Posts Tagged ‘tax credit’

Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?

  • July 15th, 2022
  • David Greene
  • Comments Off on Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?

Section 2202 of the CARES Act, enacted on March 27, 2020, provided for some special rules for paying back distributions from retirement plans and IRAs if the withdrawal was related to COVID.  One new provision is that the amount withdrawn…

What is an “injured spouse” in terms of tax relief?

  • June 23rd, 2022
  • David Greene
  • Comments Off on What is an “injured spouse” in terms of tax relief?

An injured spouse is a taxpayer who is entitled to recover his refund that was kept by the IRS.  Any time a married couple files a joint return and the refund is kept due to only one spouse owing prior…

Here are some tips to help lower next year’s taxes.

  • June 21st, 2022
  • David Greene
  • Comments Off on Here are some tips to help lower next year’s taxes.

Here are a few suggestions I can give you: (1) The standard dedction has been raised very high, so most people will benefit more by taking the standard deduction. However, itemizing will stil benefit some taxpayers so, if you decide…

Here are some tax tips for newlyweds.

  • October 13th, 2021
  • David Greene
  • Comments Off on Here are some tax tips for newlyweds.

(1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported…

How have child tax credit ruleds changed?

  • August 5th, 2021
  • David Greene
  • Comments Off on How have child tax credit ruleds changed?

Thank you for your question.  There have been quite a few changes to the child tax credit.  Here are a few: (1) The credit is higher than last year. (2) There are now automatic advance payments of one-half of your…

Does working from home change tax implications for businesses and employees?

  • May 11th, 2021
  • David Greene
  • Comments Off on Does working from home change tax implications for businesses and employees?

An employee’s work from home status will change certain tax implications for both employer and employee. While home office expenses have not been allowed as a deduction for employees since 2018, this year employers can help employees by buying equipment…

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…

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…

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