by Leif Jensen | Feb 12, 2012 | General |
I have just read that the stats for individual audit tax return done during 2011 were the same as in 2010, 1.11% Now when you look more closely those numbers do change a bit. But, it is my understanding that these numbers do not include the hash audits that are...
by Leif Jensen | Feb 12, 2012 | General |
I took on a new client a couple of weeks ago. What was interesting is that he had conversations with an accounting firm. One question that he had asked was if there was a problem would they be able to address it with the IRS or IDOR. At least they answered...
by Leif Jensen | Feb 11, 2012 | General |
Starting in 2013 a second surtax boosts the top rate on capital gains and dividends to 18.8% from the current15% nominal maximum rate that we expect will be in effect for 2013, plus an additional 3.8%. An ugly example of this surtax is if you sell your primary...
by Leif Jensen | Feb 11, 2012 | General |
Springfield seems unable to solve its long-running financial problems. Who would have thought increasing taxes and spending simultaneously would cause a bad situation to get worse. Last month we were given the lowest credit rating of any state in the country by...
by Leif Jensen | Feb 11, 2012 | General |
Starting in 2013 there is a special 3.8% Medicare surtax on unearned income of single filers with modified adjusted gross income over $200,000 and joint filers above $250,000. Modified AGI is defined as AGI plus any excluded foreign earned income. The new surtax will...
by Leif Jensen | Feb 11, 2012 | General |
Did you know that individuals can e-file their federal returns at no cost, no matter their income. If your adjusted gross income was $57,000 or less in 2011, you can prepare and e-file without charge by going to http://www.irs.gov/freefile and selecting a tax...
