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...
by Leif Jensen | Mar 9, 2022 | Taxes |
Did you know that income from all illegal activities, such as money from dealing with drugs, must be included as income on Schedule 1 so it can flow onto your 1040? You will also be taxed for self-employment taxes as well, so both side of FICA.
by Leif Jensen | Mar 2, 2022 | Taxes |
Sometime ago the cost of an MBA could be deducted, as illustrated here. A man worked as an investment analyst and owned technology ventures. He left his job to get an MBA degree and deducted the cost on Schedule A as an unreimbursed employee business expense subject...
by Leif Jensen | Mar 1, 2022 | Taxes |
IRS is disbursed its last monthly child credit payment for 2021 on Dec. 15. Taxpayers who file a federal return next year will use Schedule 8812 to reconcile their 2021 advance payments with the child credit they are entitled to. For most, the credit will exceed the...
by Leif Jensen | Feb 28, 2022 | Taxes |
There are some LLC and LP members who don’t pay SECA taxes that are now on the IRS’s radar. The IRS has an ongoing audit campaign on when limited partners and LLC members owe self-employment tax on their distributive share of the firm’s income. In 2017, the Tax Court...
