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...
by Leif Jensen | Aug 18, 2021 | Taxes |
Are you considering making an offer to settle your federal tax debt at less than what you owe? There are two payment options: Lump sum cash, which requires 20% of the total offer amount to be paid up front, with the remaining balance to be paid in five or fewer...
by Leif Jensen | Aug 17, 2021 | Taxes |
With a red hot housing market in 2021, tons of people have been selling their homes. A reminder on calculating gain or loss from the sale of your primary home. You start with the amount of gross proceeds reported in box 2 of Form 1099-Sand subtract selling expenses...
by Leif Jensen | Aug 10, 2021 | Taxes |
The IRS sends out millions of letters every year, typically looking for more money. Many taxpayers try to assert a reasonable-cause defense to avoid a penalty and interest from those letters. In doing so, they have to prove their position was based on reasonable cause...
by Leif Jensen | Aug 9, 2021 | Investing, Taxes |
Long-term capital gains have favorable rates, over ordinary income. Profits from the sale or exchange of capital assets held over a year are generally taxed at 0%, 15% or 20%. There’s also the 3.8% surtax on net investment income of single filers with modified...
