What if you can’t pay what you owe on your tax return?
- April 11th, 2017
- David Greene
- Comments Off on What if you can’t pay what you owe on your tax return?
First let me remind everyone that Tax Day is getting very close. The deadline to file is April 18 this year due to a Washington, DC holiday. Also, let me make it clear that you always need to file your…
What steps can you take to avoid an audit?
- April 4th, 2017
- David Greene
- Comments Off on What steps can you take to avoid an audit?
There is nothing you can do to guarantee that you will never be audited. However, by following three simple rules, you can minimize your chances of being audited and, if you are audited, minimize your chances of having to pay…
How is a tax levy different from a lien?
- March 28th, 2017
- David Greene
- Comments Off on How is a tax levy different from a lien?
This week I want to discuss how a levy differs from a lien. While a lien is simply recorded at the courthouse and is therefore a “passive” collection action (nothing happens until the taxpayer sells property), a levy is an…
Can a tax lien be used to seize your home?
- March 21st, 2017
- David Greene
- Comments Off on Can a tax lien be used to seize your home?
No, the IRS will not seize your home as a result of this Lien. They would have to start a legal proceeding to reduce the lien to a judgment. However, this lien does affect your property. You can think of…
The IRS has a new Private Debt Collector program.
- March 14th, 2017
- David Greene
- Comments Off on The IRS has a new Private Debt Collector program.
Any time you owe back taxes you should be worried and it is always better to be proactive. You should be even more worried now because the IRS is implementing a new Private Debt Collection program. The first one lasted…
What are the most common mistakes made on a tax return?
- March 7th, 2017
- David Greene
- Comments Off on What are the most common mistakes made on a tax return?
Here are the most common mistakes the IRS sees from self-prepared returns: (1) Math errors – be sure to check your math twice; (2) Misspelled name or changed name not updated (be sure the name on the return matches the…
Examples of stupid deductions that the IRS disallows
- March 1st, 2017
- David Greene
- Comments Off on Examples of stupid deductions that the IRS disallows
Unfortunately the IRS is not lenient when you try to deduct expenses for which there is no valid reason. Here are a few examples of deductions that have been tried and “shot down” by the IRS. (1) A real estate…
How to tell if your worker is an employee or independent contractor
- February 22nd, 2017
- David Greene
- Comments Off on How to tell if your worker is an employee or independent contractor
Many small businesses are audited by the IRS each year to determine if their workers are truly independent contractors or really employees. If they are found to be statutory employees, large fines and delinquent payroll taxes can result. If your…
Is there anything wrong with buying a fill-in-the-blank will or trust from the office supply store?
- February 15th, 2017
- David Greene
- Comments Off on Is there anything wrong with buying a fill-in-the-blank will or trust from the office supply store?
I highly discourage buying and using these kinds of packages. Why? First, they may or may not contain all of the language and signing requirements necessary in South Carolina. Second, they do not give you the latitude in making your…
What tax deductions may be disappearing soon?
- February 8th, 2017
- David Greene
- Comments Off on What tax deductions may be disappearing soon?
With the new Trump administration, we may lose some tax deductions that we’ve used in years past. Therefore you should be sure to take advantage of them this tax year in case they are not available next year. Some of…