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...
by Leif Jensen | Apr 17, 2024 | Taxes |
This tax season we are having more and more clients having a significant tax liability; some federal, some state or both. Some clients who have been having liabilities are planning to adjust their withholding. I hope they follow through. For most we give them...
by Leif Jensen | Mar 25, 2024 | Taxes |
If you use QuickBooks Payroll to do your payroll that’s fine. Made sure you are downloading all of the quarterly reports and keeping them safe. We had one client who used the QB service, did not save the files, then went out of business. Two years later the IRS was...
by Leif Jensen | Nov 27, 2023 | Taxes |
The IRS has issued Brokers guidance on how to comply with reporting rules on digital assets. A 2021 law requires brokers to report the sales price, tax basis and other information on digital asset trades. The rules were scheduled to first take effect for digital...
by Leif Jensen | Nov 15, 2023 | Taxes |
The Federal Income Tax from 1861 was repealed in 1872, the bills of the Civil War were paid. Alas, there were puritanicals that wanted to enforce their will and beliefs on others. They had disdain for those cultures that drank beer or wine, and hated those who...
