Tax Tips
Year-End Tax Saving Ideas for Individuals
Official Dollar Limitations
Frequently Asked Questions
Taxpayer Rights
Year-End Tax Saving Ideas for Individuals
Here a few items you may want to consider to minimize your tax burden, please contact your accountant if you have any questions:
- Deferring Income
- Accelerating Deductions
- Residential Energy Tax Credits
- Investment Gains and Losses
- Making Charitable Contributions
- Year-end Gifting
- College Savings Iowa funding
Official Dollar Limitations for 2012 and 2011 as they apply to various benefit plans.
The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. Some limitations will remain the same, however many of the pension plan limitations will change for 2012. Click here to view a document that shows the official dollar limitations for 2012 and 2011 as they apply to various benefit plans.
FAQs
Can I receive a tax refund if I am currently in a payment plan for prior year's federal taxes?
- Any refund due to you in a future year will be applied against the amount you owe.
- Continue to make your installments, a refund is not considered a substitute for your regular payments.
- Future refunds may also be applied to past-due amounts, such as federal tax, state tax, a student loan, or child support.
Can I claim the Head of Household filing status on my tax return?
If you claim the Head of Household filing status, you will benefit from a higher standard deduction and lower tax rates compared to the single filing status. You may be able to claim the Head of Household filing status on your tax return if you meet these criteria:
- Considered Unmarried
- Have cared for a “qualifying person” for over half the year
- Paid more than half the cost of maintaining a home.
These criteria are very specific; so, if you are questioning whether or not you qualify please contact your accountant. You can also find a much more detailed description of the criteria at the IRS Website.
Taxpayer Rights
Whether you file a Form 1040EZ or a complicated corporate return, you will benefit from knowing your rights as a taxpayer and being familiar with the IRS' obligations to protect them. View the IRS Taxpayer Rights Fact Sheet for some basic information.
You can also visit the Taxpayer Rights section of the IRS website for more information.
Please free feel to contact our office at (319)-364-2945 for assistance.