by Leif Jensen | Jan 18, 2016 | General |
Auto enrollment is a relatively new idea to businesses. Once hired after the probationary period employees are automatically enrolled into the company’s 401K Plan. As no surprise this practice does increase employee participation in retirement plans. A recent study...
by Leif Jensen | Jan 13, 2016 | General |
According to a new Government Accountability Office (GAO) analysis finds that among households with members aged 55 or older, nearly 29 percent have neither retirement savings nor a traditional pension plan. My typical business client does not fit in this category. ...
by Leif Jensen | Jan 12, 2016 | General |
Typically if the trust document is the road map as to how the deal with the issues that arise from running the trust. If the document is silent as to a point (Trust Situs) the state’s governing laws take effect. So if a trust does not specifically make mention of a...
by Leif Jensen | Jan 11, 2016 | General |
Fiduciary Accounting Income (FAI ) is unlike taxable income or GAAP income, which is why most trustees hire CPA to deal with 1041’s instead of tackling it themselves. Occasionally tax practitioners have difficulties with this concept as well. Interest on a municipal...
by Leif Jensen | Jan 6, 2016 | General |
Unfortunately I have a client that is in an unusual position. They want to minimize their taxes, but December is too late to effectively plan for them. They make a reasonable amount of interest income. But, they get a lot of dividends and a lot of capital gains. ...
by Leif Jensen | Jan 5, 2016 | General |
As we know consumers have many purchasing options whether we are selling a good or a service. So we have to be concerned about the customer experience. This has become a primary way to differentiate your brand, from our competitors. The customer experience is to work...
by Leif Jensen | Jan 4, 2016 | General |
I believe now is the time for most entrepreneurs to go back to basics with their businesses. Whether you had a record breaking year or gains or losses, I think now is the time to review who you are and what you are doing and for whom. Are you using the best business...
by Leif Jensen | Dec 28, 2015 | General |
Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for medical or moving purposes, down from 23...
by Leif Jensen | Dec 28, 2015 | General |
I wrote before on how I purchased a stock from a company I had worked at long ago. They had kept pushing me to buy the stock when I was there. I hated the job, most of the people I worked with and for. There was no way I was going to buy into the business. I saw it...
by Leif Jensen | Dec 23, 2015 | General |
I have been looking into rental properties on and off for over a decade. I remember looking at the top of the market, thinking that the properties were so overpriced I would never ever make any money off of them. I am thrilled that were did not buy any of them....
by Leif Jensen | Dec 22, 2015 | General |
I was meeting with a reporter a few weeks ago and he was surprised when I mentioned that I strongly recommend having a Board of Advisors for their businesses. I believe that no small business owner should have to make decisions in a vacuum. The roundtableing of ideas...
by Leif Jensen | Dec 21, 2015 | General |
I was recently meeting with a client and we were discussing their yearend tax planning strategy. They have come into some money and we were attempting to calculate their tax liability. As we progressed in the discussion I was asking them about their asset...
by Leif Jensen | Dec 16, 2015 | General |
I know FBAR to me… No the FBAR is not an insult it just looks like one. It is Foreign Bank and Account Reporting, I believe. Because the IRS reports it as “Report of Foreign Bank and Financial Accounts” which would be FBFA or RFBFA. SO I will go with my guess. Who...
by Leif Jensen | Dec 15, 2015 | General |
It was recently addressed to us as tax preparers that we have to take a further step than we may have taken in the past to on the American Opportunity Credit (AOC). Especially with today’s youth they believe that it is their right and privilege to use controlled...
by Leif Jensen | Dec 14, 2015 | General |
I was at a seminar where a commitment ceremony was described. The group discussed what, if any, legal standing this ceremony had. We all agreed that there were no legal grounds for this to be considered an official marriage. There were no legal documents signed or...
by Leif Jensen | Dec 9, 2015 | General |
Who is a dependent? This used to be such a simple question. But as our live have become ever more complicated and our romantic entanglements split and shred it becomes ever more complicated Here is something from the IRS instruction manual to assist… Is Your...
by Leif Jensen | Dec 8, 2015 | General |
I personally like the idea of a voucher system for children to go to the schools that will best suit them and their parents. Yes, I have read the hundreds of long articles against vouchers written for or by educators whose jobs hang on the current system, and the...
by Leif Jensen | Dec 7, 2015 | General |
The premium tax credit (PTC) is a refundable credit that assists eligible individuals and families with low or moderate income to afford health insurance purchased through a Health Insurance Marketplace (exchange). To get this credit, you must meet the requirements...
by Leif Jensen | Dec 2, 2015 | General |
If you listen to certain radio stations or watch late night tv you probably have heard or seen the commercials, claiming that working with their company will allow you to pay the IRS pennies on the dollars for what you owe. Surprisingly this is not a complete scam. ...
by Leif Jensen | Dec 1, 2015 | General |
We encourage a number of clients who express feelings of being trapped in a job, need to generate more money or are looking for options to think about starting their own business. Some actually start businesses and many others don’t. For those who do we council them...
