by Leif Jensen | Jan 23, 2023 | Taxes |
Form W-4V is relatively short, with few fields to complete, apart from showing the individual’s name, address, social security number, and claim or identification number. It gives the individual the option to start or stop withholding from social security or similar...
by Leif Jensen | Jan 18, 2023 | Taxes |
Before the government enacted the Social Security Amendments of 1983, social security income was not taxable. The legislation’s enactment created the need to withhold federal income tax. Form W-4V, (Voluntary Withholding Request), allows benefit recipients to have...
by Leif Jensen | Jan 17, 2023 | General |
We all know that the US built up their military in 1940 and with our allies won WWII. That is now history. But in 1936 the US military was minuscule and outdated and ill prepared for war, while war ravages Europe and Asia (Japan invaded China in 1931). Our ill...
by Leif Jensen | Jan 15, 2023 | Investing |
I was just reading in Kiplinger’s that in general, the factors to seek in stocks next year will be value and quality. Price-earnings ratios are a bit above their long-term average now, implying that stocks aren’t super expensive, but they aren’t a particular bargain...
by Leif Jensen | Jan 11, 2023 | Rant |
Have you ever wondered about the world population? I obviously have. There are 8 billion people worldwide. The 7 largest counties populations are broken down below: China 1,452B India 1.417B USA 338M Indonesia 276M...
by Leif Jensen | Jan 10, 2023 | Rant |
In the most recent data, I could find. From riveting romance novels to the latest political science theories, the U.S. book industry plays a massive role in education, entertainment, and more. The U.S. book industry made $25.93 billion in revenue in 2020 Including...
by Leif Jensen | Jan 9, 2023 | Rant |
I was brought up in a world that did not trust China. In 1989 the Chinese military attacked students and protestors in Tiananmen Square protests and massacred many with tanks and rifles, killing 218 civilians (official number) or up to 800, by other estimates. Today,...
by Leif Jensen | Jan 4, 2023 | General |
I remember a 100 years ago when I was a kid plastic blow molded holiday decorations were everywhere. Houses had lots of them, some more than others. It seemed like stores always had huge quantities and options. Each year we put our blow mold snowman on our stoop in...
by Leif Jensen | Jan 3, 2023 | General |
I always had a rough idea on the differences between trademarks and copyrights, Copyrights primarily protect the rights of people who create literary, dramatic, musical, artistic, and certain other intellectual works (like history tests, and software code). Trademarks...
by Leif Jensen | Dec 14, 2022 | Rant |
The first thing I think of when immigrants are mentioned, are field hands harvesting crops slowly by hand. I know a stereotype. We are aware that many industries depend on immigrants, granted in many cases to fill low-skill positions; immigrants account for roughly a...
by Leif Jensen | Dec 13, 2022 | Taxes |
The IRS has a Free File program which began in the mid-1980s, it lets individual taxpayers with adjusted gross incomes of $73,000 or less use free commercial tax software to prepare and e-file their returns. No state returns. Its usage is anemic. Only about 3% of...
by Leif Jensen | Dec 12, 2022 | Taxes |
Filers who report health premium credits are juicy audit targets. I have a client who graduated college and started his career, his return was audited because he got insurance coverage under his parent’s exchange policy. But he had no premium coverage listed on his...
by Leif Jensen | Dec 7, 2022 | Rant |
Surprise (again)! The IRS still has a large batch of unprocessed Forms 941-X; approximately 199,000 of them as of Sept. 21. I assisted with increasing the pile by the addition of two more earlier in October. Many of these quarterly payroll tax returns were filed by...
by Leif Jensen | Dec 6, 2022 | Running a Business |
The IRS has simplified per diems for lodging, meals and incidentals for 2023. Employees can get up to $297 tax-free daily in high-tax areas; $204 in other locales. Firms using this method can apply the new rates on Oct. 1 or wait until Jan. 1, 2023. For meals and...
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...
by Leif Jensen | Nov 15, 2022 | General |
Congress giveth as well as they taketh, usually with the skill of a magician, especially since they don’t want to be caught and get reelected. So, if you are thinking of buying an electric vehicle in 2023? You need to take note of the changes to the EV tax credit...
