New Tax Credit Program

New Tax Credit to Fund Hoover Museum Renovation

BY STEVE DINNEN

Endow Iowa is a popular tax credit program meant to funnel charitable giving dollars to worthy causes. Jerry Fleagle, CEO and president of the Hoover Presidential Library and Museum Foundation in West Branch, knew that, liked that, and with the backing of state legislation has seen a new tax credit program launched to help fund a $20 million renovation of the museum dedicated to President Herbert Hoover.

The Hoover Tax Credit Program was created earlier this year by the Iowa Legislature. Money earmarked for it will go toward an overhaul of the museum side of the property, which Fleagle said hasn’t seen any serious work on it in 30 years. In anticipation of the credit, the foundation already has enlisted designers who previously worked on the Abraham Lincoln memorial site in Springfield, Illinois.

The Hoover Presidential Library and Museum is under control of the federal government. But Fleagle said funding for additional programming or exhibits falls to private organizations such as the foundation, and the path to bankrolling what he wants to do is made possible by the credit. The foundation is required to raise 90% of the funds for the project before starting construction. “Currently, we would like to hit that benchmark by May of 2023,” said Fleagle, and finish the renovation by Aug. 10, 2024, Herbert Hoover’s 150th birthday.

The Hoover Tax Credit works exactly like Endow Iowa – you donate money and get a tax break. For a gift of, say, $10,000, you get a credit of $2,500 on Iowa state taxes, and then a deduction on your federal income taxes that, at the 37% level, leaves you with a net cost of around $4,750. There are $5 million worth of credits available. Endow Iowa’s current annual limit is $6 million, so the West Branch add-on is a big step, though one-time, toward expanding the credit program.

To chase down this opportunity, visit timelessvaluescampaign.org, which explains more about the credit and the fundraising campaign.

Iowa State Rep. Bobby Kaufman of Wilton initiated the legislation. He said the Hoover Tax Credit was intended as a one-off. But depending on how it works out, he said he would be open to other tax credit programs. So stay tuned--maybe Tax Credit Effigy Mounds is around the corner.

The Clock Is Ticking: Tax Tips to Consider Before 2021 Ends

BY STEVE DINNEN

Here are a few useful tax and retirement savings tips to consider before the year ends, courtesy of the folks at West Des Moines financial planning firm Gilbert & Cook.

When it comes to tax-favored retirement savings, more is better. The more you put aside now, the more your underlying investments will grow when you finally start to tap into them. If you haven’t already maxed out on your 2021 contribution, the clock is ticking. For 401(k), 403(b) 457(b) and Roth 401(k) plans, the maximum set-aside for 2021 is $19,500. There is a $6,500 catch-up allowance for individuals aged 50 and over. For SIMPLE plans, you can contribute $13,500, and add $3,000 more if over 50.

On the state tax side, beginning in 2022 you will no longer be able to deduct your federal taxes paid from your Iowa state tax return. To take advantage one last time of the allowable deduction on your 2021 tax return, consider paying all federal tax estimates before year-end as opposed to waiting until January of 2022. That’s when those payments are due, but there is nothing preventing you from cutting a check now.

Sophisticated Scam Targets TSA PreCheck Members

BY SUZANNE ROWAN KELLEHER FOR FORBES.COM

Show Crane Hassold a typical cyber criminal, and he’ll show you someone who is inherently lazy. “As long as the return on investment is good enough, they’re going to put in as little effort as they possibly can,” he says.

That’s why a particularly enterprising phishing scam targeting U.S. travelers ahead of the holiday season has jumped out at him. It works like this: You receive an email from what looks like the Transportation Security Administration, encouraging you to renew your TSA PreCheck membership. You’re grateful for the reminder. The holidays are coming, and you’re worried about long lines at the airport. Besides, you can’t remember the last time you renewed your PreCheck membership. A link in the email leads to an official-looking domain, where you take a few minutes to fill out a form with your personal information and then you make a payment. Unfortunately, the site is run by a scammer in Bulgaria, who now has both your money and your personal information.

“What's really interesting about this is clearly the amount of time that was spent to actually create not only the email, but also the full website itself,” says Hassold, director of threat intelligence at Abnormal Security, a cloud email security platform. “Usually when we see phishing attacks, it's pretty clear that the scammers didn't put a lot of time into it. They're really focused on volume rather than quality.” READ MORE.

Signs the Housing Market Is Starting to Cool

BY ALY J. YALE FOR MONEY.COM

This year’s housing market has been high-stakes. Prices skyrocketed, bidding wars were rampant and, thanks to remote work, demand was strong in virtually every market across the U.S. It was a challenging landscape for buyers, to say the least.

But just as the weather has started to cool, it seems housing has started to chill as well. To be clear: That doesn’t mean a buyer’s market is in the cards — nor is there any indication prices will start to decrease anytime soon. What the data does point to, however, is a slightly more manageable market than buyers have seen so far this year.

“The housing market has absolutely cooled from where it was this past winter and spring,” says Greg Aponte, head of business intelligence and data science at real estate platform Orchard. “It’s not completely cool — just cooler from what it once was.” What does that mean if you’re eyeing a home purchase this winter or into 2022? Here’s what you can expect. READ MORE.