by Leif Jensen | Sep 9, 2024 | Taxes |
The income tax burden on high-incomers rose for 2021, per IRS statistics. The top 1% of individual filers paid 45.78% of all U.S. federal income taxes… up from 2020’s figure of 42.31%. They reported 26.3% of total adjusted gross income. Filers needed AGIs of at least...
by Leif Jensen | Sep 4, 2024 | Taxes |
Most individual tax provisions in the 2017 tax reform law expire after 2025. They include tax rates and bracket changes, higher standard deductions, repeal of personal exemptions, the $10,000 cap on deducting state and local taxes on Schedule A, and others that we...
by Leif Jensen | Jul 15, 2024 | General, Taxes |
If you file your taxes late in the U.S., you may face two primary penalties: the late filing penalty and the late payment penalty. Late Filing Penalty – The penalty for not filing your tax return on time is 5% of the unpaid taxes for each month or part of a...
by Leif Jensen | May 29, 2024 | Taxes |
The IRS has this pesky thing about taxes, they expect them to be paid. I have a couple of clients who are independent contractors and they should be. But they tend to not gross a lot of money and never plan for the inevitability of income taxes. They believe that they...
by Leif Jensen | May 22, 2024 | Taxes |
A surprising number of clients are currently going through a divorce this tax season. Both sides have been asking all sorts of questions. Usually about the others income, probably at the behest of their attorney. All of these clients are still filing joint returns,...
by Leif Jensen | May 20, 2024 | Taxes |
2023 was the year on the unexpected escalating income and under withholding. Interest rates jumped up in 2023, along with dividends. Mutual fund companies, followed the great adage of buying low and selling high. Capital gains were up significantly for a number of...
