With the year’s end only days away, some forward-thinking Iowans are consulting their C-P-A’s for tips on how to save a few bucks on their taxes before 2003 is a memory. Jeff Strawhacker, a West Des Moines certified public accountant, says despite what you may think, taxpayers have had a good year. Strawhacker says it’s been an exciting year as we have lower overall tax rates, increased bracket levels for the ten and 15-percent tax brackets, higher standard deductions and lower maximum tax rates on some dividends and capital-gains rates. He says many people will be pleasantly surprised come April 15th when they notice their taxes have dropped.Changes will help just about everyone with a lowering of their taxes, including a dropping of the ten and 15-percent tax brackets and the so-called marriage tax penalties being rolled back — with tax brackets for people who are married filing jointly being boosted to now equal twice that of singles. While many of those tax breaks involve federal moves, Strawhacker says some benefits are Iowa-specific. Iowa allows a 100-percent deduction for medical insurance premiums that are paid while federal has certain limitations. Also, in Iowa, only 50-percent Social Security benefits are taxed versus federal where it’s a maximum of 85-percent.
- Plan to merge Des Moines Waterworks with other systems moving forward
- IDP chair says she’s focused on recruiting leaders for county parties
- Iowa State’s Contreraz wins Big-12 award
- Recommendation would merge or eliminate 111 state boards and commissions
- Railroad spokesman says crossing accidents increase with colder weather
FOLLOW US ON TWITTER
UNI receives grant to turn old photos into interactive exhibit
UNI receives grant to turn old photos into interactive exhibit - Radio Iowa
An archival photography project at the University of Northern Iowa has landed a federal grant to help its users ...
Home test - Radio Iowa
Unhealthy air detected in parts of the state from Canadian wildfire smoke
Unhealthy air detected in parts of the state from Canadian wildfire smoke - Radio Iowa
The wildfire smoke from Canada is back over Iowa once again. Brian Hutchins at the DNR Air Quality Bureau says ...
Banks in Sioux, Lyon County the target of check cashing fraud
Banks in Sioux, Lyon County the target of check cashing fraud - Radio Iowa
The Sioux and Lyon County Sheriff Departments are working with local police trying to identify individuals involved ...