by Leif Jensen | Mar 7, 2011 | General |
As more people owe more money in back taxes. The IRS is raising the dollar threshold from $5,000 to $10,000 before filing a tax lien for unpaid taxes. IRS will also withdraw more tax liens once the tax debts are repaid. This could help debtors’ credit ratings because...
by Leif Jensen | Mar 7, 2011 | General |
The Social Security wage base proposal for 2012 is $110,100,up $3,300. The current two-percentage-point cut in the employees’ share of Social Security tax is set to lapse after 2011, so rates will return to 7.65% on employers and employees. Government estimates for...
by Leif Jensen | Mar 7, 2011 | General |
IRS Notice 2011-14 Funds paid on behalf of financially struggling homeowners under both federal and state assistance programs to prevent foreclosure and stabilize the housing market are exclude-able from income. 1099’s need not be issued.
by Leif Jensen | Mar 7, 2011 | General |
I was meeting with three clients the other day. One makes enough to cover just basic expenses, the next has a mid-level salary, the third is an entrepreneur made more the the other two combined. They all have very liberal leanings. The entrepreneur will owe money...
by Leif Jensen | Mar 7, 2011 | General |
Although these expenses may be related to her job, expenses that are inherently personal are nondeductible personal expenses. A television morning news anchor cannot deduct the cost of her business clothing that she wore only on TV, the Tax Court says, even though she...
by Leif Jensen | Feb 28, 2011 | General |
Yesterday I was picking up a couple of gift certificates for a Not-for-Profit. They had a new credit card machine and were having difficulties with the machine and processing my payment. While this was happening I was stating that this could have a devastating...
