Journal Express, Knoxville, IA

Opinion

February 1, 2013

Taxes, Medicaid and Heart Health

Des Moines —  

January has historically been a stressful month in my household, as my wife battles the many forms it takes for us to comply with the tax code.  I’ve heard many “early birds” express disdain about the inability to finish their taxes, since the tax law is still being decided upon by the Legislature.  Many Iowans and tax preparers would like to see Iowa couple with the federal changes quickly, so tax preparation can get underway.  To that end, House Study Bill 38 passed out of subcommittee last week, and was moved out of the Ways and Means Committee in bipartisan fashion on January 28, with a vote of 24-0.   Some of the significant federal tax legislation enacted that affect the 2012 and 2013 tax year include the following:

 

·        Deduction for up to $250 for out-of-pocket expenses for teachers.

 

·        Tuition and fees deduction for higher education expenses.

 

·        Election to deduct state sales/use tax in lieu of state income tax as an itemized deduction.

 

·        Deduction for mortgage insurance premiums as deductible qualified residence interest.

 

·        Nontaxable IRA transfers to eligible charities.

 

·        Small businesses can now expense (instead of depreciate) the first $500,000 of equipment cost. 

 
 

Some of the provisions that affect 2013 and subsequent tax years include the following:

 

·        Provides for 50% bonus (accelerated) depreciation for assets acquired in 2013 only. 

 

·        Places a limitation on itemized deduction for high income taxpayers. 

 

·        Permanently extends the amounts ($3,000 for one child, $6,000 for two or more children) for the child and dependent care credit.

 

·        Extends higher income thresholds and higher credits with families with three or more children for the earned income tax credit for five more years through 2017. 

 
 
 

This bill will now move to the House floor for consideration. As you visit with tax preparers, you can tell them the House is moving quickly to provide certainty for taxpayers wanting to file their taxes.

Text Only
Opinion
  • The Rules of the Road By Jill Pertler I do not consider myself an excellent driver. I am good, or maybe just okay - around a B-minus to a C-plus if I were giving out grades. I am not great at maneuvering into tight parking spaces or knowing when it is my turn at a four-wa

    March 21, 2014

  • Steve mug Creativity rules! I've noticed as a married man that there are times in our marriages when it is just nice to be right. Take for instance Monday night. By the time I got home from the council meeting, I was pretty hungry. I didn't grab anything to eat before my evenin

    March 21, 2014 1 Photo

  • Frankford mug Acute Temporary Comfort Rejection Syndrome By Phillip Frankford Acute Temporary Comfort Rejection Syndrome

    March 21, 2014 2 Photos

  • Shivvers pic 21st century overwhelm, beginning with shampoo I was in a hurry and needed only one more item at the grocery store. Shampoo. I wanted shampoo to wash my hair. But I found a hazard course - and couldn't remember how I got through the last time. What should I do? Would it be simple "anti-itch liqui

    March 21, 2014 1 Photo

  • Next time ... To the Editor: While surfing my Facebook page, I came across this message: "I Shall Continue To Do What I think Is Right Whether Anybody Likes It Or Not." -Harry S. Truman. After reading this quote, I decided to tell my experience. I was walking to m

    March 21, 2014

  • Protecting Iowa's children A topic that most Iowans prefer not to acknowledge nor discuss is human trafficking. However, it is a serious matter in our society that we can no longer afford to ignore. With the I-80 and I-35 corridors that crisscross our state - and the I-29 corr

    March 6, 2014

  • Letter: Disagrees with Shivvers To the Editor: I read, with interest, Ms. Shivvers' comments in her opinion piece "Another View-Breaking Bad in Iowa" in the Feb. 14, 2014, edition of the Knoxville Journal-Express. It is the first time I have heard today's agriculture compared to th

    March 6, 2014

  • Slices of Life: Things we should do more often By Jill Pertler Live. Love. Laugh. Stop and smell the roses. See the glass as half full. Shoot for the moon. There are the familiar (cliché) activities we know we should engage in more often. But, for those of us not wanting to be cliché, there are

    March 6, 2014

  • Letter to the Editor-Bravo To the Editor: I'd like to take a moment and say, "Bravo!" to Charlotte Shivvers for her insightful column of February 14, "Another View - Breaking Bad in Iowa." Speaking truth to power happens rarely these days and when it does, it's cause for celeb

    February 27, 2014

  • Frankford mug Another Log on the Fire: Highs and Lows By Phillip Frankford I've heard it said that the mark of a good story teller is the ability to take the listener or reader on a roller coaster ride of emotions. He or she will abruptly lead the way from the highest of highs to the lowest of lows in a

    February 27, 2014 1 Photo

Features
AP Video
Facebook
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Poll

Should more time and money be invested in Knoxville's City Parks?

Yes
No
     View Results