What can one do when an Offer in Compromise is rejected?
- March 27th, 2013
- David Greene
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Unfortunately, many Offers are rejected at first. However, there is hope. When an Offer is rejected, the taxpayer has thirty (30) days to file an appeal from the denial of the Offer. With this appeal, he can submit new information to support his case. The appeal will be reviewed
Which 1040 Tax Form should you use?
- March 5th, 2013
- David Greene
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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
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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
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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
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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
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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
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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
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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
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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
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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.