by Leif Jensen | Nov 15, 2021 | Rant |
Running a major sports team is an expensive endeavor. Most teams are not bringing in the big bucks especially in smaller markets; fewer still are profitable. Instead of following normal business protocols, reducing expenses they are looking at increasing revenue,...
by Leif Jensen | Nov 10, 2021 | Rant |
There is now a old/new way to force new technology sales. Is your phone more than a few years old? You may need to upgrade, fast. 3G is scheduled to be fully turned off next year, affecting millions of phones and owners who are happy with what they have. Also other...
by Leif Jensen | Nov 9, 2021 | Running a Business, Taxes |
S corporation owners that pay themselves low salaries should and will be a bigger IRS target, according to Treasury inspectors. Many S corporation shareholders take low salaries, so the bulk of their profits are passed through to their own 1040 individual returns free...
by Leif Jensen | Nov 8, 2021 | Taxes |
S corporations’ owners can blunt the impact of the 3.8% surtax on unearned income. Shareholders who materially participate in the S corporation’s operations generally aren’t subject to the 3.8% surtax on their allocable share of the firm’s income or on distributions...
by Leif Jensen | Nov 3, 2021 | Tax Court, Taxes |
We are all aware that the IRS uses ratio analysis to determine further scrutiny for their investigations. So taking higher-than-average deductions on Schedule A is an audit red flag if your write-offs are disproportionately large when compared with income reported on...
