You can deduct up to 25% of $2,000, so essentially it’s a $500 credit if you kept your receipts. So what is deductible? Here’s the complete list: The costs of the following items are eligible for the credit: Books: books and other instructional materials used in teaching subjects legally and commonly taught in Iowa’s public …
Author Archives: Green CPA, PLLC
Trump Accounts: A New Investment Opportunity for U.S. Kids
Trump Accounts are a new government-backed, tax-advantaged investment program designed to help American children build long-term wealth. The program provides federal seed funding and allows voluntary contributions from families, employers, charities, and philanthropists. Funds are typically invested in broad stock market index funds and can grow tax-deferred. Who Is Eligible for a Trump Account? Any …
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Understanding R&D Tax Credit Risks for Farmers
As a CPA serving farm clients across Iowa, I’ve seen a sharp rise in marketing from companies promising big R&D tax credits for routine farming expenses. Recently, a firm that will remain nameless contacted me on behalf of a farm client claiming that seed, chemical, and fertilizer costs qualify as research and development because the …
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One Big Beautiful Bill (HR 1) 2025 Tax Law Changes
Overview The One Big Beautiful Bill Act (HR1), signed into law on July 4, 2025, represents a comprehensive overhaul of the U.S. tax code. Below is a summary of key changes effective for tax years 2025 and beyond, with some provisions retroactive to 2024. Individual Tax Changes • Top individual tax rate of 37% is …
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IRS Audit……UGH!
In this blog we will talk about surviving an IRS Audit. I will cover what to expect and what steps will happen. I got an audit letter from the IRS – What do I do? The IRS will never call you to tell you they are auditing you, and they will never ask for money …
When is the right time to talk to your CPA about selling investment real property?
Photo by Aldric RIVAT on Unsplash The long and the short of the answer is that once you have sold investment real property and taken constructive receipt of the funds, your window to delay taxation on that income is closed. Investment property is property you have purchased with the intention of earning a return on investment from rental …
Are you a farmer??
Farmers are allowed preferential treatment through the tax law (and most states) when it comes to filing and paying their taxes. If they make one estimate of their taxes owed by January 15 of the following year, they have until April 15 to file their taxes. Most other taxpayers who are small business owners and …
Where is my State of Iowa refund?
For taxpayers getting a refund form the State of Iowa there is a website you can check on the status of your refund. You will need the primary SSN on the return, the tax year and the refund amount. The website to check is: https://www.idr.iowa.gov/wheresmyrefund/GetRefundStatus
Identity Theft and your SSA Account
With identity theft on the rise, there are several things we can do to protect ourselves. The Social Security Administration has set up an opportunity for you to monitor your account and identity thieves are hard at work trying to set up a fraudulent account to gain access to your information. You can protect your …
Track your Iowa Refund
You can track you Iowa Tax refund online. Please have your social security number and the exact amount of your refund ready when you visit the website: https://www.olt.com/main/home/iarefund.asp
