What is a Dynasty Trust and how does it work?
- September 12th, 2017
- David Greene
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Many of my clients tell me they do not want to give their child a sizeble inheritance, only to have it disappear in a bad divorce or bad business deal. They ask if and how they can protect their chilren’s…
What is a Trust Protector?
- September 6th, 2017
- David Greene
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Last month some of the best legal and financial planning minds in the country met to discuss the direction of estate planning and how to help average citizens such as you and I keep our assets and pass them on to…
Learn what the IRS charges to set up an Installment Agreement.
- August 29th, 2017
- David Greene
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The IRS charges a user fee to set up an Installment Agreement for a taxpayer. The IRS used to charge a user fee of $43.00 to set up the account for the Installment Agreement. However, several years ago, this fee…
Why should you voluntarily increase your monthly tax Installmant Agreement payments?
- August 22nd, 2017
- David Greene
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If you are in an Installment Agreement and find that you could easily be paying more per month you should consider doing so, for by increasing your payment you will pay off the Agreement early and save interest. You do…
What is the Fresh Start progran for those who owe delinquent taxes?
- August 15th, 2017
- David Greene
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The Fresh Start program helps many taxpayers but not all. It is designed to help those with smaller amounts owing in delinqueat taxes. Basically the program provides a simple way for taxpayers owing less than $25,000 in delinquent taxes to…
Will the IRS keep your tax refund even after you successfully negotiate an Offer in Compromise?
- August 8th, 2017
- David Greene
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The Offer in Compromise is a contract between the taxpayer and the IRS. The taxpayer promise to do certain things and the IRS promises to do (write off part of the debt) or not do (levy assets) certain things. One…
Is a monetary award for job discriminstion taxable as income?
- August 1st, 2017
- David Greene
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Unfortuantely, a monetary award of this tyupe is considered income by the IRS. When someone is physically injured and gets a money award from settlemenet or trial, that money is not taxable. The key words here are “physical injury.” Emotional…
Can one submit a second Offer in Compromise after his first one has been denied?
- July 26th, 2017
- David Greene
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The easy answer to the question is that, “yes”, one can submit another Offer. There is no minimum wait time between Offer submissions. However, I expect that the real question is, “Is there any hope if I submit another Offer?” …
How long should you keep your tax return preparation documents?
- July 11th, 2017
- David Greene
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The answer is not as simple as you might think. If you have the room, it would be wise to keep those records for at least ten years. In these days it is easy to scan paper documents and store…
When are job search expenses deductible?
- June 28th, 2017
- David Greene
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Some, but not all, job-hunting expenses are deductible, according to the IRS. To determine deductibility, keep in mind the following criteria: The expenses must be spent on a job search in your current occupation; expenses looking for a job for…