to FICA withholdings, if wages… Read More

Welcome Erika Mertens

Erika Mertens has recently joined the T.L. Baker Co., LLP team in January 2016. Erika brings over three years of marketing and graphic design experience to her position. She currently spends most of her time managing the company website, developing and managing various social media platforms, and other technology initiatives. Erika graduated Magna Cum Laude… Read More

5 Reasons to Evaluate your Work in Progress Schedule

Many small contractors don’t take the time to evaluate their current jobs in progress. Here are a few reasons that may lead you to do so: Profitability Evaluation: by keeping close tabs on your job’s price quote, your expenses related to the job (don’t forget about salaries, including those of management and office personnel), and… Read More