by Leif Jensen | Jan 4, 2017 | General |
In a recent tax case it was decided that partnership expenses cannot be taken directly on a partner’s tax return. A taxpayer reported on Schedule C income and expenses from two side businesses that he operated with his brother. Even though no partnership return...
by Leif Jensen | Jan 3, 2017 | General |
The tax burden on the wealthy has gone up, according to IRS statistics. The top 1% of individual filers paid 39.5% of all federal income taxes in 2014, the most recent year the Revenue Service has analyzed (yes, they are behind). This is an increase from 37.8%...
by Leif Jensen | Dec 28, 2016 | General |
I was invited to be a guest at a BNI meeting and another CPA stated that he was meeting with clients to changes to their planning strategies based upon the swirling rumors and hearsay. I was astounded by this. I had just been interviewed by a reporter from the Daily...
by Leif Jensen | Dec 27, 2016 | General |
Standard mileage fell to 53½¢ per mile, down 0.5¢ from 2016. The rate for medical travel and moving dropped 2¢, to 17¢ a mile next year. The allowance for charitable driving will stay put at 14¢ a mile. It’s fixed by law. You can also claim the cost of parking...
by Leif Jensen | Dec 22, 2016 | General |
For personal taxes the timing rules differ for tax-deductible items, such as charitable donations. So long as the checks are in the mail by year-end, you are able to lock in a 2016 write-off. For deductible charges made with a bank credit card, you can claim...
