What are the most common mistakes made on a tax return?
- April 20th, 2021
- David Greene
- Comments Off on What are the most common mistakes made on a tax return?
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…
Can one go to jail for not filing returns and can he receive refunds when filing delinquent returns?
- April 13th, 2021
- David Greene
- Comments Off on Can one go to jail for not filing returns and can he receive refunds when filing delinquent returns?
Let me answer your last question first. You will not go to jail for not filing under the situation you have described. You only go to jail for a criminal offense, such as fraudulently evading your tax obligation. If you…
Are stimulus checks taxable? What if you don’t receive it?
- April 8th, 2021
- David Greene
- Comments Off on Are stimulus checks taxable? What if you don’t receive it?
If you have not received your check, first be sure you are eligible. Eligibility is based on your earnings as shown on your 2019 return. For a single person, if your Adjusted Gross Income is more than $87,000, you are…
What are the IRA contribution and withdrawal rules for 2020?
- April 6th, 2021
- David Greene
- Comments Off on What are the IRA contribution and withdrawal rules for 2020?
First I want to let everyone know that the 2020 tax return filing deadline has been extended until May 17. The CARES Act changed many rules related to IRAs for 2020. First one can withdraw up to $100,000 without incurring…
Highlights of the relief bill signed by President Trump in December.
- March 10th, 2021
- David Greene
- Comments Off on Highlights of the relief bill signed by President Trump in December.
The Consolidated Appropriations Act, 2021 signed by the President on December 27 is a very comprehensive relief law but here are some of the highlights: (1) It provides a $600 stimulus check for eligible individuals, which have already been issued;…
What to know about gifting stock to a charity.
- March 3rd, 2021
- David Greene
- Comments Off on What to know about gifting stock to a charity.
There are many alternative ways to donate other than money. One I want to discuss today is the gift of stocks. If you have been holding some stocks for a good while they have probably increased in value with substantial…
Is cryptocurrency taxable? How is it taxed?
- February 18th, 2021
- David Greene
- Comments Off on Is cryptocurrency taxable? How is it taxed?
Cryptocurrency is a new medium of exchange that is rapidly growing in popularity. Before investing in any one of the types of cryptocurrency (bitcoin being the most popular) you should realize that it is not backed by or protected by…
Can a taxpayer submit more than one Offer in Compromise?
- February 9th, 2021
- David Greene
- Comments Off on Can a taxpayer submit more than one Offer in Compromise?
Yes, one can certainly file a second Offer after a rejection, especially when there is a change in your circumstances. However, we should look at another possibility first. When an Offer is rejected, you have 30 days from the date of…
Can one ever settle with the IRS for less that he owes?
- January 19th, 2021
- David Greene
- Comments Off on Can one ever settle with the IRS for less that he owes?
I get this question is some form at least once a week. I have not answered it in awhile, so here is my answer. The beginning of the new year is a good time to answer this. Many times the…
HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?
- January 13th, 2021
- David Greene
- Comments Off on HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?
Well, Christmas is over and we have rung in the New Year. During this past week many people made New Year resolutions. Did you make any? Most of these deal with either working on a healthier and better body or…