by Leif Jensen | Feb 8, 2021 | Retirement |
The 2021 pay-in cap for traditional IRAs and Roth IRAs stays steady at $6,000. But the income ceilings on Roth IRA pay-ins go up. Contributions phase out at AGIs of $198,000 to $208,000 for couples and $125,000 to $140,000 for singles. Also, deduction phaseouts for...
by Leif Jensen | Feb 3, 2021 | Rant |
When the next crisis hits America will still have a big challenges ahead of us. But apparently there are at least there are some promising developments. It only took a few weeks or at the time a blink of the eyes, before our already depleted strategic national...
by Leif Jensen | Feb 2, 2021 | Rant |
Candlemas was an ancient Christian tradition, when clergy would bless and distribute candles needed for winter. The candles were a representation of how long and cold the winter would be. The Germans later expanded the concept, by choosing to have the hedgehog...
by Leif Jensen | Feb 1, 2021 | Uncategorized |
Many key dollar limits on retirement plans will remain the same in 2021 over 2020. The maximum 401(k) contribution stays at $19,500. People born before 1972 can contribute an extra $6,500. These limits apply to 403(b) and 457 plans as well. The cap on SIMPLEs is...
by Leif Jensen | Jan 25, 2021 | Rant |
In the last election of (2020) Oregon had Measure 110 on the ballot that decriminalizes personal possession of illegal drugs, such as cocaine, heroin, oxycodone and meth. Under the measure, people who possess larger quantities of illicit drugs could still possibly...
by Leif Jensen | Jan 20, 2021 | Tax Court |
In a recent court case, it was determined that a compulsive gambler can offset winnings with unsubstantiated losses. In 2014, he spent countless hours playing slot machines in four casinos. The casinos issued 160 Forms W-2G, reporting cumulative gross winnings of...
by Leif Jensen | Jan 19, 2021 | Investing |
I was reading an article that was evaluating the validity of blog post by Ben Carlson, portfolio manager at Ritholtz Wealth Management LLC, where he stated, “investing when things look bleak remains a profitable strategy.” At first blush this seems counterintuitive. ...
by Leif Jensen | Jan 13, 2021 | General |
The emergency fund is one of the basics of long-term financial planning, but as an accountant when I touch base with my clients and ask them about the status of their financial wellbeing, I find that the verdict is split, some don’t really have one. Granted this is...
by Leif Jensen | Jan 12, 2021 | Advertising |
I was listening to a webinar, and they were talking to Bombas, who manufacture socks. Their pitch is, you buy a pair of socks and they give a pair to charity, so in essence you are doubling up on your costs. Since socks are a commodity, the creators were discussing...
by Leif Jensen | Jan 11, 2021 | Advertising |
I was having a difficult time with my bank. They were giving me the run around on a couple of issues and taking their time in getting back to me if they eventually did so. Then a Branch Manager from a bank I have no relationship came in from nowhere. He was talking...
by Leif Jensen | Jan 5, 2021 | Rant |
In the last election of (2020) Oregon had Measure 110 on the ballot that decriminalizes personal possession of illegal drugs, such as cocaine, heroin, oxycodone and meth. Under the measure, people who possess larger quantities of illicit drugs could still possibly...
by Leif Jensen | Jan 4, 2021 | Rant |
It is January 4th of 2021. The big question is are you still in business? If so you are a winner in the random lottery of Covid-19…. Surviving 2020 was a challenge for just about everyone. Not all businesses made it to today. I have clients who had to close due to...
by Leif Jensen | Dec 16, 2020 | Rant |
No matter how hard it is to watch and experience, it seems to be in the best interests to allow people to fail, starting with children. While it may seem counterintuitive, it’s one of the best things a parent can do. According to Dr. Stephanie O’Leary, a...
by Leif Jensen | Dec 15, 2020 | Rant |
Delaying gratification, apparently is very good for kids according to studies, and the habits of childhood make us who we are as adults. In the classic Marshmallow Experiment of 1972 involved placing a marshmallow in front of a young child, with the promise of a...
by Leif Jensen | Dec 14, 2020 | Rant |
We have all had the old adage “Work hard and you will be successful”. Believing that with success comes happiness. But along with success, come the mental idea of goals, which pushes goals further away, so no happiness. So, in theory this is a broken formula. It is...
by Leif Jensen | Dec 9, 2020 | Uncategorized |
Illinois has collected more than $100 million in recreational marijuana tax revenue since legalizing sales Jan. 1, 2020 according to the state’s Department of Revenue. The tax revenue, which includes a cannabis tax, as well as state and local sales taxes, reflects...
by Leif Jensen | Dec 8, 2020 | Taxes |
Give to an IRS-recognized section 501(c)(3) charitable organization. You may be surprised who is not on the list. I know of one “Not-for-profit” who has been involuntarily dissolved by the IL Secretary of State’s office and are not listed on GuideStar.org, so I...
by Leif Jensen | Dec 7, 2020 | Taxes |
The IRS has made up some new fun just for 2020. Donate cash, to make use of two new tax rules that apply only for 2020. Nonitemizers can claim an above-the-line deduction of up to $300 for charitable cash contributions that they make in 2020. This means that for 2020,...
by Leif Jensen | Dec 2, 2020 | Uncategorized |
A tried and true year-end planning tip has been to donate valuable property, contribute appreciated investments, such as stocks or shares in mutual funds. Provided you have owned the property for more than a year, you can generally write off the full value if you...
by Leif Jensen | Dec 1, 2020 | General |
Shoplifting has essentially been decriminalized, by Progressives in California for years they have weakened property rights and retailers that apprehend thieves can be sued. In California, in short, trying to protect one’s property can be a criminal offense. Looters,...
