Beginning July 2026, parents can set up Trump Accounts for their children under 18 by filing Form 4547. Children born between 2025-2028 will receive a $1,000 tax-free contribution if parents elect to participate. The Dell Foundation will fund eligible accounts, with investment in low-cost index funds. Withdrawals start at age 18.
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2026 W-4 Revisions
IRS Form W-4 is used by employees to provide information to their employer to determine the amount of federal income tax withheld from each paycheck. Employers are…… Read more “2026 W-4 Revisions”
Educator Expense Deduction
Unreimbursed expenses paid by qualified educators can be deductible. Iowa’s teacher deduction limit is higher than the federal limit.
Non-Iowa beneficiaries, partners & owners
Composite returns and agreements are not required if the entity is a qualifying S-Corporation or partnership and elects to pay the Pass-Though Entity Tax (PTET). Trusts and…… Read more “Non-Iowa beneficiaries, partners & owners”
Revised due dates
Due to Coronavirus, the deadlines for filing many income tax returns has been postponed. This chart lists the new due dates for filing and paying taxes that…… Read more “Revised due dates”
New withholding forms in 2020
IRS has released a draft version of the W-4 form employees give to their employers to determine their federal income tax withholding. The new version will be…… Read more “New withholding forms in 2020”
IRS Extends Farmer Deadline
Farmers have been particularly affected by complexities in the new tax law. Due to this, the IRS announced today, February 28, qualifying farmers may file their returns…… Read more “IRS Extends Farmer Deadline”
Should I sell grain only to co-ops?
There’s been a suggestion that the 2018 tax bill gives a great advantage to farmers selling grain to cooperatives. This relates to the new Sec. 199A deduction,…… Read more “Should I sell grain only to co-ops?”
The wonderful world of taxation
Do you have a question about taxes you’ve always wanted answered, but were too afraid to ask? This is your opportunity to ask a question, share an…… Read more “The wonderful world of taxation”
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