by Leif Jensen | Dec 5, 2022 | Running a Business |
Surprise! A shareholder can’t deduct a payment made on behalf of an S corporation, according to the Tax Court. Two individuals, who owned all the stock in an S corporation, personally paid the company’s utility bill and property taxes and deducted the amounts on their...
by Leif Jensen | Nov 30, 2022 | Investing |
Have you ever heard of qualified small-business stock (QSBS)? I doubt it, it is almost an anomaly. But there are tax benefits is you own them. You could get a nice tax break when you sell: The main tax benefit is 100% gain exclusion for many investors. Individuals who...
by Leif Jensen | Nov 29, 2022 | Rant |
I was just watching the “Offer” the factitious tale of the making of the “Godfather”. I was looking back on those standout movies from the 1970’s and most seem to be based on bestselling books. Now these were blockbuster films, not “Where the Crawdads Sing” or...
by Leif Jensen | Nov 28, 2022 | Taxes |
First, do you owe the IRS money? If so, is the balance greater than $55,000? If the answer to both questions is yes, then you may have a passport problem. The State Department can deny or revoke U.S. passports of people with tax debts of $55,000 or more on whom a tax...
by Leif Jensen | Nov 16, 2022 | Rant |
Clergy and the military both get a double tax break on housing allowances; and I have no problem with either group doing so. The military are paid poverty wages and are encouraged to be locked into the poverty way of life as one way to get extra cash. The idea behind...
