by Leif Jensen | Jan 22, 2019 | General |
In 2014 the IRS issued Notice 2014-21 to provide guidance and some basic tax principles concerning virtual currency (i.e. Bitcoin, Litecoin, Monero, Dogecoin,NEM, etc.). The notice establishes that virtual currency is to be treated as property. So as property, the tax...
by Leif Jensen | Jan 21, 2019 | General |
I was on a webinar recently and one of the slides showed that a mere 1% of “things” that could be connected to the internet currently are. So apparently “we” are not moving as fast as originally anticipated in embracing the “IOT”. But the presentation did state that...
by Leif Jensen | Jan 16, 2019 | General |
A few years ago I met and individual who was a guest at a networking event. He was a definite self-promoter always looking for the next way to make money. At the meeting we were seated together and at some point he turned to me and asked why I was there? Before I...
by Leif Jensen | Jan 15, 2019 | General |
There was a large subgroup of people who were able to itemize and deduct Miscellaneous Itemized deduction on their Schedule A after the expenses surpassed 2% of Adjusted Gross Income (AGI). All of these expenses were eliminated as deductible under the new tax law. A...
by Leif Jensen | Jan 14, 2019 | General |
Home equity line of credit (HELOC) is indebtedness defined as indebtedness other than acquisition indebtedness secured by a qualified residence. Meaning is does not include the original primary mortgage on your principal residence. According to the new tax law for the...
by Leif Jensen | Jan 9, 2019 | General |
Under the new tax law (TCJA) the reporting of alimony paid as a deduction from income on the 1040 has been eliminated. In conjunction payments for alimony or separate payments received are no longer required for inclusion of income on the recipient’s income tax...
