What are some of the special rules about reporting losses on Schedule C?
- David Greene
- Comments Off on What are some of the special rules about reporting losses on Schedule C?
Schedule C is the most audited of all the tax forms! In order to claim losses based on Schedule C a taxpayer must first prove that the business activity has a clear profit objective. Factors to consider are whether the…
Can a couple file one Offer In Compromise if they have separate tax liabilities?
- David Greene
- Comments Off on Can a couple file one Offer In Compromise if they have separate tax liabilities?
If you retain me to help you I, of course, want to solve both of your problems with the IRS so you can both rest easy. Therefore, I will have to determine the best way to file your Offer. Since…
Can the IRS seize property in a non-liable taxpayer’s name?
- David Greene
- Comments Off on Can the IRS seize property in a non-liable taxpayer’s name?
Yes they can for two reasons. First the Statute of Frauds states that when one transfers property after he has notice of a potential lawsuit or debt, the Court can reverse the transfer as being done to avoid the debt. …
How can I keep my tax preparation program and computer safe from ID theft?
- David Greene
- Comments Off on How can I keep my tax preparation program and computer safe from ID theft?
Here are five tips to make your computer safer and less vulnerable to cyber attacks that can steal your data and your identity. (1) Be sure to use anti-virus software. There are several on the market, so read their reviews before…
Is a Trust only for the very rich – Part 2?
- David Greene
- Comments Off on Is a Trust only for the very rich – Part 2?
I mentioned that the three primary reasons for forming a trust are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after your…
Is a Trust only for the very rich?
- David Greene
- Comments Off on Is a Trust only for the very rich?
Absolutely not! People create trusts for different reasons. The three primary ones are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after…
When does one have to pay Estimated Taxes?
- David Greene
- Comments Off on When does one have to pay Estimated Taxes?
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 Estimated Taxes. (1) If you have income from self-employment, alimony or…
More Tax Tips for Grads Entering the Work Force
- David Greene
- Comments Off on More Tax Tips for Grads Entering the Work Force
Last week I listed 5 things to consider. Here are some more. (1) Remember that graduation gifts are not taxable to the recipient, so you do not need to be concerned with taxes on them. (2) If you worked a…
Special Tax Tips for Grads Entering the Work Force
- David Greene
- Comments Off on Special Tax Tips for Grads Entering the Work Force
The transition from college to the work force raises some “flags” of which you should be aware. (1) Coordinate your taxes with your parents for things such as your dependency status. (2) You can still claim student loan interest, but…
Is there any remedy if the IRS threatens to seize a taxpayer’s home?
- David Greene
- Comments Off on Is there any remedy if the IRS threatens to seize a taxpayer’s home?
The IRS may foreclose on and seize a taxpayer’s home when settlement negotiations break down. However, there may still be hope. The situation usually is that an Offer In Compromise has been denied and the taxpayer feels that he owes…