Consequences of not paying estimated taxes
- July 22nd, 2014
- David Greene
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Having more expense than income is a common occurrence in today’s world with the current economic situation. This is especially true for someone who owns a small business or gets 1099 income, i.e. the person is paid for services but no taxes are withheld. The small business owner or
What are the odds of being audited?
- May 6th, 2014
- David Greene
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The odds of any one person being audited are very slim. A new research report recently was published that stated that individuals and small corporations only have a one per cent chance of
Joint Offer in Compromise for Divorced Couples
- April 25th, 2014
- David Greene
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In an earlier blog, I talked about an ex-wife’s liability when the ex-husband successfully pursued an Offer in Compromise. I said that the IRS can pursue this person’s ex-wife for any joint tax liability remaining after his Offer in Compromise is paid. Today I’m going to propose another solution to
Filing when you cannot pay the amount due
- April 15th, 2014
- David Greene
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Should you file a return even if you cannot pay the mount due? Yes, you always need to file your return on time even if you can’t pay. This is Tax Day and I hope all of my readers will file their returns, or an extension, today. What you do not want to do is ignore the tax due. There are
Joint Tax Liability After Divorce
- April 8th, 2014
- David Greene
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Consider the following situation. Husband and wife owe delinquent taxes. Sometime later they divorce and the judge orders husband to be responsible for all delinquent taxes. What happens to the wife’s liability if the husband successfully pursues an Offer in Compromise?
Filing Delinquent Tax Returns
- March 26th, 2014
- David Greene
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You should always file delinquent returns for at least the past seven years. However, first, be sure to file your 2013 return on or before April 15 no matter what else you do or don’t do. You should
Asset Protection Trusts
- March 11th, 2014
- David Greene
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Many people are confused and sometimes misled about what kind of Trust they should use. A revocable trust cannot protect your assets from creditors. It is not meant to do that. The primary
How to prove you filed your tax return
- February 26th, 2014
- David Greene
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If you file your tax return and then the IRS loses it and sends you a letter saying you never filed, how can you prove you did? You may think the IRS does not lose tax returns, but they do every year. There are five primary ways to file that the IRS recognizes as providing proof of time of filing.
Rules for Tax Deductible Gifts
- February 18th, 2014
- David Greene
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Here are the rules: (1) You must have a written statement from the charity for a gift over $250 or at least a bank or credit card statement for any monetary donation; (2) gifts are deductible in the year
Dangers of Pre-Packaged Wills and Trusts
- February 5th, 2014
- David Greene
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I highly discourage buying and using pre-packaged or “cookie cutter” wills and trusts. Why? First, they may or may not contain all of the language and signing requirements necessary in South