Using The Fall Season To Prepare For An IRS Audit In The Upcoming Year
- David Greene
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As the year winds down, fall offers the perfect opportunity to take stock of your financial records and get organized for tax season. In this article, we break down… Red flags to address before an IRS audit to reduce your…
Estate Planning Conversations To Have With Aging Parents In South Carolina
- David Greene
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Talking about estate planning with aging parents can be uncomfortable, but it’s one of the most important discussions a family can have. Clear communication and early planning help ensure that your parents’ wishes are respected and that you’re not left…
How South Carolina Handles Back Taxes On Inherited Property That Was Sold Before Death?
- David Greene
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Related Videos Why Would You Recommend A Trust As A Basic Strategy For Proper Estate Planning Versus Other Methods? What Is A Special Needs Trust? How Can I Revoke My Power Of Attorney?
Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?
- David Greene
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Thank you for your question. The answer is, yes you can designate to which taxes the money you pay to the IRS will be applied as long as it is a “voluntary” payment and not one paid due to forced…
Is a Personal Injury settlement subject to payment in an Offer in Compromise – Part 2?
- David Greene
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To reiterate from my last blog, even though the personal injury settlement is exempt from forced collection by the IRS or other judgment creditors, the IRS expects the taxpayer to include that money in an Offer since the Offer program…
Can I be taxed in retirement? How?
- David Greene
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There are six primary ways you can be taxed in retirement: (1) Traditional IRA or 401(k) withdrawals – this money is always taxed when taken out, no matter at what age; (2) Social Security benefits – whether or not taxed…
Do reimbursements from my employer need to be included in my income?
- David Greene
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Under the 2017 Tax Cuts and Jobs Act reimbursements for moving expenses paid by an employer for most employees is to be included in income starting in 2018. This makes these amounts taxable for most employees, except for active-duty members…
Does the new tax code affect my withholding because I have dependents?
- David Greene
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Because the law expanded and made significant changes to the Child Tax Credit, it also suspended the deduction for personal exemptions. The IRS has recommended that parents and caregivers should do a “paycheck checkup” to determine how these changes could…
How do you transfer a piece of property after the probate estate of the owner is closed?
- David Greene
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The only way to transfer real property owned by a deceased person who died less than ten years ago is to go through probate and obtain a Deed of Distribution. If the deceased died more than ten years ago, a…
How important is it to have a durable Power of Attorney?
- David Greene
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It is very important! A durable Power of Attorney (POA) is simply legal authorization for someone else to act on one’s behalf. This usually only occurs if the grantor of the POA is incapacitated, but it can be useful in many…