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…
What is an ABLE account?
- February 20th, 2019
- David Greene
- Comments Off on What is an ABLE account?
ABLE is an acronyn for Achieving a Better Life Experience. ABLE accounts, created by IRC Sec. 529A, are availanble to people who become disabled before age 26. Distributions, including earnings, are tax free to designated beneficiaries if used to pay…
Are divorce related attorney fees ever deductible as a business expense?
- February 12th, 2019
- David Greene
- Comments Off on Are divorce related attorney fees ever deductible as a business expense?
Under the current law, legal fees incurred during divorce may be deductible if incurred because the spouse is interfering in the taxpayer’s business or if the issue relates to taxable alimony income. In a recent case, the Tax Court held…
Will the interest paid on a home equity loan be deductible under the new tax law?
- February 8th, 2019
- David Greene
- Comments Off on Will the interest paid on a home equity loan be deductible under the new tax law?
The answer really depends on the purpose for which you used the loan proceeds. The new tax law suspended from 2018 to 2026 the deduction for interest paid on home equity loans, home equity lines of credit and second mortgages. However,…
Should one retain a professional to represent her in an audit?
- January 16th, 2019
- David Greene
- Comments Off on Should one retain a professional to represent her in an audit?
The answer is definitely “Yes.” The primary thing that needs to be addressed in an audit is to supply the revenue officer with a complete set of documents and information that he requests, but not extraneous information. The professional representative…
Are consumer tax preparation programs right for everyone?
- January 10th, 2019
- David Greene
- Comments Off on Are consumer tax preparation programs right for everyone?
Tax season officially opens January 28, 2019, so this is the time to think about preparing your taxes. The answer to the above question depends on the complexity of your tax situation. If you have only W-2 income and claim…