Posts Tagged ‘tax credit’

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…

If a student loan is discharged, is the discharged amount taxable?

  • April 28th, 2020
  • David Greene
  • Comments Off on If a student loan is discharged, is the discharged amount taxable?

Not in all cases.  The general rule is that, if a debt you owe is discharged, the amount discharged now becomes income to you because you do not have to pay back the debt.  I.e., you received money and used…

Can I use my unreimbursed employee mileage expense as a deduction in 2020?

  • February 4th, 2020
  • David Greene
  • Comments Off on Can I use my unreimbursed employee mileage expense as a deduction in 2020?

Unfortunately, you can no longer use mileage on the job as an unreimbursed business expense when you itemize deductions.  In my practice I have found that, most of the time, those expenses were disallowed in an audit because the taxpayer…

What are the current rules about meal and entertainment deductions?

  • October 16th, 2019
  • David Greene
  • Comments Off on What are the current rules about meal and entertainment deductions?

The new tax law (TCJA) has made several changes in the deductibility of business meals and entertainment.  I will address deductions for meals this week and entertainment next week.  If a meal is allowed as deductible, generally only 50% of…

How to generate proof of expenses in an audit.

  • October 2nd, 2019
  • David Greene
  • Comments Off on How to generate proof of expenses in an audit.

As you know the IRS will not accept your word for expenses.  They want to see backup documents and proof of payment.  If you did not keep receipts, you can order old bank statements from your bank and then go…

When does an incorrect tax return become criminal, Part 2?

  • September 20th, 2019
  • David Greene
  • Comments Off on When does an incorrect tax return become criminal, Part 2?

Last week I stated that that only fruadulent acts lead to criminal trouble and I listed five things that can cause real trouble. This week I will add four more things you do notwant to do that, if done, can lead…

Hints to help new businesses stay out of tax trouble.

  • September 4th, 2019
  • David Greene
  • Comments Off on Hints to help new businesses stay out of tax trouble.

There are many hints or suggestions I can give a new businessman, but I do not have that much room.  I will give you five very important hints to keep you straight with the IRS.  First, form your business as…

More Tax Tips for Grads Entering the Work Force

  • July 23rd, 2019
  • David Greene
  • Comments Off on More Tax Tips for Grads Entering the Work Force

Last week I listed 5 things to consider.  Here are some more. (1) Remember that graduation gifts are not taxable to the recipient, so you do not need to be concerned with taxes on them. (2) If you worked a…

Special Tax Tips for Grads Entering the Work Force

  • July 16th, 2019
  • David Greene
  • Comments Off on Special Tax Tips for Grads Entering the Work Force

The transition from college to the work force raises some “flags” of which you should be aware. (1) Coordinate your taxes with your parents for things such as your dependency status. (2) You can still claim student loan interest, but…

Does the IRS tax merchandise prize winnings as if it is cash

  • June 19th, 2019
  • David Greene
  • Comments Off on Does the IRS tax merchandise prize winnings as if it is cash

Pursuant to the tax laws, prizes that you win are considered income, whether cash, merchandise or services (e.g. travel) and are taxable as such.  Any income from any source is taxable and the tax laws give “income” a very broad…

Page 1of 8: 1 2 3 ... 8

Office Location

11 McGee Street
Greenville, SC 29601

Phone: (864) 271-7940
Fax: (864) 370-3413
Toll Free: 1-800-216-1116