Tax tips for starting a new business.
- September 14th, 2023
- David Greene
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Everyone should be smart and think about preventing trouble instead of having to think about getting out of trouble. Many owners of small businesses know how to make or sell their product, but do not know how to keep good…
Is the Fresh Start Prpogram still available? What is it and does it really help taxpayers?
- August 28th, 2023
- David Greene
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The Fresh Start program is still active does help many taxpayers but not all. It is designed to help those with smaller amounts owing in delinqueat taxes. Basically the program provides relief for taxpayers owing less than $25,000 in delinquent…
For tax purposes, what changes do I need to make when I get married?
- August 24th, 2023
- David Greene
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For many, getting married creates many new beginnings and opportunities. At the same time it can also be a catalyst that can create many changes in a couple’s life. Some of these changes may and will affect how you look…
What are some tax advantages for school?
- June 30th, 2023
- David Greene
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Here are some school related tax tips. (1) Although private school tuition is not deductible, the child care component of the tuition is deductible for kids under 13. (2) Also for kids under 13, before and after school care may…
What has to be filed for the non-custodial parent to claim the child as a dependent?
- April 19th, 2023
- David Greene
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This question deals with the same problem the reader had last week, but in a different way. If a taxpayer seeks to claim dependent children after a divorce but is not the custodial parent, he must file Form 8332 with…
How can the IRS deny a taxpayer’s exemption for his child?
- April 12th, 2023
- David Greene
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Usually, when the IRS denies your exemption for a child, it means that someone else filed before you did, claiming the same child as an exemption. This usually arises when a stepparent and biological parent both claim the exemption. However, in…
Do I need to report the sale of stock on my tax return?
- March 27th, 2023
- 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 have acquired….
Does using a paid tax preparer guarantee a correct return?
- March 23rd, 2023
- David Greene
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Unfortunately, the answer is “no.” Many preparers make mistakes from time to time for various reasons on both personal and corporate returns. In fact, the IRS recently released a study that found that 71% of S corporations who used paid…
Mistakes In Tax Return Preparation (Part 2)
- March 2nd, 2023
- David Greene
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Recently I stated that I can think of ten mistakes that are most often made when preparing a tax return. In that blog I listed 5 and in this blog I will tell you the remainder. Here they are: (6)…
How To Choose A Tax Return Preparer
- February 24th, 2023
- David Greene
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I have more than a few clients each year who are audited and when I review their returns I can see where the tax preparer made mistakes because he/she did not understand the application of the rules. The IRS has…