Archive for Blog

Will it help to itemize deductions – Part 2?

  • March 19th, 2019
  • David Greene
  • Comments Off on Will it help to itemize deductions – Part 2?

Last week I discussed the standard deduction changes and this week we’ll take a brief look at itemized deductions.  Many deductions are still allowed but limited.  Foreign income taxes, state and local real and personal property taxes, and state and…

Will it help to itemize deductions for 2018?

  • March 14th, 2019
  • David Greene
  • Comments Off on Will it help to itemize deductions for 2018?

That is a question that has to be answered on an individual basis.  The new law in general will help many people and hurt many other “middle class” people.  We have already seen that many are upset because their refunds…

What are the odds of being audited.

  • March 5th, 2019
  • David Greene
  • Comments Off on What are the odds of being audited.

I get similar questions to this quite frequently. Here are some statistics from 2017.   Out of 150 million tax filers in 2017, here are some stats based on gross income and other factors:  Returns audited (a) for international taxpayers – 1…

What is an ABLE account?

  • February 20th, 2019
  • David Greene
  • Comments Off on What is an ABLE account?

ABLE is an acronyn for Achieving a Better Life Experience.  ABLE accounts, created by IRC Sec. 529A, are availanble to people who become disabled before age 26.  Distributions, including earnings, are tax free to designated beneficiaries if used to pay…

Are divorce related attorney fees ever deductible as a business expense?

  • February 12th, 2019
  • David Greene
  • Comments Off on Are divorce related attorney fees ever deductible as a business expense?

Under the current law, legal fees incurred during divorce may be deductible if incurred because the spouse is interfering in the taxpayer’s business or if the issue relates to taxable alimony income.  In a recent case, the Tax Court held…

Can VA disability payments be levied by the IRS?

  • January 29th, 2019
  • David Greene
  • Comments Off on Can VA disability payments be levied by the IRS?

There is a federal statute that generally protects VA disability income from attachment, levy or seizure.  However, in a recent federal case from Colorado, the judge ruled that this statute does not apply to levies issued by the IRS so…

Should one retain a professional to represent her in an audit?

  • January 16th, 2019
  • David Greene
  • Comments Off on Should one retain a professional to represent her in an audit?

The answer is definitely “Yes.”  The primary thing that needs to be addressed in an audit is to supply the revenue officer with a complete set of documents and information that he requests, but not extraneous information.  The professional representative…

Are consumer tax preparation programs right for everyone?

  • January 10th, 2019
  • David Greene
  • Comments Off on Are consumer tax preparation programs right for everyone?

Tax season officially opens January 28, 2019, so this is the time to think about preparing your taxes.  The answer to the above question depends on the complexity of your tax situation. If you have only W-2 income and claim…

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