Due to the extension of the federal and Iowa income tax filing deadlines, people have more time to get their tax documents in order.

Certified Public Accountant Tom Kennedy with Hankel and Associates in Boone and Jefferson reminds taxpayers of a couple of new tax law changes. 

“You can deduct $300 where it subtracts right off of your income (and) you don’t have to itemize. So it comes right off of your taxable income. So $600 for a married person if they both would donate $300.”

Kennedy notes another major tax change was not requiring the minimum distributions for those aged 70 ½ or older. However, Kennedy recommends taking the minimum distribution for this one reason.

“If their income is going to be down in 2020 (can) still take the required minimum distribution just because it might be taxed at a lower rate instead of having to take out more later. So something to think about and that’s some little planning you can do.”

The Iowa Department of Revenue has extended the state income tax deadline to June 1st from April 30th and the federal income tax deadline is extended from April 15th to May 17th.