Here are some important tax tips for new start-up companies.
- October 3rd, 2017
- David Greene
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Here are some tips relative to the financial and tax implications of a new business. To make the best decisions, you should consult with an attorney or accountant when implementing these tips. (1) Pick a business structure – S or C…
How can you prove expenses in an audit if you did not keep good records?
- September 19th, 2017
- David Greene
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As you know, if you are audited the IRS will not accept your word for income or expenses. If they think you underreported income, they will go through all of your financial accounts and add deposits to determine income. It…
Will the IRS keep your tax refund even after you successfully negotiate an Offer in Compromise?
- August 8th, 2017
- David Greene
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The Offer in Compromise is a contract between the taxpayer and the IRS. The taxpayer promise to do certain things and the IRS promises to do (write off part of the debt) or not do (levy assets) certain things. One…
How long should you keep your tax return preparation documents?
- July 11th, 2017
- David Greene
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The answer is not as simple as you might think. If you have the room, it would be wise to keep those records for at least ten years. In these days it is easy to scan paper documents and store…
When are job search expenses deductible?
- June 28th, 2017
- David Greene
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Some, but not all, job-hunting expenses are deductible, according to the IRS. To determine deductibility, keep in mind the following criteria: The expenses must be spent on a job search in your current occupation; expenses looking for a job for…
What factors trigger a business audit?
- June 6th, 2017
- David Greene
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There are two basic ways the IRS chooses a Form 941 Employment tax return to audit: 1. A computer program detects a return that has incorrect amounts or 2. Information from compliance projects (news media, public records, etc.) suggests the…
What Document Support Is Needed for Charitable Contributions
- May 23rd, 2017
- David Greene
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Here are the rules for deducting charitable contributions and the supporting documents needed. Any contribution of $250.00 or more must be substantiated by a contemporaneous written receipt by the donee organization. This receipt must state whether or not the donee…
What if you can’t pay what you owe on your tax return?
- April 11th, 2017
- David Greene
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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
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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…
What are the most common mistakes made on a tax return?
- March 7th, 2017
- David Greene
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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…