De Minimis Safe Harbor Expense Threshold

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On November 25, 2015, the IRS issued a Notice increasing the De Minimis Safe Harbor Threshold for deducting certain capital expenses from $500.00 to $2,500.00.  The new limit goes in effect on January 1, 2016.  The De Minimis Safe Harbor Expense Threshold is applicable to any type of business entity: a C Corporation, an S Corporation, an LLC, or any type of partnership, and Schedule C (Profit or Loss from Sole Proprietorship), Schedule E (Supplemental Income and Loss from Rental Real Estate), Schedule F (Profit or Loss from Farming) and Schedule 4835 (Farm Rental Income and Expenses).   We are recommending

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How Long Should You Keep Records?

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Our clients frequently ask us for advice on how long they need to attain their various records. Often times, the requirements for records retention varies based on the circumstances. For the benefit of our clients as well as you, our readers, the table set forth below will give some general guidelines for record-keeping and documentation. If you have additional questions pertaining to the documentation of legal records or have questions concerning another legal matter, please don’t hesitate to call us – 515-225-1100. By James D. Beatty.

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Planting a Tree – Iowa Tax Strategies

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The question was asked of a forester, “what is the best time to plant a tree?” The answer was 40 years ago. The second best time to plant a tree is today. So what is my point? Now that Iowa tax season is behind us, it is appropriate to take time and reflect on how we could have made the process of gathering income tax information less stressful. Gathering information on the income-side is relatively easy. That information is sent to you by a payer of interest or dividends, a K-1 from a partnership or Sub-S Corporation or some other

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Decision-Making Process – A Guide for Tax Season

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Decision making – everyday has within it many decision-making challenges. Many of those challenges have a crucial moment where action needs to be taken. How do you process the moment? How will you process these moments for the upcoming tax season? At Beatty and Miller, P.C., we help our clients through many challenges and decision-making steps needed during tax time. The process we take, while general in its application, can help tremendously in making tax-based decisions or any important decision-making moment you may face. The three stages of the decision-making process are as follows: Awareness that a decision needs to

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‘Tis The Season – (TAX Season, that is)

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“Tis the Season!” We wish you a Happy Holiday Season wherever you reside, whether it be in Adel, Altoona, Ankeny, Bondurant, Carlisle, Clive, Colfax, Dallas Center, Des Moines, Earlham, Granger, Grimes, Indianola, Johnston, Mitchelville, Norwalk, Polk City, Prairie City, Runnells, Van Meter, Waukee or West Des Moines, we hope you have a joyous time with friends, family and associates. Of course, though, following the Holiday Season there is a another, more ominous season. That season is “The Tax Season”. It is not my intent to bring you “doom and gloom”, rather I am inviting you to think about what you

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