by Leif Jensen | Mar 8, 2022 | Running a Business |
Beyond forcing outside companies partnering and sharing design plans with the government. China will have to invest more in productivity enhancements like basic scientific research. Traditionally, Beijing has been loath to spend money on R&D that doesn’t promise...
by Leif Jensen | Feb 21, 2022 | Running a Business |
Expenses incurred before business starts aren’t deductible right away. An engineer bought vacant land with the intent to eventually farm and develop it. Although he spent time and money working on the land, began constructing a barn, and even came up with a business...
by Leif Jensen | Jan 12, 2022 | Running a Business |
Thinking of starting that side business? I always think it is a great idea to start a side business and have multiple income streams and not being solely reliant on your employer for all income. But you will need to keep some information in mind when you do start...
by Leif Jensen | Jan 10, 2022 | Running a Business |
I have been warned about scope creep and the need for engagements letters to spell out ever more details. So, I should be using an engagement letter for tax returns which we do utilize for businesses and individuals. I should then have a new separate letter for any...
by Leif Jensen | Dec 8, 2021 | Running a Business, Tax Court |
There is an issue that keep appearing in cases coming out of the Tax Court: Large rental losses taken by taxpayers claiming to be real estate pros. Real estate professionals must meet two tests to beat the passive-activity loss rules and deduct their rental losses in...
by Leif Jensen | Dec 6, 2021 | Running a Business, Taxes |
There is a new law changing the 1099-K reporting rules which should hike compliance requirements in this area. What is a 1099-K??? This form endeavors to ensure that all online retailers are reporting sales for tax purposes. It requires credit card companies, such as...
