Posts Tagged ‘tax credit’

Which improvements qualify for the various energy credits?

  • June 12th, 2018
  • David Greene
  • Comments Off on Which improvements qualify for the various energy credits?

When you file your tax return, the IRS allows a reduction of tax for any energy efficient improvements you have made. These tax credits can range from adding solar panels to your home to driving an electric car. The Qualified…

Here are the Dirty Dozen tax scams for 2018 according to the IRS.

  • May 9th, 2018
  • David Greene
  • Comments Off on Here are the Dirty Dozen tax scams for 2018 according to the IRS.

The Dirty Dozen: (1) Telephone scams threatening to have you arrested if you don’t pay immediately. The IRS will never call you asking for money. (2) Phony emails asking you to go to a website and give personal information.  The…

What does the new Tax Reform mean for Pass Through Entities starting in 2018?

  • April 11th, 2018
  • David Greene
  • Comments Off on What does the new Tax Reform mean for Pass Through Entities starting in 2018?

One of the most significant changes under tax reform is the tax treatment of businesses. Unlike changes to the individual tax scheme, which are temporary and somewhat piecemeal, the changes to the business tax scheme are permanent and fairly thorough….

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…

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…

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…

Happy New Year. How to choose a tax preparer

  • January 3rd, 2018
  • David Greene
  • Comments Off on Happy New Year. How to choose a tax preparer

I hope all of my readers had a very relaxing and joyous Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise.  As you know it looks like we will have a…

How many different ways can the IRS try to collect taxes I owe?

  • December 12th, 2017
  • David Greene
  • Comments Off on How many different ways can the IRS try to collect taxes I owe?

This is a good question, but one that cannot be answered in a short space.  I will just discuss the primary methods. When one does not pay her taxes, she will first receive a friendly letter stating that she has…

Is it worth mortgaging my home to get a tax deduction?

  • December 7th, 2017
  • David Greene
  • Comments Off on Is it worth mortgaging my home to get a tax deduction?

In my opinion, you should never incur debt for the express purpose of lowering your taxes.   At this time it is true that people who have a mortgage get to take a deduction on their taxes; however, they only deduct…

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