by Leif Jensen | Mar 31, 2012 | General |
In the past I have seen this from time to time. But, this year I seem to be seeing a few more employees with W-2’S that also received 1099’s from their employers. I know that the statisticians have been saying that this is where businesses are moving to and that last...
by Leif Jensen | Mar 31, 2012 | General |
The last couple of years I seem to be taking on clients that are a it behind in the filing of their tax returns. This is not a real problem for me, I prepare the returns for them to file. You cannot electronically file old returns. But something new has happened in...
by Leif Jensen | Mar 17, 2012 | General |
The IRS has changed the auto depreciation for autos that are put into service during 2012. There is a $100 increase from 2011, the 2012 first-year ceiling is $11,160 for new cars and $3,160 for used cars. The second- and third-year caps are $5,100 and $3,050. After...
by Leif Jensen | Mar 17, 2012 | General |
Have you ever wondered what happens to an owner who has less the 51% and is kicked out of the business? You were right it can be your worst nightmare. There has been a recent court case on this matter. A locked-out partner still has to report his share of partnership...
by Leif Jensen | Mar 17, 2012 | General |
It seems the IRS keeps issuing refunds to those who should never have them, and holding up those who should. They made improper payments of refundable tax credits. In 2011, the agency figures that it wrongly refunded up to $17 billion in earned income credits. Many...
by Leif Jensen | Mar 17, 2012 | General |
Those of us who are unemployed and who are unable to pay their 2011 taxes on time get a break. The IRS will allow them six extra months to pay the taxes due without penalty. Those who qualify are wage earners who were jobless at least 30 consecutive days in 2011 or...
