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...
by Leif Jensen | Dec 12, 2012 | General |
Are you planning on making any cash year end gifts? If so and you making the gift by check; make sure that the donee deposits it in 2012. You want the money to count as a 2012 gift for gift tax purposes. So make it clear to whomever you are making the gift; this...
by Leif Jensen | Dec 11, 2012 | General |
With the recent huge Powerball winning balance I was talking to a client regarding the bankruptcy rate of lottery winners. She was aware of the statistics but could not understand the concept. I had to ask her out of the twenty employees in the office, who were...
by Leif Jensen | Dec 10, 2012 | General |
ABC reported last May and the rumors continue; I have just read that the “free” social media promotion of businesses is disappearing. Facebook especially since the IPO is looking for additional revenue sources. So Facebook and other sites are starting to charge to...
