by Leif Jensen | Oct 11, 2021 | Taxes |
Do you contribute to a Traditional or a Roth IRA? The idea behind the investing in a Traditional IRA is that your tax rates will be less when you are retired. Most of our clients did not believe us when we explained that this is a fallacy, that they will be roughly...
by Leif Jensen | Oct 6, 2021 | Money Management, Taxes |
In Fiscal 2020 we had clients who sold their home and did not prepare for the tax consequences. What was the most surprising was the fact that two or maybe three clients all claimed that they rolled the funds into a bigger home and so the profits should not be...
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...
