Be Prepared for Next Year’s Tax Season

• June 19th, 2013
• David Greene
• Comments Off on Be Prepared for Next Year’s Tax Season

Here are some tips to help insure you are ready when tax season rolls around next year.

(1) If you either owed additional tax or received a large refund on April 15, you should consider adjusting your withholdings.  Your employer or payroll person can help you adjust

Is the Personal Representative of an Estate personally liable for taxes of the decedent?

• June 6th, 2013
• David Greene
• Comments Off on Is the Personal Representative of an Estate personally liable for taxes of the decedent?

If a decedent dies owing taxes, the IRS must file a claim for the taxes owed just as any other creditor must.  They have eight months from the posting of the Notice To Creditors or one

Reporting Non-Cash Contributions

• April 16th, 2013
• David Greene
• Comments Off on Reporting Non-Cash Contributions

Keeping proper records to support contributions claimed as a tax deduction can be tricky.  If you claim cash contributions, you must have a receipt from the charitable group to whom you gave the contribution.  Also, the gift must be to a recognized (Section 501 (c))

Generic Trusts – A Good Idea?

• April 4th, 2013
• David Greene
• Comments Off on Generic Trusts – A Good Idea?

Definitely not!  A trust is not a “one size fits all.”  To be sure that your trust accomplishes what you want and is not susceptible to attack by the State, Federal government or potential

What can one do when an Offer in Compromise is rejected?

• March 27th, 2013
• David Greene
• Comments Off on What can one do when an Offer in Compromise is rejected?

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
• Comments Off on Which 1040 Tax Form should you use?

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
• Comments Off on Tax Deductions for Home Owners

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
• Comments Off on Can an Offer in Compromise include current taxes?

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
• Comments Off on Does a personal injury settlement have to be paid in an Offer in Compromise?

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
• Comments Off on How can an IRS levy be prevented?

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