Archive for Blog

Which 1040 Tax Form should you use?

  • March 5th, 2013
  • David Greene
  • Comments Off on Which 1040 Tax Form should you use?

You must use Form 1040 if (a) your income is over $100,000, (b) you claim itemized deductions, (c) have self employment income or (d) have income from the sale of property.

 

Tax Deductions for Home Owners

  • February 5th, 2013
  • David Greene
  • Comments Off on Tax Deductions for Home Owners

Here are a few tax breaks for the homeowner.  First, the mortgage interest you pay is deductible and is reported by your lender on Form 1098, which must be filed with your return.  In the early years of a loan this can be very significant, since most of the payment is

Can an Offer in Compromise include current taxes?

  • January 28th, 2013
  • David Greene
  • Comments Off on Can an Offer in Compromise include current taxes?

That sounds like a good plan; however, it will not work.  In the first place, at this time one cannot file an Offer on 2012 taxes because they are not due until April 15, 2013.  In order to make an Offer, one will have to file the 2012 taxes whether or not they are paid when filed,

Does a personal injury settlement have to be paid in an Offer in Compromise?

  • January 8th, 2013
  • David Greene
  • Comments Off on Does a personal injury settlement have to be paid in an Offer in Compromise?

Yes, the IRS will require that you include a personal injury settlement or any kind of law suit judgment as an asset and pay that to the government to retire the taxes.  Thus an Offer in Compromise must be increased by the amount of the settlement.  Our exemption statute

How can an IRS levy be prevented?

  • December 18th, 2012
  • David Greene
  • Comments Off on How can an IRS levy be prevented?

The IRS can send one’s employer a Notice of Levy to withhold a portion of his paycheck.  The employer will then withhold up to 60% of the paycheck depending on where the employee falls on a chart.  Also, the IRS can freeze one’s bank account and seize funds in the account to pay

 

Tax Myths about Investments

  • November 27th, 2012
  • David Greene
  • Comments Off on Tax Myths about Investments

I will mention two myths about investments.  First, is the myth of holding on to investments due to fear of capital gains tax.  You should never hold an investment that has

Happy Thanksgiving

  • November 20th, 2012
  • David Greene
  • Comments Off on Happy Thanksgiving

Instead of dwelling on delinquent taxes and other legal problems today, I would like my readers to dwell on things we all can be thankful for in the Spirit of the Season. Like most folks, I do not enjoy paying taxes when I could be spending the money on my family. However, I realize that my tax

Comparison of a Trust and a Will

  • November 15th, 2012
  • David Greene
  • Comments Off on Comparison of a Trust and a Will

One immediate difference is the cost. A will is cheaper to prepare than a trust and most attorneys can prepare wills, but do not know how to properly prepare trusts. However, cost should never be the deciding factor in planning your future.

Liens Compared to Levies

  • October 30th, 2012
  • David Greene
  • Comments Off on Liens Compared to Levies

A tax lien is a document recorded at the county register of deeds office which simply states that the individual owes the IRS the amount of money stated on the lien. If the person named sells real or personal property, that lien must be paid before the seller can convey clear title to the property. Thus a lien is a passive form of collection. In actuality, a tax lien arises when the tax is assessed. However, it is effective against third persons only after it is filed in the public records.

Offer in Compromise Not Available after Tax Evasion Conviction

  • October 23rd, 2012
  • David Greene
  • Comments Off on Offer in Compromise Not Available after Tax Evasion Conviction

The Offer In Compromise program is available to anyone who owes back taxes, no matter how they arose, with one exception. If you are found guilty of fraudulently evading tax, you face criminal penalties and cannot do an Offer to pay restitution. I mention this because most schemes that

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