Will my student loan debt forgiveness be taxable?
- June 19th, 2018
- David Greene
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When you take out student loans, you are borrowing money and are legally obligated to repay a fixed or determinable amount at a future date. You have a debt. Under the Income-Based Repayment (IBR) plan, your student loans will be…
Which improvements qualify for the various energy credits?
- June 12th, 2018
- David Greene
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When you file your tax return, the IRS allows a reduction of tax for any energy efficient improvements you have made. These tax credits can range from adding solar panels to your home to driving an electric car. The Qualified…
Can the IRS make an employee adjust his withholding amount on his paycheck?
- June 5th, 2018
- David Greene
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Yes, they can but sometimes you should voluntarily make that adjustment yourself. It is a common issue among our clients that they do not have enough taxes withheld from their paycheck. When you work as an employee, you fill out…
Will you get your refund after filing delinquent tax returns?
- May 30th, 2018
- David Greene
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The answer is yes and no! I will assume that you owe no other taxes. If you do, any refund will go to reduce those taxes first. The IRS has a rule that you can only get a refund for the previous three…
Will one ex-spouse’s Offer in Compromise absolve the other ex-spouse from liability?
- May 16th, 2018
- David Greene
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First, the IRS does not care what your state court divorce order says. Since you and your ex-wife filed jointly, you both are jointly and severally liable for the entire tax bill. This means that you both owe the entire…
Here are the Dirty Dozen tax scams for 2018 according to the IRS.
- May 9th, 2018
- David Greene
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The Dirty Dozen: (1) Telephone scams threatening to have you arrested if you don’t pay immediately. The IRS will never call you asking for money. (2) Phony emails asking you to go to a website and give personal information. The…
What kind of activities increase the chances of being audited?
- April 24th, 2018
- David Greene
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Some tax returns are more likely to be audited than others. Why is this? I can think of eleven practices that lead to a greater risk of audit. First is using a “sketchy” tax preparer. This is one who…
Today Is Tax Return Due Day 2018.
- April 17th, 2018
- David Greene
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Since tax returns are due today, I know that many of my readers are very stressed. Therefore, I thought that today I would share a little comic relief. Hope you enjoy. (1) A man made a Freedom of Information request to…
What does the new Tax Reform mean for Pass Through Entities starting in 2018?
- April 11th, 2018
- David Greene
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One of the most significant changes under tax reform is the tax treatment of businesses. Unlike changes to the individual tax scheme, which are temporary and somewhat piecemeal, the changes to the business tax scheme are permanent and fairly thorough….
Is there any one group of people who tend to get in trouble with the IRS more than others?
- April 5th, 2018
- David Greene
- Comments Off on Is there any one group of people who tend to get in trouble with the IRS more than others?
I can’t say that there is any one group that tends to get in trouble more than any other, but there is one type of taxpayer who tends to get in trouble frequently. Self employed people tend to find themselves in…