by Leif Jensen | Jun 29, 2026 | Advertising |
I just got a call informing me that I now qualify to advertise on Siri and Alexi. How desperate do both companies need to be to contact me about advertising my lemonade stand. You would think they would be chasing the huge companies with real advertising dollars to...
by Leif Jensen | Jun 22, 2026 | Taxes |
I was working with a client who was under an IRS audit, the day before the audit and thet were showing me the summary sheets of the expenses that were being questioned by the service. They were small realtors with a Schedule C with their 1040. So, I am talking to them...
by Leif Jensen | Jun 16, 2026 | Corporate Entities |
I wholly own my business. I do understand the need for partners and once I had one, in a different business. I have a list of multiple businesses that I am interested in yet could only do them with the correct partner(s). Choose your partners wisely. I have seen what...
by Leif Jensen | Jun 8, 2026 | Rant |
We have all heard the idiom that “you should dress for the job you want, not the job you have”. As we celebrate 250 years of independence, this idiom ties directly to one of our founding fathers during the earliest days on the United States, George Washington. George...
by Leif Jensen | Jun 1, 2026 | Rant |
Evidence indicates that Artificial Intelligence is significantly disrupting the labor market by eliminating or automating many entry-level, “first-level” jobs, thereby creating a “hollowed-out” or hourglass-shaped workforce structure and...
by Leif Jensen | May 26, 2026 | Rant |
On a long drive to a client, I was listening to NPR and they had a group discussing the value of a college degree, was it still worth the expense and time. One of the voices mentioned that the Department of Education has website that compares each college by...
by Leif Jensen | May 18, 2026 | Rant |
On a long drive to a client, I was listening to NPR and they had a group discussing the value of a college degree, was it still worth the expense and time. One of the voices mentioned that college spurs the beginning of true learning and balancing it with allowing...
by Leif Jensen | May 11, 2026 | General |
If a bank account is not verified (unverified) or the information entered is incorrect, a refund will typically be rejected by the receiving financial institution and returned to the sender. The funds do not usually disappear; instead, they enter a “limbo”...
by Leif Jensen | May 4, 2026 | General |
Married filing separately: IRA Deduction Amount and Modified AGI (MAGI) Limits for Traditional and Roth IRA Contributions For 2025, the maximum combined traditional IRA deduction or Roth contribution is $7,000 ($8,000 if age 50 or older). For taxpayers who are covered...
by Leif Jensen | Mar 30, 2026 | Advertising |
The small businesses know they are missing significant opportunities to market their companies. And they plan to do better this year. In fact, 39% say they will increase their marketing budgets, and 46% expect to spend at least 10% more than last year. Most small...
by Leif Jensen | Mar 23, 2026 | Rant |
In 2024, gun related deaths were 3% lower in Illinois than the overall rate for the US. So, Uncle Pritzker has signed yet more legislation stipulating how people are to behave. Starting January 1, Illinois gun owners have yet more stricter requirements under the...
by Leif Jensen | Mar 18, 2026 | Money Management |
I was watching the WGN 6 at 6, and they had a quick topic on the 7 types of money languages. Now I was surprised that I was unfamiliar with money languages to begin with, let alone 7. So, I started looking into this and found that 7 was not the only or the...
by Leif Jensen | Mar 16, 2026 | Rant |
I was reading a WSJ article about what happens if lost your phone and that was where you kept all of all of your passwords. Also, how much variation do you really have in your passwords. Most people have a system that follows a natural progression and is not that...
by Leif Jensen | Mar 11, 2026 | Tax Court |
The Supreme Court’s 2024 decision in Loper Bright Enterprises v. Raimondo effectively overturned the Chevron deference doctrine, significantly impacting how all federal agency regulations, including those related to the “hobby loss” rules (Internal...
by Leif Jensen | Mar 9, 2026 | Running a Business |
The Supreme Court’s 2024 decision in Loper Bright Enterprises v. Raimondo effectively overturned the Chevron deference doctrine, significantly impacting how all federal agency regulations, including those related to the “hobby loss” rules (Internal...
by Leif Jensen | Mar 4, 2026 | Running a Business |
Hobby vs Business; the 9 factor test Regs. Sec. 1.183-2(b) lists nine factors for determining whether a taxpayer engages in an activity for profit: 1. How the taxpayer carries on the activity. A tax preparer would first want to look for how the taxpayer handles the...
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...
