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When does a taxpayer have to pay Estimated taxes?

  • May 6th, 2024
  • David Greene
  • Comments Off on When does a taxpayer have to pay Estimated taxes?

I cannot answer that without knowing how much you owe because the answer depends on how much you owe on your current year’s tax return.  However, here are five general tips to help you decide if you should be paying…

Is Income Tax illegal?

  • May 1st, 2024
  • David Greene
  • Comments Off on Is Income Tax illegal?

I get inquiries about this matter every year around April 15.  First let me state that the collection of income tax by the federal government is legal pursuant to the Constitution and federal statutes.  We might not like how much…

Why is money withdrawn from a retirement account taxed?

  • April 30th, 2024
  • David Greene
  • Comments Off on Why is money withdrawn from a retirement account taxed?

I decided that shortly after tax time is a good time to answer this question because I always have clients in this predicament every year!  I want to use this answer as a warning to anyone thinking of making an…

How soon can one submit a seccond Offer in Compromise?

  • February 20th, 2024
  • David Greene
  • Comments Off on How soon can one submit a seccond Offer in Compromise?

There is no minimum wait time between Offer submissions.  However, a better question is, “Is there any hope if I submit another Offer after my first one was denied?”  Yes there might be, depemnding on the length of time between…

Can I go to jail for not filing taxes?

  • February 12th, 2024
  • David Greene
  • Comments Off on Can I go to jail for not filing taxes?

I have a lot of clients that have failed to file returns for several years, in fact, a gentleman came in last week who has not filed in 15 years.  First, you should not worry about going to jail unless…

Is home equity loan interest always deductible?

  • February 11th, 2024
  • David Greene
  • Comments Off on Is home equity loan interest always deductible?

The answer really depends on the purpose for which you use the loan proceeds.  The new tax law suspended from 2018 to 2026 the deduction for interest paid on home equity loans, home equity lines of credit and second mortgages. …

How can you track your 2022 missing refund?

  • February 2nd, 2024
  • David Greene
  • Comments Off on How can you track your 2022 missing refund?

Every year I get several questions along the same line.  The IRS recently reported that they have over $200 million in undelivered tax refunds.  These are for more than 100,000 taxpayers.  You may be one of them.  The failure in…

New Year Resolutions

  • January 29th, 2024
  • David Greene
  • Comments Off on New Year Resolutions

Well, Christmas is over and we have rung in the New Year.  During this past week many people made New Year resolutions.  Did you make any?  Most of these deal with either working on a healthier and better body or…

HAPPY NEW YEAR

  • January 1st, 2024
  • David Greene
  • Comments Off on HAPPY NEW YEAR

I hope everyone reading this had a very nice Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. Of course, the way to make those hopes and resolutions come true is…

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