What is the difference in capital and ordinary gains or losses?
- February 21st, 2018
- David Greene
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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
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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
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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…
How many different ways can the IRS try to collect taxes I owe?
- December 12th, 2017
- David Greene
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This is a good question, but one that cannot be answered in a short space. I will just discuss the primary methods. When one does not pay her taxes, she will first receive a friendly letter stating that she has…
Is it worth mortgaging my home to get a tax deduction?
- December 7th, 2017
- David Greene
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In my opinion, you should never incur debt for the express purpose of lowering your taxes. At this time it is true that people who have a mortgage get to take a deduction on their taxes; however, they only deduct…
Suggestions for Recovering Lost Financial Records
- November 7th, 2017
- David Greene
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Here are some suggestions for recovering your financial records if they are lost or destroyed in a hurricane or other natural disaster: (1) get a copy of your tax transcript from the IRS; (2) Request copies of records (bank statements,…
Here are some important tax tips for new start-up companies.
- October 3rd, 2017
- 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 C…
How can you prove expenses in an audit if you did not keep good records?
- September 19th, 2017
- David Greene
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As you know, if you are audited the IRS will not accept your word for income or expenses. If they think you underreported income, they will go through all of your financial accounts and add deposits to determine income. It…
Will the IRS keep your tax refund even after you successfully negotiate an Offer in Compromise?
- August 8th, 2017
- David Greene
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The Offer in Compromise is a contract between the taxpayer and the IRS. The taxpayer promise to do certain things and the IRS promises to do (write off part of the debt) or not do (levy assets) certain things. One…
How long should you keep your tax return preparation documents?
- July 11th, 2017
- David Greene
- Comments Off on How long should you keep your tax return preparation documents?
The answer is not as simple as you might think. If you have the room, it would be wise to keep those records for at least ten years. In these days it is easy to scan paper documents and store…