Archive for Blog

If I have a Power of Attorney do I need a will?

  • August 7th, 2020
  • David Greene
  • Comments Off on If I have a Power of Attorney do I need a will?

A Power of Attorney and a will are not related and one has no effect on the other.  A Power of Attorney has legal validity only during a person’s lifetime and a will has legal validity only after a person…

Can a W-2 employee deduct unreimbursed employee expenses?

  • August 5th, 2020
  • David Greene
  • Comments Off on Can a W-2 employee deduct unreimbursed employee expenses?

Prior to 2017, if a W-2 employee had business expenses related to his employment that his employer did not reimburse, he could take a deduction for those expenses.  However, the Tax Cuts and Jobs Act of 2017 eliminated those deductions…

How is a pension taxed?

  • July 22nd, 2020
  • David Greene
  • Comments Off on How is a pension taxed?

As a pension fund is growing during an employee’s working years, it is usually funded with pre-tax dollars and the money going into the pension is not taxed at that time.  However, when a person retires and begins receiving his…

How are income taxes filed for a deceased person?

  • July 16th, 2020
  • David Greene
  • Comments Off on How are income taxes filed for a deceased person?

When a spouse dies, assuming the couple filed as Married Filing Joint, the surviving spouse will still file a joint return for the year in which the spouse died.  A death certificate must be attached to the return.  For this…

What are the criteria for forgiving a PPP loan?

  • July 9th, 2020
  • David Greene
  • Comments Off on What are the criteria for forgiving a PPP loan?

The process to have your PPP loan forgiven is very complicated and is still being fine tuned by SBA, but here are some of the rules. (1) All funds must be used for covered expenses within 24 weeks of receiving…

Can one get a refund for a 2016 tax return filed after April 15, 2020?

  • May 27th, 2020
  • David Greene
  • Comments Off on Can one get a refund for a 2016 tax return filed after April 15, 2020?

That is a very timely question right now.  Because of COVID-19 the answer is different than it would have been without the impact of the pandemic.  Generally, you must file a tax return within three years of its due date…

How should one report non-cash contributions?

  • May 19th, 2020
  • David Greene
  • Comments Off on How should one report non-cash contributions?

Keeping proper records to support contributions claimed as a tax deduction can be tricky.  If you claim cash contributions, you must have a receipt from the charitable group to whom you gave the contribution.  Also, the gift must be to…

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