When are job search expenses deductible?
- June 28th, 2017
- David Greene
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Some, but not all, job-hunting expenses are deductible, according to the IRS. To determine deductibility, keep in mind the following criteria: The expenses must be spent on a job search in your current occupation; expenses looking for a job for…
What factors trigger a business audit?
- June 6th, 2017
- David Greene
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There are two basic ways the IRS chooses a Form 941 Employment tax return to audit: 1. A computer program detects a return that has incorrect amounts or 2. Information from compliance projects (news media, public records, etc.) suggests the…
What Document Support Is Needed for Charitable Contributions
- May 23rd, 2017
- David Greene
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Here are the rules for deducting charitable contributions and the supporting documents needed. Any contribution of $250.00 or more must be substantiated by a contemporaneous written receipt by the donee organization. This receipt must state whether or not the donee…
What if you can’t pay what you owe on your tax return?
- April 11th, 2017
- David Greene
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First let me remind everyone that Tax Day is getting very close. The deadline to file is April 18 this year due to a Washington, DC holiday. Also, let me make it clear that you always need to file your…
What steps can you take to avoid an audit?
- April 4th, 2017
- David Greene
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There is nothing you can do to guarantee that you will never be audited. However, by following three simple rules, you can minimize your chances of being audited and, if you are audited, minimize your chances of having to pay…
What are the most common mistakes made on a tax return?
- March 7th, 2017
- David Greene
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Here are the most common mistakes the IRS sees from self-prepared returns: (1) Math errors – be sure to check your math twice; (2) Misspelled name or changed name not updated (be sure the name on the return matches the…
Examples of stupid deductions that the IRS disallows
- March 1st, 2017
- David Greene
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Unfortunately the IRS is not lenient when you try to deduct expenses for which there is no valid reason. Here are a few examples of deductions that have been tried and “shot down” by the IRS. (1) A real estate…
What tax deductions may be disappearing soon?
- February 8th, 2017
- David Greene
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With the new Trump administration, we may lose some tax deductions that we’ve used in years past. Therefore you should be sure to take advantage of them this tax year in case they are not available next year. Some of…
Happy New Year
- January 3rd, 2017
- 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. To begin, I want to tell all my readers that the 2017…