by Leif Jensen | Sep 3, 2019 | Tax Court |
A multipreneur was paid $200,000 for consulting services provided to one of the entities. He reported the income on Schedule C of his 1040 and took a deduction for $200,000 of commissions reportedly owed to another entity that he owned but that had gone out of...
by Leif Jensen | Sep 2, 2019 | Running a Business |
So you have decided to start that business and are anxious to get moving. Now is the time for your initial analysis of your proposed business. We will assume that you have decided on an entity type and have done all the steps required to get you in good standing...
by Leif Jensen | Aug 28, 2019 | Running a Business |
There are four basic corporate entities options for small business owners, Sole Proprietor, Partnership, S-Corporation or an LLC. Yes, there are other flavors, but they are variations of these four basic entity types such as a C-Corporation or a LLP, etc. A Sole...
by Leif Jensen | Aug 27, 2019 | General |
Sole proprietorships are now officially on the IRS’s radar, because auditors know from experience that some self-employed individuals claim excessive write-offs and don’t report all their income. Tempting targets include proprietors reporting at least $100,000 of...
by Leif Jensen | Aug 26, 2019 | Taxes |
In May the IRS released Rev. Proc. 2019-26; this spells out the depreciation level for luxury passenger autos ($50,000 or more) and the tax liability for leased vehicles. The annual depreciation limitations for passenger automobiles (including trucks and vans) first...
