Tax Tips for Gamblers

There are three casinos within a twenty mile radius of Hiawatha. A majority of citizens in our area have visited one of these casinos, and some have even managed to win big. Regardless of how often you gamble or the size of your winnings, there are some things to consider to prevent issues with the IRS and your tax return. …

Tax Brackets

How do the tax brackets work? If you earn enough money to enter a higher tax bracket, do you take home less than if you stayed in a lower bracket? While this is a common question I answer, it is absolute fiction. Unfortunately our tax code is so complex that we have trouble wrapping our minds around this concept. The …

Potential Credit for Business Owners: Brown & Atchison County

Business owners to hire residents of Brown or Atchison County may be eligible to receive a federal tax credit called the Work Opportunity Tax Credit (WOTC). The WOTC provides a tax credit to employers who hires an employee that is a resident of a rural renewal county; Atchison and Brown Counties are two of the counties that fall under this …

Itemized Deductions: Taxes Paid and Mortgage Interest

Taxes Paid Taxpayers can deduct certain taxes paid throughout the tax year on schedule A (itemized deductions). These taxes must be paid between January 1st and December 31st if you are a calendar year taxpayer. Some of the taxes deductible are: ● Real estate taxes (can include multiple properties) ● Personal property taxes ● State income tax / sales tax …