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Will my severance pay from my employer be taxed?

  • May 4th, 2021
  • David Greene
  • Comments Off on Will my severance pay from my employer be taxed?

Severance pay is generally treated the same as ordinary income, i.e. wages or salary.  This is because the IRS treats it as final payment of income due to the employee or sometimes unused vacation day or sick day pay. However,…

I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?

  • April 28th, 2021
  • David Greene
  • Comments Off on I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?

The IRS will accept your Installment Agreement request without your furnishing your financial information only if the following conditions are met: 1) the total owed is less than $50,000.00; 2) the taxpayer has filed all required returns for the past…

What are the most common mistakes made on a tax return?

  • April 20th, 2021
  • David Greene
  • Comments Off on What are the most common mistakes made on a tax return?

Here are the most common mistakes the IRS sees from self-prepared returns: (1) Math errors – be sure to check your math twice; (2) Misspelled name or changed name not updated (be sure the name on the return matches the…

Are stimulus checks taxable? What if you don’t receive it?

  • April 8th, 2021
  • David Greene
  • Comments Off on Are stimulus checks taxable? What if you don’t receive it?

If you have not received your check, first be sure you are eligible.  Eligibility is based on your earnings as shown on your 2019 return.  For a single person, if your Adjusted Gross Income is more than $87,000, you are…

What are the IRA contribution and withdrawal rules for 2020?

  • April 6th, 2021
  • David Greene
  • Comments Off on What are the IRA contribution and withdrawal rules for 2020?

First I want to let everyone know that the 2020 tax return filing deadline has been extended until May 17.  The CARES Act changed many rules related to IRAs for 2020.  First one can withdraw up to $100,000 without incurring…

Highlights of the relief bill signed by President Trump in December.

  • March 10th, 2021
  • David Greene
  • Comments Off on Highlights of the relief bill signed by President Trump in December.

The Consolidated Appropriations Act, 2021 signed by the President on December 27 is a very comprehensive relief law but here are some of the highlights: (1) It provides a $600 stimulus check for eligible individuals, which have already been issued;…

What to know about gifting stock to a charity.

  • March 3rd, 2021
  • David Greene
  • Comments Off on What to know about gifting stock to a charity.

There are many alternative ways to donate other than money.  One I want to discuss today is the gift of stocks.  If you have been holding some stocks for a good while they have probably increased in value with substantial…

Is cryptocurrency taxable? How is it taxed?

  • February 18th, 2021
  • David Greene
  • Comments Off on Is cryptocurrency taxable? How is it taxed?

Cryptocurrency is a new medium of exchange that is rapidly growing in popularity.  Before investing in any one of the types of cryptocurrency (bitcoin being the most popular) you should realize that it is not backed by or protected by…

Can a taxpayer submit more than one Offer in Compromise?

  • February 9th, 2021
  • David Greene
  • Comments Off on Can a taxpayer submit more than one Offer in Compromise?

Yes, one can certainly file a second Offer after a rejection, especially when there is a change in your circumstances.  However, we should look at another possibility first.  When an Offer is rejected, you have 30 days from the date of…

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