by Leif Jensen | Oct 4, 2021 | Taxes |
The most recent IRS statistics are out and the analysis is in, who are paying our taxes? At least from 2018… IRS statistics from 2018 show that the top 1% of taxpayers (more than $540,000 in income) paid 40.1% of all individual income taxes; the top 5% (about...
by Leif Jensen | Sep 28, 2021 | Investing, Money Management, Taxes |
President Biden wants to increase the tax on dividends. I find this a bit shortsighted; since he apparently has never invested in the stock market throughout his life (can this be true?) The value of those dividends is then an unknown entity. Not all have federal...
by Leif Jensen | Sep 20, 2021 | Taxes |
Many taxpayers have tried to assert a reasonable-cause defense to avoid a tax penalty. In doing so, they have to prove their position was based on a reasonable cause and they acted in good faith. They must show that they exercised the same care that a reasonably...
by Leif Jensen | Sep 15, 2021 | Taxes |
When I stumbled across this little bit of history I could do anything but think “tax and spend”. In April 1942, when we had only been at war for 5 months or less, President Roosevelt proposed a top individual tax rate of 100%, declaring that amid “grave national...
by Leif Jensen | Aug 30, 2021 | Taxes |
While on hold with the IRS, have you wondered why it is so hard and taking so long to reach a live person at IRS by phone? One reason is the historic number of callers. During the 2021 filing season, the IRS received 85.1 million calls on its toll-free 1040 phone...
by Leif Jensen | Aug 25, 2021 | Taxes |
Are you one the unfortunates still waiting for your tax refund on your timely filed 2019 or 2020 return? You are not alone there are millions of others are in the same boat, not that this makes you feel any better. As of June 25, IRS had a backlog of 16.7 million 2019...
