Why is money withdrawn from a retirement account taxed?
- David Greene
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I decided that shortly after tax time is a good time to answer this question because I always have clients in this predicament every year! I want to use this answer as a warning to anyone thinking of making an…
How soon can one submit a seccond Offer in Compromise?
- David Greene
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There is no minimum wait time between Offer submissions. However, a better question is, “Is there any hope if I submit another Offer after my first one was denied?” Yes there might be, depemnding on the length of time between…
Can I go to jail for not filing taxes?
- David Greene
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I have a lot of clients that have failed to file returns for several years, in fact, a gentleman came in last week who has not filed in 15 years. First, you should not worry about going to jail unless…
How can you track your 2022 missing refund?
- David Greene
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Every year I get several questions along the same line. The IRS recently reported that they have over $200 million in undelivered tax refunds. These are for more than 100,000 taxpayers. You may be one of them. The failure in…
Is there a need for Estate Planning if inheritance taxes are not a consideration?
- David Greene
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No one knows at this time what will happen to the Estate and Generation Skipping tax, whether the tax bracket may be lowered or whether the tax may be repealed in its entirety. The threshold for being liable for the…
New Year Resolutions
- David Greene
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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…
HAPPY NEW YEAR
- David Greene
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I hope everyone reading this had a very nice Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. Of course, the way to make those hopes and resolutions come true is…
What is the difference in a levy and a lien?
- David Greene
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A tax lien is a document recorded at the county register of deeds office which simply states that the individual owes the IRS the amount of money stated on the lien. If the person named sells real property, that lien…
Is an LLC automatically taxed as an S-Corporation?
- David Greene
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The answer to this question is no, you have a choice. When the LLC is formed, you choose how the LLC is to be taxed. A single member LLC can be taxed either as an S-Corporation or as a Sole…
Can I be taxed in retirement? How?
- David Greene
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There are six primary ways you can be taxed in retirement: (1) Traditional IRA or 401(k) withdrawals – this money is always taxed as ordinary income when taken out; (2) Social Security benefits – whether or not taxed depends on…