Posts Tagged ‘deductions’

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…

What does the new Tax Reform mean for Pass Through Entities starting in 2018?

  • April 11th, 2018
  • David Greene
  • Comments Off on What does the new Tax Reform mean for Pass Through Entities starting in 2018?

One of the most significant changes under tax reform is the tax treatment of businesses. Unlike changes to the individual tax scheme, which are temporary and somewhat piecemeal, the changes to the business tax scheme are permanent and fairly thorough….

Do I need to report the sale of stock on my tax return?

  • March 27th, 2018
  • David Greene
  • Comments Off on Do I need to report the sale of stock on my tax return?

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…

How can collecting Social Security lead to an increase in your tax liability?

  • March 15th, 2018
  • David Greene
  • Comments Off on How can collecting Social Security lead to an increase in your tax liability?

One very common problem we see at the office arises when people begin collecting Social Security yet are not fully retired. When you begin collecting Social Security, the government considers you as “retired” and does not expect you to continue…

What is the difference in capital and ordinary gains or losses?

  • February 21st, 2018
  • David Greene
  • Comments Off on What is the difference in capital and ordinary gains or losses?

Capital gains or losses result from selling capital assets which generally, but not always, includes the sale of real estate.  Some things that are not capital assets are: business inventory, business receivables, real or other depreciable business property and certain…

How good are consumer computer tax preparation programs?

  • January 30th, 2018
  • David Greene
  • Comments Off on How good are consumer computer tax preparation programs?

I have been asked this question several times already this year, so I am repeating the answer I gave to this question several years ago. However, I must state a disclaimer that no one knows how the new tax program…

Happy New Year. How to choose a tax preparer

  • January 3rd, 2018
  • David Greene
  • Comments Off on Happy New Year. How to choose a tax preparer

I hope all of my readers had a very relaxing and joyous Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise.  As you know it looks like we will have a…

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