Do I need to report the sale of stock on my tax return?
- March 27th, 2023
- David Greene
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The short and simple answer is yes. When you purchase stock or any type of security, you are doing so with the money you have earned after taxes. This type of investment creates a basis in the new asset you have acquired….
Does using a paid tax preparer guarantee a correct return?
- March 23rd, 2023
- David Greene
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Unfortunately, the answer is “no.” Many preparers make mistakes from time to time for various reasons on both personal and corporate returns. In fact, the IRS recently released a study that found that 71% of S corporations who used paid…
Mistakes In Tax Return Preparation (Part 2)
- March 2nd, 2023
- David Greene
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Recently I stated that I can think of ten mistakes that are most often made when preparing a tax return. In that blog I listed 5 and in this blog I will tell you the remainder. Here they are: (6)…
How To Choose A Tax Return Preparer
- February 24th, 2023
- David Greene
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I have more than a few clients each year who are audited and when I review their returns I can see where the tax preparer made mistakes because he/she did not understand the application of the rules. The IRS has…
What is Innocent Spouse relief in terms of IRS tax collections?
- February 10th, 2023
- David Greene
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In order to ascertain whether you are eligible for Innocent Spouse relief, we must look closely at the years in question. Were the unpaid returns filed as joint returns? You are responsible for taxes owed on any return you sign. …
Are gifts to charity by a business deductible?
- January 26th, 2023
- David Greene
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They are not always deductible, but in your case I believe they are. You explained further that you conducted a promotion where you advertised that a portion of every sale would go to charity for a certain period of time. …
Here are some tips to help lower next year’s taxes.
- June 21st, 2022
- David Greene
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Here are a few suggestions I can give you: (1) The standard dedction has been raised very high, so most people will benefit more by taking the standard deduction. However, itemizing will stil benefit some taxpayers so, if you decide…
Here are some tax tips for newlyweds.
- October 13th, 2021
- David Greene
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(1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported…
How have child tax credit ruleds changed?
- August 5th, 2021
- David Greene
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Thank you for your question. There have been quite a few changes to the child tax credit. Here are a few: (1) The credit is higher than last year. (2) There are now automatic advance payments of one-half of your…
What is a hobby loss vs. a deductible business loss?
- June 17th, 2021
- David Greene
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A hobby loss is not deductible, but a business loss is. An IRS audit is usually where the question arises: Is this “business” really a business or merely a hobby which continuously loses money? The IRS looks at several factors…