by Leif Jensen | Mar 23, 2022 | Rant |
Not all politicians come into office wealthy – but many leave that way. Here are the top 10 winners of the past decade. No one ever said Congress was not the place to grow your wealth Name Growth Percentage Avg. Wealth 2008 Avg. Wealth 2018 Grace...
by Leif Jensen | Mar 22, 2022 | Rant |
The salary of a typical member of Congress is $174,000. No one is qualifying for food stamps, but some lawmakers carry significant personal and/or business debt. Here are those “poorest” members. I know 2018 is the most current data. But then it is...
by Leif Jensen | Mar 21, 2022 | Rant |
I was wondering what Congress earned in only pure salaries, here is what I found… Speaker of the House $223,500 Majority leader and minority leader of...
by Leif Jensen | Mar 16, 2022 | Running a Business |
Most of the time when you’re grilling, you don’t think about the history behind it – just how delicious the food is going to taste when you’re done. I explored the history of Kingsford charcoal and was surprised to find a rich history, interestingly tied to Ford...
by Leif Jensen | Mar 15, 2022 | Taxes |
Did you know that if you steal property, you are required to report its fair market value in your income in the year you steal it? That is unless you return it to its rightful owner in the same year. No, you can’t give your neighbor a 1099 for the garden tools they...
by Leif Jensen | Mar 14, 2022 | Rant |
The Stock Act is an Act of Congress designed to combat Congressional insider trading. It was signed into law by President Barack Obama on April 4, 2012. The law prohibits the use of non-public information for private profit, including insider trading by members of...
by Leif Jensen | Mar 9, 2022 | Taxes |
Did you know that income from all illegal activities, such as money from dealing with drugs, must be included as income on Schedule 1 so it can flow onto your 1040? You will also be taxed for self-employment taxes as well, so both side of FICA.
by Leif Jensen | Mar 8, 2022 | Running a Business |
Beyond forcing outside companies partnering and sharing design plans with the government. China will have to invest more in productivity enhancements like basic scientific research. Traditionally, Beijing has been loath to spend money on R&D that doesn’t promise...
by Leif Jensen | Mar 7, 2022 | Rant |
As the US continues to issue debt obligations (why live within our means), China continues to pony up to collect our debts and thus hold our future in their hands. We can look for China to continue to buy a hefty portion of America’s Treasuries. Beijing holds about...
by Leif Jensen | Mar 2, 2022 | Taxes |
Sometime ago the cost of an MBA could be deducted, as illustrated here. A man worked as an investment analyst and owned technology ventures. He left his job to get an MBA degree and deducted the cost on Schedule A as an unreimbursed employee business expense subject...
by Leif Jensen | Mar 1, 2022 | Taxes |
IRS is disbursed its last monthly child credit payment for 2021 on Dec. 15. Taxpayers who file a federal return next year will use Schedule 8812 to reconcile their 2021 advance payments with the child credit they are entitled to. For most, the credit will exceed the...
by Leif Jensen | Feb 28, 2022 | Taxes |
There are some LLC and LP members who don’t pay SECA taxes that are now on the IRS’s radar. The IRS has an ongoing audit campaign on when limited partners and LLC members owe self-employment tax on their distributive share of the firm’s income. In 2017, the Tax Court...
by Leif Jensen | Feb 23, 2022 | Taxes |
It seems that the IRS’s Criminal Investigation division is pursuing fewer payroll tax dodges… In 2021, the CI began 215 of these cases, compared with 298 the prior year. Apparently the probes of nonfilers, abusive tax schemes and cross-border crimes are also down. But...
by Leif Jensen | Feb 22, 2022 | Tax Court |
When having an issue with your taxes and calling the IRS of instructions, is what we have been instructed to do, it is in the instructions. They are supposed to be the experts. Relying on an IRS phone operator’s incorrect advice doesn’t avoid a tax bill. A man called...
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...
by Leif Jensen | Feb 8, 2022 | Economy |
I was reading that it is believed that trade with China and the U.S. is likely to remain strong into 2030 and beyond. We two countries rely on each other for so many things that disentangling us would be too difficult. In China’s case: Food for its immense population....
