Archive for Uncategorized

Can I be taxed in retirement? How?

  • October 31st, 2018
  • David Greene
  • Comments Off on Can I be taxed in retirement? How?

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?

  • October 24th, 2018
  • David Greene
  • Comments Off on Do reimbursements from my employer need to be included in my income?

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?

  • October 16th, 2018
  • David Greene
  • Comments Off on Does the new tax code affect my withholding because I have dependents?

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 important is it to have a durable Power of Attorney?

  • May 1st, 2018
  • David Greene
  • Comments Off on How important is it to have a durable Power of Attorney?

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…

What is the Fresh Start progran for those who owe delinquent taxes?

  • August 15th, 2017
  • David Greene
  • Comments Off on What is the Fresh Start progran for those who owe delinquent taxes?

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…

Successful seminar

  • January 25th, 2016
  • David Greene
  • Comments Off on Successful seminar

Hope everyone had a good time in the snow. We had a great Estate Planning seminar and meal last Thursday evening before the snow. Some very good questions were asked, which showed that the attendees were involved and interested.  We…

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

 

Early Withdrawal from Retirement Account

  • July 20th, 2010
  • David Greene
  • Comments Off on Early Withdrawal from Retirement Account

Retirement accounts such as IRA’s, 401k’s and company sponsored retirement accounts receive special tax treatment because the money is not supposed to be used by the owner of the account until she reaches a specified age, usually over 62 or over 65.  The thought is that she can put aside that money now tax free into the restricted account while she is working and is in a higher tax bracket.  Then, when

 

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