How To Choose A Tax Return Preparer
- David Greene
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I have more than a few clients each year who are audited and when I review their returns I can see where the tax preparer made mistakes because he/she did not understand the application of the rules. The IRS has…
What is Innocent Spouse relief in terms of IRS tax collections?
- David Greene
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In order to ascertain whether you are eligible for Innocent Spouse relief, we must look closely at the years in question. Were the unpaid returns filed as joint returns? You are responsible for taxes owed on any return you sign. …
Mistakes In Tax Return Preparation
- David Greene
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There are ten mistakes that are most often made when preparing a tax return. I’ll list 5 in this blog and 5 in my next one. The first five are: (1) forgetting to report all of your income (even if…
Are gifts to charity by a business deductible?
- David Greene
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They are not always deductible, but in your case I believe they are. You explained further that you conducted a promotion where you advertised that a portion of every sale would go to charity for a certain period of time. …
Tax tips for Start-ups
- 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…
Here are some tips to help lower next year’s taxes.
- David Greene
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Here are a few suggestions I can give you: (1) The standard dedction has been raised very high, so most people will benefit more by taking the standard deduction. However, itemizing will stil benefit some taxpayers so, if you decide…
Is a mistake on a tax return criminal?
- David Greene
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If you make a mistake on your tax return, that is not criminal. However, filing a wilfully fraudulent return is criminal and can land you in jail. Here are some things you do not want to do that, if done,…
HAPPY NEW YEAR
- David Greene
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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.
- David Greene
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(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?
- David Greene
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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…