by Leif Jensen | Nov 30, 2012 | General |
Organizations that did not file a required information return or electronic notice for their taxable years beginning in 2007, 2008 and 2009 automatically lost their tax-exempt status, and must apply if they want to be reinstated. In Notice 2011-43, the IRS provided...
by Leif Jensen | Nov 29, 2012 | General |
Remember last year when you finally filed your Federal 940, it turned out that you owed additional funds because Illinois did not make all of the necessary required payments? Well it will happen again in some states. Some firms in a number of areas will pay higher...
by Leif Jensen | Nov 29, 2012 | General |
Are you leasing assets to a corporation you own can? Sometimes this can provide a tax break. According to the Tax Court, the net rental income can offset other passive losses. That is if the corporation uses the property in its own rental activity. In the court...
by Leif Jensen | Nov 28, 2012 | General |
The new IRS statistics are in; the Service is up to 2010 information. For TY2010 the bottom 48% of taxpayers paid no federal income taxes. Adjusted gross income up to $30,000. Now in my experience, I have worked with people in these income brackets. Some have owed...
by Leif Jensen | Nov 27, 2012 | General |
How many of you have actually done the calculation to see what your 2012 tax liability would be? I am guessing not many. If you have not it may be a good idea to go through the trouble. Especially if you are not strictly a W-2 household. If you find that you may...
by Leif Jensen | Nov 27, 2012 | General |
Now in this time of year end tax planning you should be looking at the possibility of selling some financial losers in order to trim your tax bill. Remember capital losses can be used to offset your gains. You are also allowed to deduct up to $3,000 of other income....
