by Leif Jensen | Feb 9, 2021 | Taxes |
There is always a lot of wind from politicians to get the top 1% of taxpayers to pay their fair share of taxes. Well according to the IRS they are and have been doing just that. The tax burden on high incomers earners has increased, according to IRS statistics. The...
by Leif Jensen | Dec 8, 2020 | Taxes |
Give to an IRS-recognized section 501(c)(3) charitable organization. You may be surprised who is not on the list. I know of one “Not-for-profit” who has been involuntarily dissolved by the IL Secretary of State’s office and are not listed on GuideStar.org, so I...
by Leif Jensen | Dec 7, 2020 | Taxes |
The IRS has made up some new fun just for 2020. Donate cash, to make use of two new tax rules that apply only for 2020. Nonitemizers can claim an above-the-line deduction of up to $300 for charitable cash contributions that they make in 2020. This means that for 2020,...
by Leif Jensen | Oct 21, 2020 | Taxes |
Have you been working from home since your employer’s office closed? If so, you do not get to claim the home office deduction, you are an employee. Prior to 2018, certain employees could deduct the cost of home office expenses as unreimbursed employee costs included...
by Leif Jensen | Sep 29, 2020 | Taxes |
We have all heard the ads on the radio. People promising to get the IRS off your back, Those promises to settle your IRS tax debts for pennies on the dollar are just that: Promises. Firms that hawk these types of tax-debt relief plans are referred to by the IRS as...
by Leif Jensen | Sep 28, 2020 | Taxes |
Leasing a vehicle to use in your business is a bit cheaper tax wise in 2020. If a car that is worth more than $50,000 is first leased for business during the year, the lessee must pay income tax each year on an amount spelled out in IRS tables. For example, on a...
