Posts Tagged ‘deductible’

How can you prove expenses in an audit if you did not keep good records?

  • September 19th, 2017
  • David Greene
  • Comments Off on How can you prove expenses in an audit if you did not keep good records?

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…

When are job search expenses deductible?

  • June 28th, 2017
  • David Greene
  • Comments Off on When are job search expenses deductible?

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
  • Comments Off on What factors trigger a business audit?

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
  • Comments Off on What Document Support Is Needed for Charitable Contributions

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
  • 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…

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…

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