by Leif Jensen | Mar 2, 2026 | Running a Business |
For a business expense to be deductible, it generally must be ordinary and necessary or be an investment expense. Investment-related deductions under IRC §212 have largely been eliminated by the TCJA. That puts the emphasis on deductions to be tied to a trade or...
by Leif Jensen | Feb 25, 2026 | Uncategorized |
Repairs Versus Capitalization. Farmers must carefully distinguish between repairs, which are fully deductible in the year paid, and capital improvements, which must be capitalized and depreciated over time. The distinction between a deductible repair and a capital...
by Leif Jensen | Feb 23, 2026 | Uncategorized |
Farmers are the only business that maintains an inventory that may utilize the cash method of accounting, which offers significant flexibility in managing taxable income. Under this method, income is recognized when cash is received and expenses to be deducted when...
by Leif Jensen | Feb 18, 2026 | Rant |
I thought it was hysterical when the Texas Democrats raced to Illinois to stop the Gerrymandering planned for Texas Congressional Districts. Since Illinois is one of the most Gerrymandered states out there. I did not like what was planned for Texas, and I don’t like...
by Leif Jensen | Feb 11, 2026 | Rant |
AI has caused one of my sons who decided to hold off on law school and joined the military to get trained at someone else’s expenses on the current trends. He expects to see AI up front and see how it will replace him and others once he is fully trained. He already...
