by Leif Jensen | Jan 9, 2011 | General |
Since Congress dragged their feet on the final approval in late 2010 of the 2010 tax rules, this has delayed the IRS. So the IRS is still working on reprogramming their computers. The IRS estimates that they will be unable to accept returns that itemize deductions...
by Leif Jensen | Jan 9, 2011 | General |
Congress is seriously considering the elimination the mortgage interest deduction on individual returns (Schedule A). This would be the first step in the elimination of the Alternative Minimum Tax (AMT); kind of sort of. Without the mortgage interest deduction most...
by Leif Jensen | Dec 11, 2010 | General |
To whom it may concern, the recently passed Small Business Jobs Act that was passed earlier this year in September, has a series of interesting new perks which can be greatly used to your advantage. For instance, under the new law, businesses are no longer requiredto...
by Leif Jensen | Oct 15, 2010 | General |
According to data from the IRS for 2008 the bottom 50% of all taxpayers paid a mere 2.7% of the total income tax bill. Many qualify for the earned income credit , so they get refunds of income tax and payroll taxes, instead of having to pay their fair share.
by Leif Jensen | Oct 11, 2010 | General |
Determining basis is importance for a multitude of reasons beyond the IRS investigations. The three most important reasons are: it limits the amount of corporate loss that can be deducted it’s key to determining a gain or loss when stock is disposed of it sets the...
by Leif Jensen | Oct 11, 2010 | General |
S Corporations are now the second most common business entity after sole proprietorship. Based upon their popularity the IRS has increased its scrutiny of them. The three areas they are focusing on are as follows: Misreporting items Personal expenses on the S corp...
