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...
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...
