How can I plan throughout the year for filing my taxes?
- August 22nd, 2018
- David Greene
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Though April 15, 2019 seems far away, there are things you can be doing today to help ensure your tax return is prepared quickly and correctly. Here are three things taxpayers should know about the tax returns they will file…
Do I have to file a return if I only work a summer job?
- August 15th, 2018
- David Greene
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As summer is coming to an end, many taxpayers are getting back to school. If you are a student that worked a summer job, you may think you do not have to file a tax return for 2018. When determining…
For tax purposes, what changes do I need to make when I get married?
- August 7th, 2018
- David Greene
- Comments Off on For tax purposes, what changes do I need to make when I get married?
For many, getting married creates many new beginnings and opportunities. At the same time it can also be a catalyst that can create many changes in a couple’s life. Some of these changes may and will affect how you look…
When can a business deduct gifts to Charities?
- July 19th, 2018
- David Greene
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Gifts to charities by a business are not alweays deductible, but in some cases they are. The IRS Chief Counsel recently issued an Advisory Ruling in which he said that when a business conducts a promotion where it advertises that…
What is the proper way to substantiate unreimbursed business mileage expenses?
- July 18th, 2018
- David Greene
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If you drive your vehicle for work, but your employer does not reimburse you for this expense, you may deduct this as an unreimbursed business expense. You will report this deduction on Schedule A. However, for the IRS to accept…
What is the best way to prepare for a cash business audit?
- July 12th, 2018
- David Greene
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When a tax examiner audits a cash intensive business, she looks at several factors to see if all income is being reported. According to the IRS, the primary indicators of unreported income are: (1) a lifestyle that cannot be supported…
Some business tax tips under the new tax law
- July 11th, 2018
- David Greene
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Many owners of small businesses know how to make or sell their product, but do not know how to keep good books and file and pay all required local, state and federal tax forms. To keep your business out of…
Which improvements qualify for the various energy credits?
- June 12th, 2018
- David Greene
- Comments Off on Which improvements qualify for the various energy credits?
When you file your tax return, the IRS allows a reduction of tax for any energy efficient improvements you have made. These tax credits can range from adding solar panels to your home to driving an electric car. The Qualified…
Here are the Dirty Dozen tax scams for 2018 according to the IRS.
- May 9th, 2018
- David Greene
- Comments Off on Here are the Dirty Dozen tax scams for 2018 according to the IRS.
The Dirty Dozen: (1) Telephone scams threatening to have you arrested if you don’t pay immediately. The IRS will never call you asking for money. (2) Phony emails asking you to go to a website and give personal information. The…
What kind of activities increase the chances of being audited?
- April 24th, 2018
- David Greene
- Comments Off on What kind of activities increase the chances of being audited?
Some tax returns are more likely to be audited than others. Why is this? I can think of eleven practices that lead to a greater risk of audit. First is using a “sketchy” tax preparer. This is one who…