by Leif Jensen | May 12, 2010 | General |
Taxpayers whom itemized will nor longer be able to deduct the sales tax paid on the purchase of an auto. This deduction has expired.
by Leif Jensen | May 12, 2010 | General |
The making work pay credit is apparently on again for 2010. We all so much fun with the first go around. I know that $800 I received changed my life for the better in 2009… For those whom don’t remember Making Work Pay was a adjustment for individuals and their...
by Leif Jensen | May 12, 2010 | General |
For those who have collected unemployment benefits for 2009 enjoyed an exclusion of the first $2,400 of the benefits they received for tax calculation purposes. Those who are collecting in 2010 will have to include all unemployment benefits in taxable...
by Leif Jensen | May 12, 2010 | General |
When George Bush pushed through his tax cuts he eliminated the Estate Tax for 2010 and 2010 alone. No one ever thought it would happen but here it is. This would usually be cause for celebration. Unfortunately there is no step up in basis for the people who inherit...
by Leif Jensen | Apr 26, 2010 | General |
I have recently been shown a couple class pictures from grammar school; and I commented that it was a 100 years age. I am old enough that the kindergarten picture was still in black and white. The advent of color photography apparently happened when I was in the...
by Leif Jensen | Apr 26, 2010 | General |
I recently had a couple of conversations regarding retirement, savings and cash flow. It seems that no one currently has any cash for their bills. Let alone to save for retirement. With the current state of the economy I can only advise my clients so far on the...
by Leif Jensen | Apr 25, 2010 | General |
Effective for payments made after December 31, 2011, businesses are required to issue to all businesses with payment aggregating $600 or more in the calendar year to a single payee. This will include the phone company, the gas company, your landlord, electric company,...
by Leif Jensen | Apr 25, 2010 | General |
The IRC (Internal Revenue Code) S4375 imposes a fee on each specified health insurance policy. The fee is imposed upon the average number of lives covered on the policy. Starting fee is $2 ($1 in policy years ending during fiscal year 2013).
by Leif Jensen | Apr 25, 2010 | General |
Now as part of health care overhaul businesses have to send 1099’s to the world. How long will it take for the government to force individuals to do the same? I can see it happening on the next bill where they next increase the age to collect social security. So...
by Leif Jensen | Apr 25, 2010 | General |
Beginning after December 31, 2010 employers will be required to include the the value of each employee’s health insurance coverage sponsored by the employer. I believe the purpose of this is for determining those whom have Cadillac insurance plans (additional future...
by Leif Jensen | Apr 25, 2010 | General |
The Patient Reconciliation Act also imposes a 10% tax on the amounts paid for indoor tanning services. Apparently our government is planning on implementing new taxes on every odd aspect of our lives. I can’t wait to see the 100% pizza delivery and eating...
by Leif Jensen | Apr 17, 2010 | General |
Ok, we have some fun things coming down the road for all those evil people that make too much money according to the government. Our government will soon make sure that they pay their fair share and a bit more. In 2013 there will be a new Medicare tax on gross...
by Leif Jensen | Apr 16, 2010 | General |
A business plan can be one of the most useful tools for a new business. But how many businesses actually have one in any form? I instruct my clients to start with a sentence or two of what you want to do and for whom; a brief mission statement. Once you have the...
by Leif Jensen | Apr 11, 2010 | General |
With our changing economic currents, I have been encouraging most of my clients to find their passion and start a side business. The initial reason for this is that stable jobs and employers are no longer a given. Also this in my opinion, is the most likely way to...
by Leif Jensen | Apr 11, 2010 | General |
According to the IRS you are probably wealthier than you believe. If you have an Adjusted Gross Income (AGI) over $100,000 you are the affluent or rich. Surprise and congratulations. Adjusted Gross Income is on line 37 of form 1040 and line 4 of 1040 EZ. If your AGI...
by Leif Jensen | Apr 11, 2010 | General |
I found this to be a breezy little book on starting a business. A number of the ideas inside coincide with my own viewpoints and are in presentations I have given in the past (which is probably why I am recommending it). It seems more geared towards product...
by Leif Jensen | Apr 4, 2010 | General |
Rant number one (more to come I am sure)! Everyone who knows me has heard this one already; but here it is anyway. Accountant In Illinois anyone and I mean anyone can hang up a shingle and call themselves accountants. As an accountant they can offer accounting...
by Leif Jensen | Apr 2, 2010 | General |
A client has recently urged me to read the “Little Red Book of Selling”. So I acquired it. When as I was reviewing the table of contents I saw a chapter on personal branding, so I jumped to chapter three and began reading. To my surprise the information was very...
