by Leif Jensen | Oct 18, 2011 | General |
In 1973, the median male worker earned just over $49,000 when adjusted for inflation, while in 2010 that worker made about $1,500 less. Yet, in the same period, the output of the economy has more than doubled, and the productivity of workers has risen steadily. [NPR]...
by Leif Jensen | Oct 16, 2011 | General |
We have a Tax Court case that actually seems to be beneficial for a taxpayer. Interest paid on a mortgage for a house that was never built is deductible. This couple took out a loan and bought a beachfront home. They tore it down and planned to build a new house on...
by Leif Jensen | Oct 16, 2011 | General |
The definition of a “Trader” continues to be defined. Frequent buying and selling does not a “trader” make, these are not the sole criterion to qualify per the IRS. The holding period of the securities is the key factor, according to the Tax Court. This case is a...
by Leif Jensen | Oct 16, 2011 | General |
According to the Tax Court, donating to a charity the right to use a timeshare unit is not a reportable donation. A trader and his wife donated a week’s stay in their Caribbean timeshare as a prize in a charity’s auction. They then claimed a charitable deduction for...
by Leif Jensen | Oct 16, 2011 | General |
Have you been launched and decided to retire. This decision can cost you, retiring too soon can make you eligible for the 10% penalty on early plan payouts. For the 72T calculation you must be 55 or older in the year you leave the job to escape the penalty....
by Leif Jensen | Oct 16, 2011 | General |
The IRS is going after firms that classify employees as independent contractors. The tax agency and the Labor Dept. are sharing information and both will shortly be sharing information with state agencies to identify companies that violate the tax law or are...
