by Leif Jensen | Mar 27, 2024 | Rant |
The recent changes over the past few years are making it ever more difficult to cheat on your taxes. This in one way is a good thing and in another a bad thing. Yes, everyone should be paying their fair share of taxes. All income is taxable and needs to be reported...
by Leif Jensen | Mar 25, 2024 | Taxes |
If you use QuickBooks Payroll to do your payroll that’s fine. Made sure you are downloading all of the quarterly reports and keeping them safe. We had one client who used the QB service, did not save the files, then went out of business. Two years later the IRS was...
by Leif Jensen | Mar 20, 2024 | Running a Business |
We currently use QB Accountant payroll for those clients we prepare payroll for. We are limited to 50 payrolls, and we are practically at that limit. So, we have all the fun of doing payroll as well as the quarterly and annual reports associated with payroll. This...
by Leif Jensen | Mar 18, 2024 | Running a Business |
We have picked up a couple of new clients that want to deduct their household expenses as business expenses. They have an office that they rent, but also want to write off their mortgage. They state they work from home. True they may do some work on their business...
by Leif Jensen | Mar 13, 2024 | General |
Elk Grove has plans for growing its industrial park in prominence. Elk Grove Village has plans to become the largest server farm in the country. It started with a tenant in a complex on Higgins not far from my office. The business liaison explained that the first...
by Leif Jensen | Mar 11, 2024 | Rant |
Des Plaines must have the worst building requirement ever. I don’t see these stupid moves anywhere else. I know of two new constructions that apparently start on the boundary line of the property. There were existing building standing and now these new building have...
by Leif Jensen | Mar 6, 2024 | Advertising |
I had a radio station contact me about sharing some information, I replied I had no expertise in the area, but they wanted to meet. Yes, I knew I was going to get a sales pitch. I was impressed with the station and their operations; the station ran on two different...
by Leif Jensen | Mar 4, 2024 | Rant |
I was meeting a client at their location, and I asked why they were renting instead of owning their own location. Especially with their rent costs. In the past they had owned their own buildings, but now where they were located, single small businesses were no longer...
by Leif Jensen | Feb 28, 2024 | Running a Business |
I started working with a new client and she stated in a moment of aggravation that when you start a business there are no manuals available to explain things to new entrepreneurs. Information is all over the internet, some great, some good, some bad and some very bad…...
by Leif Jensen | Feb 26, 2024 | Rant |
In the past I have been a member of a number of groups. I had spent a tremendous amount of time and never really got a lot of referrals. I thought of putting my own group together, one that would only, be businesses that focused on business owners. It was to include...
by Leif Jensen | Feb 21, 2024 | Rant |
I was talking to a gentleman, who lives north and travels over an hour to get to work each day –with the obvious return trip. I have a couple of clients looking for his skill set – either client would halve his travels. I offered to make an introduction. I was...
by Leif Jensen | Feb 19, 2024 | Tax Court |
I thought this case was amusing. A cat rescue group doesn’t qualify as a tax-exempt agricultural organization, per the IRS in a private ruling. The group was formed to house and rescue cats that come from an animal shelter. It also runs a cat café, in which it charges...
by Leif Jensen | Feb 14, 2024 | Tax Court |
Recovering attorney fees after beating the IRS in court isn’t the easiest of tasks. Taxpayers can recover their legal costs if they substantially prevail on the issues, unless the government shows that its litigation position was substantially justified. They also...
by Leif Jensen | Feb 12, 2024 | General |
In 2024 the Annual Gift exclusion increases to $18,000 per done, so mom and dad can give $36,000 to a child to buy their first home with no gift tax consequences. Also it has no impact on your lifetime estate and gift tax exemption or filing a gift tax return. Annual...
by Leif Jensen | Feb 7, 2024 | Money Management |
I have a client that at one time tried this trick a couple times within a year. I do not recommend it, this is a cautionary tale. The client borrowed money from their traditional IRA. Normal withdrawal with no exceptions, if not rolled over into a new account within...
by Leif Jensen | Feb 5, 2024 | Retirement |
There is a trick available to those who are not eligible to make a Roth contribution for whatever reason. I strongly recommend that you use a financial advisor to assist with this trick. It starts by making a contribution that is nondeductible to your IRA, you can see...
by Leif Jensen | Jan 31, 2024 | Rant |
It seems the race is on as to who can utilize AI the fastest in replacing humans in their jobs. Hollywood had two major strikes on the issue, kicking the can down the road from the imposition of AI into their work lives, without input. Sports Illustrated has deleted...
by Leif Jensen | Jan 29, 2024 | Economy |
It may be the final frontier, but for those looking for more space at an affordable rate is difficult if not impossible. I have one client whose property taxes went from $38,000 to $45,000 to $52,000 in less than five years. Cook County always has their hands in the...
by Leif Jensen | Jan 24, 2024 | Investing, Money Management |
I was recently reading that interest rates and payments were crippling small companies. Just how much costlier is credit these days? Small firms are paying 9.1% on average, per the National Federation of Independent Business. In 2019, the prime rate, the benchmark...
by Leif Jensen | Jan 22, 2024 | Economy |
Housing affordability is at its lowest point in almost two decades. Which my realtor clients can attest to. It has continued to worsen this year as mortgage rates have hovered above 7% since mid-Aug. Jumping to over 8% in November. Affordability is down 8% from a...
