Is the rumor that most refunds may be delayed for months this year true?
- April 4th, 2018
- David Greene
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This is one of several myths about refunds that seem to be circulating this year. It is indeed a myth. In truth, most refunds are sent out within 21 days of filing the return. To get your refunds faster, be…
Do I need to report the sale of stock on my tax return?
- March 27th, 2018
- David Greene
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The short and simple answer is yes. When you purchase stock or any type of security, you are doing so with the money you have earned after taxes. This type of investment creates a basis in the new asset you…
What type of documents should I be considering for my Estate Plan?
- March 22nd, 2018
- David Greene
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When people typically think of estate planning, the first thing that comes to mind is how they can control their assets after death. When considering this, most individuals come in to see us wanting to create some type of will…
How can collecting Social Security lead to an increase in your tax liability?
- March 15th, 2018
- David Greene
- Comments Off on How can collecting Social Security lead to an increase in your tax liability?
One very common problem we see at the office arises when people begin collecting Social Security yet are not fully retired. When you begin collecting Social Security, the government considers you as “retired” and does not expect you to continue…
Learn how to protest the assessment of additional payroll taxes.
- February 23rd, 2018
- David Greene
- Comments Off on Learn how to protest the assessment of additional payroll taxes.
We have discussed appeals in the past and one certainly might be able to appeal this notice of additional tax. We need to know the answer to some questions first, such as: Has the tax actually been assessed or has…
What is the difference in capital and ordinary gains or losses?
- February 21st, 2018
- David Greene
- Comments Off on What is the difference in capital and ordinary gains or losses?
Capital gains or losses result from selling capital assets which generally, but not always, includes the sale of real estate. Some things that are not capital assets are: business inventory, business receivables, real or other depreciable business property and certain…
Is failure to file a tax return reason enough to subject one to criminal charges?
- February 6th, 2018
- David Greene
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I have many clients who have not filed a tax return in 10 years or more. These clients do not need to worry about going to jail unless he or she set out to deliberately evade taxes and cheat the…
Does the new tax law eliminate inheritance taxes?
- February 1st, 2018
- David Greene
- Comments Off on Does the new tax law eliminate inheritance taxes?
With the new Tax Reform beginning to take effect, there is still a large amount of uncertainty when it comes to what changes are taking place and when they come into effect. When it comes to the Estate and Generation…
How good are consumer computer tax preparation programs?
- January 30th, 2018
- David Greene
- Comments Off on How good are consumer computer tax preparation programs?
I have been asked this question several times already this year, so I am repeating the answer I gave to this question several years ago. However, I must state a disclaimer that no one knows how the new tax program…
Are automatic gratuities charged by restaurants tips or income?
- January 23rd, 2018
- David Greene
- Comments Off on Are automatic gratuities charged by restaurants tips or income?
In a recent Fact Sheet (No. 2017-08) the IRS reiterated that mandatory service charges such as automatic gratuities charged for large dining parties and banquet event fees charged by the restaurant are income to the restaurant and not tips. The…