by Leif Jensen | Jan 24, 2012 | General |
The most recent statistics available from the IRS is FY2009. This show that the bottom 50% of all taxpayers, half of the country paid only 2.25% of all of the taxes collected. This consisted of those whose Adjusted Gross Income (AGI) was less than $32,396. So that...
by Leif Jensen | Jan 12, 2012 | General |
I just saw an ad for a national tax return preparation company. They were offering a free review of your past returns for an accuracy check. Now I personally find this hysterical, because of the fact that every, and I mean every return from this company that I have...
by Leif Jensen | Jan 8, 2012 | General |
Our wonderful lawmakers in Washington failed to extend many popular tax breaks beyond 2011! Gone for the moment are write-offs for state sales taxes, college tuition and up to $250 of teachers’ classroom supplies. We have in place the higher AMT exemptions and the...
by Leif Jensen | Jan 8, 2012 | General |
Since late December and early January I have been meeting with clients to line up everything for the preparation of 2011’s 1099’s. It is looking like there are more for each client then ever before. I also expect this trend to continue. With the costs of everything...
by Leif Jensen | Jan 8, 2012 | General |
The Social Security wage base increases to $110,100 for 2012. This is a $3,300 increase above the 2011 level and the first increase since 2009. Obviously Congress thinks the is fixed now. For the average employee the Social Security tax rate is currently at 4.2%...
by Leif Jensen | Jan 8, 2012 | General |
MARRIEDS: If taxable income is The tax is Not more than $17,400 10% of taxable income Over $17,400 but not more than $70,700 $1,740.00 + 15% of excess over $17,400 Over $70,700 but not more than $142,700 ...
