by Leif Jensen | Jul 15, 2020 | Running a Business |
Overspending whether in business or home will only cause trouble. I had a client who had a huge payday and literally spend all the proceeds, while paying no taxes They came to us with a huge, and I mean huge tax bill from both the IRS and Illinois. When I asked why...
by Leif Jensen | Jul 14, 2020 | Running a Business |
Years ago, I was working with a client who really thought she was better than she was. She was looking at selling her business at one point and expected to earn $150,000 from the purchasing business. When I explained the financials to her and we did some quickie...
by Leif Jensen | Jul 13, 2020 | Taxes |
Ever since the IRS made it possible for any Tom, Dick or Harriet to do taxes with limited training and skills. The service was supposed to make sure that these preparers at least filed their own returns. Guess who wasn’t doing what they were supposed to do… The...
by Leif Jensen | Jul 8, 2020 | Tax Court |
Workers for an apartment cleaning business are independent contractors, and not employees, according to the Tax Court The woman who operated her own business contracted with apartment complexes to clean vacated units. She then hired workers with prior cleaning...
by Leif Jensen | Jul 7, 2020 | Retirement |
If you a kid who actually has a job, as opposed to the typically summer jobs that don’t exist this year. You can contribute to a Roth IRA for him or her up to their earning limits or $6,000 whichever is less. If you decide to give this generous gift you have until...
by Leif Jensen | Jul 6, 2020 | Taxes |
The IRS is providing welcome relief on required minimum distributions for 2020. The stimulus law enacted on March 27 waived RMDs from IRAs and workplace retirement plans for 2020. IRA and plan distributions already taken out in 2020.People have until Aug. 31 to return...
by Leif Jensen | Jul 1, 2020 | Running a Business |
First, we had the virus and the closing of most businesses, then we had the protests and looting. Now we have cities moving to open up, but the virus numbers are increasing as well. In October it is believed that the virus may come back in full force. If so, will your...
by Leif Jensen | Jun 30, 2020 | Running a Business |
I was having an argument with my son a few weeks ago. He was complaining that there is no freedom in the US to make your fortune today. I had to call bullshit on this claim. Within the last 20 years I started my business, when I did I started with nothing, no clients...
by Leif Jensen | Jun 29, 2020 | Employees |
I was watching “Billions” last week Axe wants to become a bank and the wage slaves are all of sudden aware that they may be eliminated with the transition if it ever occurs. One employee asks Axe what will happen to them. The initial response was that all will be...
by Leif Jensen | Jun 24, 2020 | Rant |
What is needed right now, is a search engine. Not another Google or Bing, a special search engine. One that will daily gather the listings of all streaming services to identify where tv shows, specials and movies are playing on so we can find out which streaming...
by Leif Jensen | Jun 23, 2020 | Employees |
I predicted a month or so ago that business will have adjusted to a reduced work force, saving cash and training costs. Red Robin reduced their menu by 55 items, and they are not bringing them back. This change has allowed for a reduced work force to be more...
by Leif Jensen | Jun 22, 2020 | Running a Business |
I was meeting with a small business owner who had received their PPP funds. But as with most things government related it was not completely welcome. They had furloughed a number of workers because of the shutdown, But they had to bring back unnecessary employees...
by Leif Jensen | Jun 17, 2020 | General |
CENSORED
by Leif Jensen | Jun 16, 2020 | Taxes |
Are you still waiting for your stimulus check from IRS? You may get a prepaid debit card. IRS previously said that it will start mailing out paper stimulus checks to eligible individuals for whom the agency does not have bank account information. It now says that some...
by Leif Jensen | Jun 15, 2020 | Taxes |
Long-term capital gains still have favorable rates. Profits from the sale or exchange of capital assets held for over a year are generally taxed at 0%, 15% or 20%. To be long-term the assets must be held over a year. The rates are based on set income thresholds...
by Leif Jensen | Jun 10, 2020 | Running a Business |
I sit on a company’s Board of Directors (BOD) as Chairman. I took over from the previous Chair as he left the BOD. I have been on this BOD from the very beginning. I actually suggested to the owner that he should have a Board of Advisors(BOA) or a BOD. The company...
by Leif Jensen | Jun 9, 2020 | Running a Business |
We have worked with several restaurants over the years. After a very bumpy start with a lot of overspending, one learned how to keep their overhead as low as possible. Talking to one owner they could cover their annual fixed costs within 5 to 6 months. But only...
by Leif Jensen | Jun 8, 2020 | Employees |
I have a couple of clients who furloughed their employees when the pandemic slammed their businesses into inactivity. They restrategized, contacted old and existing clients, got some work and are recalling back the employees, now that business is pickup up a bit. But...
by Leif Jensen | Jun 3, 2020 | Running a Business |
I have a client whose business was decimated by the Coronavirus. Their whole revenue stream not only went to zero, refunds were becoming necessary so there was negative revenue. They work hand in hand with the live entertainment industry. But the client was not yet...
by Leif Jensen | Jun 2, 2020 | Running a Business |
“What’s in a name? That which we call a rose By any other name would smell as sweet” What name you chose for your company has an impact; short-term and long-term. I have clients who have chosen to put their Location in the name. If they had asked my I would...
