Can a self-employed taxpayer still use the home office deduction?
- August 27th, 2020
- David Greene
- Comments Off on Can a self-employed taxpayer still use the home office deduction?
In a recent blog I discussed that unreimbursed employee expenses for a W-2 employee were no longer allowed as a miscellaneous deduction after 2017. However, that is not true for self-employed taxpayers who report their business on a Schedule C…
What is an Offer in Compromise based on Doubt as to Liability?
- August 25th, 2020
- David Greene
- Comments Off on What is an Offer in Compromise based on Doubt as to Liability?
The Offer in Compromise program is a voluntary program that is offered to certain taxpayers who are delinquent in their taxes. There are three types of offers, including this one. The other two types are an Offer in Compromise based…
Is unemployment income taxable?
- August 24th, 2020
- David Greene
- Comments Off on Is unemployment income taxable?
Unfortunately, unemployment income is taxable on the federal, state and local level. However, it is estimated that 37% of Americans do not know this and assume unemployment income is not taxable. The recipient has to ask the Agency to withhold…
Can a W-2 employee deduct unreimbursed employee expenses?
- August 5th, 2020
- David Greene
- Comments Off on Can a W-2 employee deduct unreimbursed employee expenses?
Prior to 2017, if a W-2 employee had business expenses related to his employment that his employer did not reimburse, he could take a deduction for those expenses. However, the Tax Cuts and Jobs Act of 2017 eliminated those deductions…
How is a pension taxed?
- July 22nd, 2020
- David Greene
- Comments Off on How is a pension taxed?
As a pension fund is growing during an employee’s working years, it is usually funded with pre-tax dollars and the money going into the pension is not taxed at that time. However, when a person retires and begins receiving his…
How are income taxes filed for a deceased person?
- July 16th, 2020
- David Greene
- Comments Off on How are income taxes filed for a deceased person?
When a spouse dies, assuming the couple filed as Married Filing Joint, the surviving spouse will still file a joint return for the year in which the spouse died. A death certificate must be attached to the return. For this…
What are the criteria for forgiving a PPP loan?
- July 9th, 2020
- David Greene
- Comments Off on What are the criteria for forgiving a PPP loan?
The process to have your PPP loan forgiven is very complicated and is still being fine tuned by SBA, but here are some of the rules. (1) All funds must be used for covered expenses within 24 weeks of receiving…
What should a taxpayer do after receiving a threatening letter from the IRS?
- July 7th, 2020
- David Greene
- Comments Off on What should a taxpayer do after receiving a threatening letter from the IRS?
Even though most IRS offices are still closed due to COVID-19, some letters, computer generated and otherwise, are still being sent. When a person receives any Notice from the IRS, here are several things he can do: (1) Don’t panic. …
How can one prove a tax return was filed if the IRS says it was not?
- June 17th, 2020
- David Greene
- Comments Off on How can one prove a tax return was filed if the IRS says it was not?
Was the return sent by certified mail, return receipt requested? If so the green card signed by someone at the IRS and a copy of thee signed and dated tax return is all the proof needed. If you did not…
Can one get a refund for a 2016 tax return filed after April 15, 2020?
- May 27th, 2020
- David Greene
- Comments Off on Can one get a refund for a 2016 tax return filed after April 15, 2020?
That is a very timely question right now. Because of COVID-19 the answer is different than it would have been without the impact of the pandemic. Generally, you must file a tax return within three years of its due date…