Posts Tagged ‘deductions’

HAPPY NEW YEAR

  • January 6th, 2022
  • David Greene
  • Comments Off on HAPPY NEW YEAR

I hope all of my readers had a very nice Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise.  Of course, the way to make those hopes and resolutions come true…

Here are some tax tips for newlyweds.

  • October 13th, 2021
  • David Greene
  • Comments Off on Here are some tax tips for newlyweds.

(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
  • Comments Off on How have child tax credit ruleds changed?

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
  • Comments Off on What is a hobby loss vs. a deductible business loss?

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…

Does working from home change tax implications for businesses and employees?

  • May 11th, 2021
  • David Greene
  • Comments Off on Does working from home change tax implications for businesses and employees?

An employee’s work from home status will change certain tax implications for both employer and employee. While home office expenses have not been allowed as a deduction for employees since 2018, this year employers can help employees by buying equipment…

What are the most common mistakes made on a tax return?

  • April 20th, 2021
  • 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…

Highlights of the relief bill signed by President Trump in December.

  • March 10th, 2021
  • David Greene
  • Comments Off on Highlights of the relief bill signed by President Trump in December.

The Consolidated Appropriations Act, 2021 signed by the President on December 27 is a very comprehensive relief law but here are some of the highlights: (1) It provides a $600 stimulus check for eligible individuals, which have already been issued;…

What to know about gifting stock to a charity.

  • March 3rd, 2021
  • David Greene
  • Comments Off on What to know about gifting stock to a charity.

There are many alternative ways to donate other than money.  One I want to discuss today is the gift of stocks.  If you have been holding some stocks for a good while they have probably increased in value with substantial…

Can a self-employed taxpayer still use the home office deduction?

  • August 27th, 2020
  • David Greene
  • Comments Off on Can a self-employed taxpayer still use the home office deduction?

In a recent blog I discussed that unreimbursed employee expenses for a W-2 employee were no longer allowed as a miscellaneous deduction after 2017.  However, that is not true for self-employed taxpayers who report their business on a Schedule C…

Can a W-2 employee deduct unreimbursed employee expenses?

  • August 5th, 2020
  • David Greene
  • Comments Off on Can a W-2 employee deduct unreimbursed employee expenses?

Prior to 2017, if a W-2 employee had business expenses related to his employment that his employer did not reimburse, he could take a deduction for those expenses.  However, the Tax Cuts and Jobs Act of 2017 eliminated those deductions…

Page 1of 8: 1 2 3 ... 8

Office Location

11 McGee Street
Greenville, SC 29601

Phone: (864) 271-7940
Fax: (864) 370-3413
Toll Free: 1-800-216-1116