by Leif Jensen | Jul 13, 2021 | Taxes |
What are the federal income tax consequences from selling a timeshare? Losses from the sale of timeshares held for personal use are nondeductible. If you are one of the lucky few that sells a timeshare at a profit, you have capital gain. Different tax rules apply to...
by Leif Jensen | Jul 7, 2021 | Taxes |
Cases involving passport revocations are now coming before the Tax Court. A federal statute allows the Department of State to deny or revoke U.S. passports of individuals with federal tax debts of $54,000 or more on whom a tax lien or levy has been filed. The IRS...
by Leif Jensen | Jun 30, 2021 | Taxes |
Businesses can deduct 100% of restaurant meals in 2021 and 2022.The late 2020 stimulus law provides temporary relief from the 50% haircut that normally applies to the business meals write-off. The easing applies only to food and beverages purchased at a restaurant for...
by Leif Jensen | Jun 15, 2021 | Taxes |
For 2021, the maximum amount of tax-free employer-provided dependent care benefits increased to $10,500. This means an employee can set aside $10,500 in a dependent care flexible spending account, instead of the normal $5,000. Workers can only do this if their...
by Leif Jensen | Jun 14, 2021 | Taxes |
Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying care considered in calculating the credit, modifies the phase-out of the credit for higher earners,...
by Leif Jensen | Jun 9, 2021 | Taxes |
Over the years I have done presentations to all sorts of professionals that believe they know the tax laws better than I. I am not talking about my peers who love to memorize the code, the rates and nuisances. They know it off the top of their heads, where I may...
