by Leif Jensen | Jul 27, 2012 | General |
Well the unfortunate signs are in, Illinois is so desperate for cash and is looking in all of the wrong places, including making up liabilities. I just finished a letter to the Illinois Department of Revenue; they send a notice to my client claiming that they were not...
by Leif Jensen | Jul 17, 2012 | General |
With the news of the Supreme Court confirming the Health Care Reform legislation as law, everyone has been focusing on those in the top 2 – 3% of taxpayers; or those who make more than $250,000 as a joint filer or $200,000 as a single filer. As the government...
by Leif Jensen | Jul 17, 2012 | General |
Employers will now have the privilege of collecting additional Medicare taxes in 2013. As part of the increase in taxes for those deemed to be the wealthy there will be an increase in Medicare tax rates (luckily for business owners they do not have to match this fee)...
by Leif Jensen | Jul 9, 2012 | General |
This is a year to fear if you are considered the wealthy by the government. I just had a meeting with a couple of owners to go over their tax liabilities. Based upon a number of issues one was catapulted into the top 1% of tax payers for the first year, the other is...
by Leif Jensen | Jul 9, 2012 | General |
In 2013 for those who itemize; on Schedule A will find the 7.5%-of-AGI floor for deducting medical expenses will increase to 10% for filers under age 65. This increase will not apply to those 65 and over until 2017. Contributions to the health flexible spending...
by Leif Jensen | Jun 28, 2012 | General |
Last week I was meeting with a prospective client and we were discussing how to treat his medical expenses. As a small business owner this is pretty well spelled out, the basics include medical insurance is deductible on the front of his 1040; the out of pocket...
