Here are some tax saving tips for the Home Office.
- David Greene
- Comments Off on Here are some tax saving tips for the Home Office.
There are definitely some tax advantages to the home office deduction if it is set up correctly. Here are some pointers to help you get the most benefit: (1) the space must be exclusively and regularly used as the principal…
Can a Family Court Order stating only one spouse is liable for taxes stop an IRS levy against the other spouse?
- David Greene
- Comments Off on Can a Family Court Order stating only one spouse is liable for taxes stop an IRS levy against the other spouse?
Unfortunately, a Family Court Order stating only one spouse is liable for taxes cannot stop the IRS from taking action by levy or otherwise against the other spouse if both signed the tax return.. Since the IRS is a federal…
What does the IRS mean by “Currently Not Collectible” status?
- David Greene
- Comments Off on What does the IRS mean by “Currently Not Collectible” status?
There is an IRS program called Currently Not Collectible Status. To qualify for that status you do not need to be destitute with no assets and no job. You do need to be in such a position that all or…
Can the IRS collect taxes accrued in another state after you move to a different state?
- David Greene
- Comments Off on Can the IRS collect taxes accrued in another state after you move to a different state?
First, unfortunately there is no question that ones federal tax liability will follow him to another state. The IRS can easily find you by several means, so it is just a matter of time before those nasty letters will be…
Here are some Back to School tax tips.
- David Greene
- Comments Off on Here are some Back to School tax tips.
Here are some school related tax tips. (1) Although private school tuition is not deductible, the child care component of the tuition is deductible for kids under 13. (2) Also for kids under 13, before and after school care may…
Learn more about the ability to file subsequent Offers in Compromise after rejection.
- David Greene
- Comments Off on Learn more about the ability to file subsequent Offers in Compromise after rejection.
Last week I discussed the rejection of an Offer because the income was too high and then the Offer applicant was laid off. I discussed the necessity of having a source of income to file an Offer at any time….
Can you file a second Offer in Compromise after one is rejected?
- David Greene
- Comments Off on Can you file a second Offer in Compromise after one is rejected?
You can certainly file a second Offer after one is rejected, but only when there is a change in your circumstances, e.g. lower income or higher necessary living expenses or even loss of assets through no fault of your own. …
Tips for preparing an amended tax return
- David Greene
- Comments Off on Tips for preparing an amended tax return
Here are some tips for amending your return: (1) use the right form – Form 1040X; (2) since you are amending, also check for unused deductions or credits and be sure you have the correct filing status and number of…
Is a trust only for the very rich?
- David Greene
- Comments Off on Is a trust only for the very rich?
A good trust is definitely not only for the very rich. People create trusts for different reasons. The three primary ones are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and…
Can I get my tax refund if I owe back taxes?
- David Greene
- Comments Off on Can I get my tax refund if I owe back taxes?
Unfortunately, the IRS will take any refund to which you are otherwise entitled until your delinquent tax is paid in full. Until your tax is paid in full, I suggest that you revisit your W-4 form and possibly adjust it…