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....
by Leif Jensen | Nov 26, 2012 | General |
Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 cents per mile for business miles driven 24 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of...
by Leif Jensen | Nov 26, 2012 | General |
As the year starts its journey towards the end, many are looking to invest or shelter some money from taxes. But when purchasing you need to be wary if you buy a mutual fund late in the year. If it pays a dividend in 2012 after your purchase, you owe tax on the...
