Can the IRS seize and sell jointly owned property?
- August 10th, 2021
- David Greene
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Unfortunately they can in certain circumstances. There is a recent case that ended up going to the Seventh Circuit Court of Appeals. In that situation a father and son owned the land jointly and the father owed the tax. The…
How have child tax credit ruleds changed?
- August 5th, 2021
- David Greene
- Comments Off on How have child tax credit ruleds changed?
Thank you for your question. There have been quite a few changes to the child tax credit. Here are a few: (1) The credit is higher than last year. (2) There are now automatic advance payments of one-half of your…
Are offshore credit cards illegal?
- July 29th, 2021
- David Greene
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Americans can do business in any country as long as such business is allowed by that country. Therefore, having an offshore credit card is not illegal. However, most of these cards are designed to evade income tax and that is…
What is a hobby loss vs. a deductible business loss?
- June 17th, 2021
- David Greene
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A hobby loss is not deductible, but a business loss is. An IRS audit is usually where the question arises: Is this “business” really a business or merely a hobby which continuously loses money? The IRS looks at several factors…
What happens to a trust after the trust maker dies?
- June 10th, 2021
- David Greene
- Comments Off on What happens to a trust after the trust maker dies?
What happens after the trust maker dies depends on the language in the trust. Most trusts are Family Trusts with husband and wife as co-trustees. When the first spouse dies, the trust continues with the surviving spouse as trustee. When…
What are the advantages of having a trust?
- June 2nd, 2021
- David Greene
- Comments Off on What are the advantages of having a trust?
First, one of the main advantages of having a trust is the avoidnace of probate. There are certainly other advantages as well. It can help insure passing of assets to children in the aftermath of a divorce, for instance when…
What can I do to avoid being audited?
- May 27th, 2021
- David Greene
- Comments Off on What can I do to avoid being audited?
I often get this question during tax season. 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…
Is the Offer In Compromise program a tax scam?
- May 25th, 2021
- David Greene
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The Offer in Compromise program is not a scam. However, scammers use the promise of an Offer to scam you. There are a lot of scams being run today, one of which states that the promoter can settle your back…
In light of COVID, does one going off to college need any estate planning documents?
- May 18th, 2021
- David Greene
- Comments Off on In light of COVID, does one going off to college need any estate planning documents?
As more colleges return to having full time students, many fear that COVID cases will greatly increase among the young. In light of that you are wise to prepare your child as much as possible. There are two primary documents…
Does working from home change tax implications for businesses and employees?
- May 11th, 2021
- David Greene
- Comments Off on Does working from home change tax implications for businesses and employees?
An employee’s work from home status will change certain tax implications for both employer and employee. While home office expenses have not been allowed as a deduction for employees since 2018, this year employers can help employees by buying equipment…