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Can a self-employed taxpayer still use the home office deduction?

  • August 27th, 2020
  • David Greene
  • Comments Off on Can a self-employed taxpayer still use the home office deduction?

In a recent blog I discussed that unreimbursed employee expenses for a W-2 employee were no longer allowed as a miscellaneous deduction after 2017.  However, that is not true for self-employed taxpayers who report their business on a Schedule C…

What is an Offer in Compromise based on Doubt as to Liability?

  • August 25th, 2020
  • David Greene
  • Comments Off on What is an Offer in Compromise based on Doubt as to Liability?

The Offer in Compromise program is a voluntary program that is offered to certain taxpayers who are delinquent in their taxes. There are three types of offers, including this one. The other two types are an Offer in Compromise based…

Is unemployment income taxable?

  • August 24th, 2020
  • David Greene
  • Comments Off on Is unemployment income taxable?

Unfortunately, unemployment income is taxable on the federal, state and local level.  However, it is estimated that 37% of Americans do not know this and assume unemployment income is not taxable.  The recipient has to ask the Agency to withhold…

If I have a Power of Attorney do I need a will?

  • August 7th, 2020
  • David Greene
  • Comments Off on If I have a Power of Attorney do I need a will?

A Power of Attorney and a will are not related and one has no effect on the other.  A Power of Attorney has legal validity only during a person’s lifetime and a will has legal validity only after a person…

Can a W-2 employee deduct unreimbursed employee expenses?

  • August 5th, 2020
  • David Greene
  • Comments Off on Can a W-2 employee deduct unreimbursed employee expenses?

Prior to 2017, if a W-2 employee had business expenses related to his employment that his employer did not reimburse, he could take a deduction for those expenses.  However, the Tax Cuts and Jobs Act of 2017 eliminated those deductions…

How is a pension taxed?

  • July 22nd, 2020
  • David Greene
  • Comments Off on How is a pension taxed?

As a pension fund is growing during an employee’s working years, it is usually funded with pre-tax dollars and the money going into the pension is not taxed at that time.  However, when a person retires and begins receiving his…

How are income taxes filed for a deceased person?

  • July 16th, 2020
  • David Greene
  • Comments Off on How are income taxes filed for a deceased person?

When a spouse dies, assuming the couple filed as Married Filing Joint, the surviving spouse will still file a joint return for the year in which the spouse died.  A death certificate must be attached to the return.  For this…

What are the criteria for forgiving a PPP loan?

  • July 9th, 2020
  • David Greene
  • Comments Off on What are the criteria for forgiving a PPP loan?

The process to have your PPP loan forgiven is very complicated and is still being fine tuned by SBA, but here are some of the rules. (1) All funds must be used for covered expenses within 24 weeks of receiving…

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