For tax purposes, what changes do I need to make when I get married?
- David Greene
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For many, getting married creates many new beginnings and opportunities. At the same time it can also be a catalyst that can create many changes in a couple’s life. Some of these changes may and will affect how you look…
What is the Work Opportunity Tax Credit?
- David Greene
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The WOTC is a tax credit that allows employers who hire members of targeted groups who face employment barriers to claim a credit against income tax of a percentage of first-year wages. This credit has recently been expanded by the…
When can one discharge delinquent taxes in bankruptcy?
- David Greene
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The current bankruptcy law is very restrictive and is a “needs-based” law. Some taxes will be dischargeable and some will not. Because it is a “needs-based” law fewer consumers will be able to use Chapter 7 bankruptcy as a quick…
When can a business deduct gifts to Charities?
- David Greene
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Gifts to charities by a business are not alweays deductible, but in some cases they are. The IRS Chief Counsel recently issued an Advisory Ruling in which he said that when a business conducts a promotion where it advertises that…
What is the proper way to substantiate unreimbursed business mileage expenses?
- David Greene
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If you drive your vehicle for work, but your employer does not reimburse you for this expense, you may deduct this as an unreimbursed business expense. You will report this deduction on Schedule A. However, for the IRS to accept…
What is the best way to prepare for a cash business audit?
- David Greene
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When a tax examiner audits a cash intensive business, she looks at several factors to see if all income is being reported. According to the IRS, the primary indicators of unreported income are: (1) a lifestyle that cannot be supported…
Some business tax tips under the new tax law
- David Greene
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Many owners of small businesses know how to make or sell their product, but do not know how to keep good books and file and pay all required local, state and federal tax forms. To keep your business out of…
Can the IRS assign my tax debt to a private debt collector?
- David Greene
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In 2015 Congress passed a federal law which allowed certain private companies to collect, on the government’s behalf, outstanding inactive tax receivables. However, currently there are only four contractors that are authorized for collection: CBE Group of Cedar Falls, Iowa;…
How to get your passport restored if it has been restricted due to delinquent taxes.
- David Greene
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In prior blogs, I have discussed how the Passport Restriction program works and listed some exceptions to the rule. Now I will list ways to get the restrictions lifted. (1) Pay the debt in full. (2) Enter into a full-pay Installment Agreement….
Will my student loan debt forgiveness be taxable?
- 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…