by Leif Jensen | May 8, 2018 | General |
The new tax law wiped out a number of benefits of home ownership, which is vexing the National Association of Realtors. You can still write off the mortgage interest on your primary mortgage. But there are hoops to jump through and records to keep for deductibility...
by Leif Jensen | May 7, 2018 | General |
According to my youngest, who is currently a senior in High School a large number of his peers are not planning on going forward to college. While the decision to forgo a four-year degree still runs counter to 30 years of conventional wisdom. These kids are not...
by Leif Jensen | May 2, 2018 | General |
The Labor Dept. and IRS have a pact to share leads on misclassified workers. But as usual, the results from our government have not been very robust. Since 2012, the Revenue Service has selected for examination a mere 210 of the 1,300 referrals it’s received from DOL,...
by Leif Jensen | May 1, 2018 | General |
A doctor’s C corporation that paid his home mortgage cannot deduct the cost, according to the Tax Court. A company may deduct payments made to lease home office space from an employee or shareholder, if they’re ordinary and necessary business expenses. Here, the...
by Leif Jensen | Apr 30, 2018 | General |
Tapping an IRA the wrong way in a divorce can be a costly blunder. Sometimes you need to talk to a CPA. A divorce court ordered a man to pay $100,000 in a nontaxable transaction into an IRA titled in his ex-wife’s name. He was also ordered to pay her attorney fees....
by Leif Jensen | Apr 25, 2018 | General |
Depreciation for restaurant, retail and leasehold remodeling rules have changed under the new tax law. They are now consolidated under the grouping of qualified improvement property (QIP). Congressional Republicans intended to give QIP a 15-year depreciable life and...
