Posts Tagged ‘deductions’

When does an incorrect tax return become criminal, Part 2?

  • September 20th, 2019
  • David Greene
  • Comments Off on When does an incorrect tax return become criminal, Part 2?

Last week I stated that that only fruadulent acts lead to criminal trouble and I listed five things that can cause real trouble. This week I will add four more things you do notwant to do that, if done, can lead…

When does an incorrect tax return become criminal?

  • September 10th, 2019
  • David Greene
  • Comments Off on When does an incorrect tax return become criminal?

If you make a mistake on your return, that is not criminal.  However, filing a wilfully fraudulent return iscriminal and can land you in jail.  Here are some things you do not want to do that, if done, can lead to…

Hints to help new businesses stay out of tax trouble.

  • September 4th, 2019
  • David Greene
  • Comments Off on Hints to help new businesses stay out of tax trouble.

There are many hints or suggestions I can give a new businessman, but I do not have that much room.  I will give you five very important hints to keep you straight with the IRS.  First, form your business as…

More Tax Tips for Grads Entering the Work Force

  • July 23rd, 2019
  • David Greene
  • Comments Off on More Tax Tips for Grads Entering the Work Force

Last week I listed 5 things to consider.  Here are some more. (1) Remember that graduation gifts are not taxable to the recipient, so you do not need to be concerned with taxes on them. (2) If you worked a…

Special Tax Tips for Grads Entering the Work Force

  • July 16th, 2019
  • David Greene
  • Comments Off on Special Tax Tips for Grads Entering the Work Force

The transition from college to the work force raises some “flags” of which you should be aware. (1) Coordinate your taxes with your parents for things such as your dependency status. (2) You can still claim student loan interest, but…

What proof is needed to support charitable deductions?

  • April 30th, 2019
  • David Greene
  • Comments Off on What proof is needed to support charitable deductions?

Here are the rules: (1) You must have a written statement from the charity for a gift over $250 or at least a bank or credit card statement for any monetary donation; (2) gifts are deductible in the year made,…

Will it help to itemize deductions – Part 2?

  • March 19th, 2019
  • David Greene
  • Comments Off on Will it help to itemize deductions – Part 2?

Last week I discussed the standard deduction changes and this week we’ll take a brief look at itemized deductions.  Many deductions are still allowed but limited.  Foreign income taxes, state and local real and personal property taxes, and state and…

Will it help to itemize deductions for 2018?

  • March 14th, 2019
  • David Greene
  • Comments Off on Will it help to itemize deductions for 2018?

That is a question that has to be answered on an individual basis.  The new law in general will help many people and hurt many other “middle class” people.  We have already seen that many are upset because their refunds…

What are the odds of being audited.

  • March 5th, 2019
  • David Greene
  • Comments Off on What are the odds of being audited.

I get similar questions to this quite frequently. Here are some statistics from 2017.   Out of 150 million tax filers in 2017, here are some stats based on gross income and other factors:  Returns audited (a) for international taxpayers – 1…

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