by Leif Jensen | Dec 13, 2022 | Taxes |
The IRS has a Free File program which began in the mid-1980s, it lets individual taxpayers with adjusted gross incomes of $73,000 or less use free commercial tax software to prepare and e-file their returns. No state returns. Its usage is anemic. Only about 3% of...
by Leif Jensen | Dec 12, 2022 | Taxes |
Filers who report health premium credits are juicy audit targets. I have a client who graduated college and started his career, his return was audited because he got insurance coverage under his parent’s exchange policy. But he had no premium coverage listed on his...
by Leif Jensen | Nov 28, 2022 | Taxes |
First, do you owe the IRS money? If so, is the balance greater than $55,000? If the answer to both questions is yes, then you may have a passport problem. The State Department can deny or revoke U.S. passports of people with tax debts of $55,000 or more on whom a tax...
by Leif Jensen | Aug 30, 2022 | Taxes |
We started working with a new client and we were working through the company credit card charges. A number of the items looked to be personal items. So, we contacted the client, and it was his stance that everything is deductible, and the chance of an audit is slim....
by Leif Jensen | Jul 19, 2022 | Taxes |
I have and am now working with a new client that have sold three properties that have been nearly fully depreciated. Two were sold in 2021 and one in 2022. They were unaware of the fact that you have to recapture the depreciation that they have been enjoying for...
by Leif Jensen | Jul 18, 2022 | Taxes |
I have had a number of clients who sell their buildings and then call me up and want to talk about setting up a 1031 exchange, since they don’t want to pay the taxes on the huge gains they just made. A 1031 exchange is a real estate investing tool that allows...
