Iowans who are 65 or older and own the home they live in have about six weeks to apply for a new property tax exemption. The tax plan Governor Reynolds signed into law earlier this month includes a new property tax exemption for Iowa seniors. It will reduce the taxable value of a home by $3250 … [Read more...]
State income tax refunds so far total $107 million more than 2022
A report on tax collections since July 1st of 2022 shows state revenue is up 1.9% compared to the previous 10 month period. In March, the State Revenue Estimating Conference predicted state tax revenue would drop by half a percent this fiscal year. The uptick in actual tax receipts happened … [Read more...]
Iowa Senate and House approve property tax plan
The Iowa legislature has approved a compromise bill designed to limit future property tax increases. Many Iowans saw the assessed value of their home or farmland rise dramatically this spring. Those assessments will impact property taxes due in September of 2024. The bill includes a formula that … [Read more...]
GOP lawmakers agree on formula to reduce property tax levies
Republican lawmakers have settled on a plan that provides about $100 million in property tax relief. It sets up a new formula, so the property tax assessments Iowans received this spring will reduce the levies for city and county governments next year. "We use it basically to readjust the levy to … [Read more...]
Bipartisan backing for House, Senate property tax plans
The Iowa Senate and House have approved competing property tax relief plans. The Senate approach is focused on eliminating some property tax levies, consolidating others and converting property tax credits for veterans and seniors to more lucrative exemptions. Senate Republicans say it would … [Read more...]
U-I professor proposes that government prepare our taxes for free
With the federal tax filing deadline now one week away, a University of Iowa accounting professor suggests America adopt what's being done in many European countries, where the government prepares your taxes for you -- for free. Professor Ryan Wilson says our current electronic filing process is … [Read more...]
IRS providing answers to tax questions in Des Moines without an appointment
The April 18th federal tax filing deadline is rapidly approaching and the IRS plans to open its Des Moines office Saturday to take questions. IRS spokesman, Christopher Miller, says no appointment is necessary. "Opening the IRS Taxpayer Assistance Center on Saturday we hope gives people who work … [Read more...]
House and Senate GOP have proposed different approaches to property tax changes
Republicans in the House and Senate have yet to agree on a property tax reduction plan as the 2023 Iowa legislature enters its 13th week. Senator Dan Dawson, a Republican from Council, is chairman of the Senate Ways and Means Committee. He's sponsored three different bills on the subject. "I … [Read more...]
Governor appoints former state auditor to lead tax agency
Governor Kim Reynolds has appointed former State Auditor Mary Mosiman to lead the Iowa Department of Revenue. Mosiman has been the Iowa Department of Revenue's deputy director and head of its tax division since 2019. Mosiman is a certified public accountant and served as Story County Auditor for … [Read more...]
Federal tax filing time is getting closer
The deadline to file your federal tax returns is under a month away now, and a certified public accountant in central Iowa is urging people to get their shoeboxes full of receipts together, pronto. Jeff Strawhacker, a CPA in Urbandale, says the majority of his clients are very aware of the … [Read more...]