What is the proper way to substantiate unreimbursed business mileage expenses?
- July 18th, 2018
- David Greene
- Comments Off on What is the proper way to substantiate unreimbursed business mileage expenses?
If you drive your vehicle for work, but your employer does not reimburse you for this expense, you may deduct this as an unreimbursed business expense. You will report this deduction on Schedule A. However, for the IRS to accept…
What is the best way to prepare for a cash business audit?
- July 12th, 2018
- David Greene
- Comments Off on What is the best way to prepare for a cash business audit?
When a tax examiner audits a cash intensive business, she looks at several factors to see if all income is being reported. According to the IRS, the primary indicators of unreported income are: (1) a lifestyle that cannot be supported…
Some business tax tips under the new tax law
- July 11th, 2018
- David Greene
- Comments Off on Some business tax tips under the new tax law
Many owners of small businesses know how to make or sell their product, but do not know how to keep good books and file and pay all required local, state and federal tax forms. To keep your business out of…
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….
Is the rumor that most refunds may be delayed for months this year true?
- April 4th, 2018
- David Greene
- Comments Off on Is the rumor that most refunds may be delayed for months this year true?
This is one of several myths about refunds that seem to be circulating this year. It is indeed a myth. In truth, most refunds are sent out within 21 days of filing the return. To get your refunds faster, be…
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…