by Leif Jensen | Feb 21, 2022 | Running a Business |
Expenses incurred before business starts aren’t deductible right away. An engineer bought vacant land with the intent to eventually farm and develop it. Although he spent time and money working on the land, began constructing a barn, and even came up with a business...
by Leif Jensen | Feb 16, 2022 | Taxes |
The tax burden on the highest income earners has actually gone down, according to IRS statistics. That is not to say that they are not paying their share. The top 1% of individual filers paid 38.77% of all U.S. income taxes for 2019, the most recent year IRS has...
by Leif Jensen | Feb 15, 2022 | Taxes |
OIC (Offer in Compromise) is an easing for people wanting to settle tax debts for less than what they owe. Starting with offers in compromise accepted by IRS after Oct. 31, 2021, the Service is no longer recouping a taxpayer’s refund for the calendar year in which an...
by Leif Jensen | Feb 14, 2022 | Tax Court |
Are you one of the millions that you have income from the cancellation or discharge of indebtedness? if so, keep in mind that insolvent taxpayers can escape tax on forgiven debts, in rare occasions. Where those taxpayers whose liabilities are greater than the fair...
by Leif Jensen | Feb 9, 2022 | Economy |
China has been building up its military. At present its navy is the world’s largest, by number of warships, enabling increasingly aggressive maritime posturing in the East and South China seas and the Taiwan Strait. Unfortunately, the US did not prosper in this...
