by Leif Jensen | Jul 13, 2021 | Taxes |
What are the federal income tax consequences from selling a timeshare? Losses from the sale of timeshares held for personal use are nondeductible. If you are one of the lucky few that sells a timeshare at a profit, you have capital gain. Different tax rules apply to...
by Leif Jensen | Jul 12, 2021 | Running a Business |
Not paying salary to its owner causes headaches for an S corporation. A lawyer who was the president of her own S firm. The company did not pay her a salary but did provide her with funds, which the firm deducted as officer’s compensation on its Form 1120-S. She...
by Leif Jensen | Jul 7, 2021 | Taxes |
Cases involving passport revocations are now coming before the Tax Court. A federal statute allows the Department of State to deny or revoke U.S. passports of individuals with federal tax debts of $54,000 or more on whom a tax lien or levy has been filed. The IRS...
by Leif Jensen | Jul 6, 2021 | Running a Business |
Reporting hobby losses continues to be an audit red flag, it has been and will remain so. The IRS is always on the hunt for taxpayers who year after year report large losses from hobby-sounding activities on Schedule C of the 1040 to help offset other income, such as...
by Leif Jensen | Jul 5, 2021 | Rant |
School districts around the country have banned dodgeball, according to Fox News, “researchers argue that there is a ‘hidden curriculum’ of dodgeball that reinforces the oppression of those ‘perceived as weaker individuals through the exercise of...
