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...
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...
