by Leif Jensen | Aug 23, 2021 | Rant |
We the United States are failing by every measure in public education. According to one study; federal, state, and local governments spend $720.9 billion, or $14,840 per pupil, to fund K-12 public education. This gets the US to 26th in Total scores, looking at...
by Leif Jensen | Aug 18, 2021 | Taxes |
Are you considering making an offer to settle your federal tax debt at less than what you owe? There are two payment options: Lump sum cash, which requires 20% of the total offer amount to be paid up front, with the remaining balance to be paid in five or fewer...
by Leif Jensen | Aug 17, 2021 | Taxes |
With a red hot housing market in 2021, tons of people have been selling their homes. A reminder on calculating gain or loss from the sale of your primary home. You start with the amount of gross proceeds reported in box 2 of Form 1099-Sand subtract selling expenses...
by Leif Jensen | Aug 16, 2021 | Tax Court |
The general rule of thumb, is that the IRS can only go back three years. But, there are times when IRS can go back more than three years to seek taxes. If over 25% of gross income is omitted from a return, then IRS has six years to assess the tax, unless the filer...
by Leif Jensen | Aug 10, 2021 | Taxes |
The IRS sends out millions of letters every year, typically looking for more money. Many taxpayers try to assert a reasonable-cause defense to avoid a penalty and interest from those letters. In doing so, they have to prove their position was based on reasonable cause...
