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Excel Tax and Consulting Services

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Life Changes and Taxes Part II

Posted on January 27, 2016 at 1:10 PM Comments comments (27296)

Special thanks to freedigitalphotos .net and imagerymajestic for the fantastic Free Photo

Last week we looked at our young teenagers starting out with their first jobs and how using different items on their W4 forms could change their tax returns.  This week, our teenagers have gone to college!  
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Life Changes and How They Correspond With Your Taxes

Posted on January 21, 2016 at 1:35 PM Comments comments (55479)

Special Thanks to and stockimages for the wonderful free to use photos!

This week's blog starts a series of blog posts on how you progress through life and the changes it makes to your tax situations.  Each week, our goal is to show how much more complicated your tax life is as you grow ol...
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Ignored Income

Posted on January 6, 2016 at 3:15 PM Comments comments (16223)

Special thanks to and Stuart Miles for the "Cash" photo!

The IRS expects all taxpayers to report all of their income.  Most taxpayers assume this means earnings from the job, interest income, and retirement income.  For many, they are correct. There is income that should be reported o...
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The Time Has Come! Getting Organized For Your Tax Appointment

Posted on December 30, 2015 at 1:35 PM Comments comments (13478)

Special thanks for the free image by Stuart Miles &

It's that time of year again!  The holidays have come and gone and the New Year is firmly planted in our sights.  For many of us this means tax season is right aroud the corner.  Whether you are excited about tax time because you are anticipating...

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The Tax Advantages of Adoption

Posted on December 24, 2015 at 12:55 AM Comments comments (17399)

Special thanks to for the Photo.  Check out their site for additional information on the Adoption Credit!

Adopting a child has many advantages for many families.  You are adding a new family member to love and cherish, all of you...

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The Iowa Retirement Advantage

Posted on December 16, 2015 at 1:20 PM Comments comments (2036)

Retiring in Iowa gives you some great tax advantages.  First we will look at the Iowa tax law that has changed that pertains to taxable Social Security Benefits.  Iowa recently stopped taxing your Social Security payments and this makes a huge difference on the income tax return of an Iowa resident.  Social Security Benefits a...
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Iowa-Filing Status

Posted on December 10, 2015 at 12:50 AM Comments comments (1731)

When it comes to the state of Iowa, your filing status is usually the same as your Federal filing status.  Iowa allows you to use one of the following:  Single, Head of Household, Qualifying Widow/Widower, Married Filing Joint, Married Filing Separate, or Married Filing Separate On A Combined Return.  As you can see, all but o...
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Deducting Fido

Posted on December 2, 2015 at 1:50 PM Comments comments (2089)

One of the most commonly asked questions I get every year is "Can I deduct my pet?".  This question in most cases can be answered with a simple "No".  When can a dog become a deductions?  What about a cat or other animal?  Can their vet bills be written off?  Continue reading for insights as to when the use of a pet ...
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Retirement Savings Contributions Credit (Saver's Credit)

Posted on November 26, 2015 at 12:35 AM Comments comments (1661)

Low to middle income taxpayers who contribute to a retirement plan may be able to take the Retirement Savings Contributions Credit or Saver's Credit, for short.  This credit is taken on form 8880 and is worth 10%-50% of your eligible contributions to IRAs and other retirement plans up to a maximum credit of $1000 ($2000 on a Married Filin...

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Hidden Income

Posted on November 19, 2015 at 12:55 AM Comments comments (6994)

For many, the foreclosure of their home, or the repossession of an asset is one of the worst moments of their life.  For others who may be in a financial bind, having a debt cancelled can seem like a lifesaver.  What do they all have in common?  A surprise tax bill.  

When a...
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