by Leif Jensen | Sep 23, 2020 | Running a Business, Taxes |
I have lots of clients who want their vehicles to be company vehicles, but they only use the vehicles for commuting back and forth to their offices and for other personal uses. So they don’t get to claim a business vehicle. They can get reimbursed for their business...
by Leif Jensen | Sep 8, 2020 | Banking, Running a Business, Taxes |
I am going to harp on this on final time. PPP Forgiveness of the loan will be deemed tax-free. However, to business owners who take the loan will not be able to write off expenses that would otherwise be deductible if they use those PPP funds to cover the cost and...
by Leif Jensen | Aug 30, 2020 | Rant, Retirement, Taxes |
You have worked long and hard. You also planned and saved and sacrificed to make this happen and now want to enjoy your later years in peace and quiet, with comfort. Did you expect that in retirement taxes can be your largest expense? Probably not. All of those...
by Leif Jensen | Aug 25, 2020 | Taxes |
Some data to explain why the IRS would like oversight of unenrolled preparers. Those who are not CPAs, attorneys, enrolled agents, enrolled actuaries, etc. They prepared 53% of all 2018 Form 1040s. That figure increases to 76% when you count only 1040s with Schedule...
by Leif Jensen | Aug 3, 2020 | Taxes |
The bottom 43 to 45% of taxpayers don’t pay in any money for federal income taxes. So, it is unsurprising, that most Americans pay more in payroll taxes than in income taxes. Based on the structure of the Social Security payroll tax, poor and working-class people...
by Leif Jensen | Jul 13, 2020 | Taxes |
Ever since the IRS made it possible for any Tom, Dick or Harriet to do taxes with limited training and skills. The service was supposed to make sure that these preparers at least filed their own returns. Guess who wasn’t doing what they were supposed to do… The...
