by Leif Jensen | Jul 15, 2024 | General, Taxes |
If you file your taxes late in the U.S., you may face two primary penalties: the late filing penalty and the late payment penalty. ### Late Filing Penalty – The penalty for not filing your tax return on time is 5% of the unpaid taxes for each month or part of a...
by Leif Jensen | May 29, 2024 | Taxes |
The IRS has this pesky thing about taxes, they expect them to be paid. I have a couple of clients who are independent contractors and they should be. But they tend to not gross a lot of money and never plan for the inevitability of income taxes. They believe that they...
by Leif Jensen | May 22, 2024 | Taxes |
A surprising number of clients are currently going through a divorce this tax season. Both sides have been asking all sorts of questions. Usually about the others income, probably at the behest of their attorney. All of these clients are still filing joint returns,...
by Leif Jensen | May 20, 2024 | Taxes |
2023 was the year on the unexpected escalating income and under withholding. Interest rates jumped up in 2023, along with dividends. Mutual fund companies, followed the great adage of buying low and selling high. Capital gains were up significantly for a number of...
by Leif Jensen | Apr 17, 2024 | Taxes |
This tax season we are having more and more clients having a significant tax liability; some federal, some state or both. Some clients who have been having liabilities are planning to adjust their withholding. I hope they follow through. For most we give them...
by Leif Jensen | Mar 25, 2024 | Taxes |
If you use QuickBooks Payroll to do your payroll that’s fine. Made sure you are downloading all of the quarterly reports and keeping them safe. We had one client who used the QB service, did not save the files, then went out of business. Two years later the IRS was...
