by Leif Jensen | Jul 9, 2014 | General |
A recent court case shows having some mileage records did not help another filer get a write-off. The details of the mileage log in question, show that the individual worked as a sales representative for a cable company and used his personal truck to drive to...
by Leif Jensen | Jul 8, 2014 | General |
It’s that time of year again: the kids are off from school and you don’t quite know what to do with them, so you need to keep this in mind if your school-age child is going to a summer day camp. This expense can qualifies for the dependent care credit if the child...
by Leif Jensen | Jul 7, 2014 | General |
I recently received a text from a client, who was inquiring as to whether or not if they owned a series of retail stores would it then be prudent, possible or legal to have two Series LLC’s: one LLC to own the properties the other LLC to own the retail businesses. As...
by Leif Jensen | Jul 2, 2014 | General |
I casually mentioned at one time that I was planning on starting the QuickBooks Webinar Workshops. The webinars would be designed to go over issues that clients are having with QuickBooks and answer their questions in a live format. Now the person that I mentioned...
by Leif Jensen | Jun 30, 2014 | General |
I was recently in a situation where some information that I had from one client may have been problematic to another. One of my clients was looking to branch off into a brand new business venture. This venture would take them into a whole new arena. The purpose of...
by Leif Jensen | Jun 26, 2014 | General |
When I purchased the office next to mine for future growth and expansion, I briefly considered buying Suite 113 which is directly behind the site I had just purchased. Since it was bank owed and had been on the market for over two years, I believed that I could get it...
by Leif Jensen | Jun 25, 2014 | General |
A while ago I wrote a posting discussing the potential loss of the Cook County Home Owners exemption. If that discount does go away as is being discussed that the homes should be sold at market costs to an LLC and then rented out, most likely to the previous owners....
by Leif Jensen | Jun 24, 2014 | General |
A couple of weeks ago I was having lunch with a fellow CPA. I had been meaning to stop by and see his operation for years. I am always willing to borrow a good idea from a peer. But I also wanted to talk to him about one of my growth plans for 2014. I have added...
by Leif Jensen | Jun 23, 2014 | General |
It seems that we have immortals living among us, and apparently I met one early this week! An appointment was scheduled well in advance of the date; I thought to discuss the possibility of purchasing this CPA’s practice. Obviously I was incorrect. The gentleman had...
by Leif Jensen | Jun 18, 2014 | General |
How secure is your data? Or rather, how secure is your client’s information on your systems, to be more precise? Because not only is there a secondary market for your client’s information, there are those who are looking to find methods of laundering money, purchase...
by Leif Jensen | Jun 17, 2014 | General |
On ongoing discussion point with clients throughout the year is retirement planning is how much is enough. Working with financial planner over the years I know that this is a very specialized answer for each individual or couple. But according to a recent Gallup...
by Leif Jensen | Jun 16, 2014 | General |
An ongoing issue for small business throughout the US is the ongoing costs of labor. The cost of labor will be on 34 state ballots this year, minimum wage increases have been proposed, and at the behest of President Obama, the federal minimum wage may be increased to...
by Leif Jensen | Jun 10, 2014 | General |
The IRS has just released their updated statistics for 2011. Taxpayers filed almost 5 million returns with adjusted gross incomes of $200,000 or more for 2011, up over 9 percent from the prior year. These high-income returns represent about 3 percent of all returns...
by Leif Jensen | Jun 9, 2014 | General |
I was in a networking group with a franchise owner. He never referred any business to me, including his own – but at one event we were talking, and he had imbibed a bit and he started to talk. He was sorry he had bought his franchise. He had owned it for a...
by Leif Jensen | Jun 4, 2014 | General |
Last week I was in in office for only one day. But on that day we were besieged with a local telephone directory salesperson who would not take no for an answer. I have been told by professional salespeople that know me that I am no one’s target market. I am...
by Leif Jensen | Jun 3, 2014 | General |
Since we have added identifying a retiring CPA practice to purchase to our goal list for 2014; we have started looking at active CPA’s and trying t0 identify a retirement age. A recent Gallup poll has the average retirement age rising to 62. It also seems that...
by Leif Jensen | Jun 2, 2014 | General |
Typically when we are meeting with clients that are looking to start a business they are ready to start a business. When an entrepreneur meets with an attorney to investigate the prospect of starting a company, they are organized into an LLC; sometimes before they are...
by Leif Jensen | May 28, 2014 | General |
I was assisting on a presentation with a Palatine WinTrust banker as part of their community outreach. This was a SCORE Small Business presentation; the section I was assisting with was Income Taxes. During the presentation I would add real world color comments as...
by Leif Jensen | May 27, 2014 | General |
I recently received a call from a financial advisor I know that has a client who has a problem with their tax return. The Broker Dealer did not report the 72T distribution correctly as an exemption to the early withdrawal penalty. For those who do not know; a 72t...
by Leif Jensen | Dec 13, 2012 | General |
If you are a cash basis business or individual you need to make sure that you mail checks for deductible items before year-end to ensure a 2012 write-off. You will be able to claim the deduction this year even if the checks do not clear until January. If you are...
