by Leif Jensen | May 9, 2022 | Taxes |
This year was odder than most, we had a number of taxpayers wanting to claim head of household status while still married. Yes, that is an option, but there are hoops to jump through. To qualify for the head of household filing status while married, you must be...
by Leif Jensen | Apr 12, 2022 | Rant, Taxes |
While at this writing the Biden tax proposal hasn’t been voted on but has been described to include very scary items. First off this is supposed to only “tax” the uber wealthy. But the tax code itself was to do the same thing in the beginning. Tax a very small...
by Leif Jensen | Apr 4, 2022 | Running a Business, Taxes |
I have to admit I am not a friend of the home office. The thought of depreciating my home, only to recapture the deprecation as ordinary income when I sell it was never a warm fuzzy thought. Granted the IRS safe harbor of up to $1,500 is not a lot. But as I sit here...
by Leif Jensen | Mar 29, 2022 | Money Management, Taxes |
With the significant drop in the stock market, I expect that capital gains from mutual funds will be sizable for 2022. When the market goes down a significant percentage of the population panics and go to cash. Mutual fund companies only hold so much cash in reserve...
by Leif Jensen | Mar 28, 2022 | Money Management, Taxes |
I don’t know why, but this is the first year that no one seems to understand how capital gains work. I have had to explain them to at least four people this year. Versus the usual one to none. I am not talking about stocks where you buy low and sell high, they seem to...
by Leif Jensen | Mar 15, 2022 | Taxes |
Did you know that if you steal property, you are required to report its fair market value in your income in the year you steal it? That is unless you return it to its rightful owner in the same year. No, you can’t give your neighbor a 1099 for the garden tools they...
