Posts Tagged ‘tax return’

How can the IRS deny a taxpayer’s exemption for his child?

  • April 12th, 2023
  • David Greene
  • Comments Off on How can the IRS deny a taxpayer’s exemption for his child?

Usually, when the IRS denies your exemption for a child, it means that someone else filed before you did, claiming the same child as an exemption.  This usually arises when a stepparent and biological parent both claim the exemption. However, in…

What are Estimated Taxes and do I have to pay them?

  • April 6th, 2023
  • David Greene
  • Comments Off on What are Estimated Taxes and do I have to pay them?

Estimated taxes are taxes one has to pay in advance of the tax being due.  They are required for people who earn income from which no payroll taxes are withheld.  A “W-2” employee is one who gets a regular payroll…

Do I need to report the sale of stock on my tax return?

  • March 27th, 2023
  • David Greene
  • Comments Off on Do I need to report the sale of stock on my tax return?

The short and simple answer is yes. When you purchase stock or any type of security, you are doing so with the money you have earned after taxes. This type of investment creates a basis in the new asset you have acquired….

Does using a paid tax preparer guarantee a correct return?

  • March 23rd, 2023
  • David Greene
  • Comments Off on Does using a paid tax preparer guarantee a correct return?

Unfortunately, the answer is “no.”  Many preparers make mistakes from time to time for various reasons on both personal and corporate returns.  In fact, the IRS recently released a study that found that 71% of S corporations who used paid…

Is a spouse responsible for the partner’s pre-marital tax debt?

  • March 21st, 2023
  • David Greene
  • Comments Off on Is a spouse responsible for the partner’s pre-marital tax debt?

If one is single when the unpaid tax liability accrued, only the one who incurred the tax debt is responsible for paying those taxes.  The IRS cannot take the other spouse’s property or levy her income to pay those taxes. …

Mistakes In Tax Return Preparation (Part 2)

  • March 2nd, 2023
  • David Greene
  • Comments Off on Mistakes In Tax Return Preparation (Part 2)

Recently I stated that I can think of ten mistakes that are most often made when preparing a tax return. In that blog I listed 5 and in this blog I will tell you the remainder. Here they are: (6)…

How To Choose A Tax Return Preparer

  • February 24th, 2023
  • David Greene
  • Comments Off on How To Choose A Tax Return Preparer

I have more than a few clients each year who are audited and when I review their returns I can see where the tax preparer made mistakes because he/she did not understand the application of the rules. The IRS has…

What is Innocent Spouse relief in terms of IRS tax collections?

  • February 10th, 2023
  • David Greene
  • Comments Off on What is Innocent Spouse relief in terms of IRS tax collections?

In order to ascertain whether you are eligible for Innocent Spouse relief, we must look closely at the years in question.  Were the unpaid returns filed as joint returns?  You are responsible for taxes owed on any return you sign. …

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