Mistakes In Tax Return Preparation
- February 7th, 2023
- David Greene
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There are ten mistakes that are most often made when preparing a tax return. I’ll list 5 in this blog and 5 in my next one. The first five are: (1) forgetting to report all of your income (even if…
Tax tips for Start-ups
- October 4th, 2022
- David Greene
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Here are some tips relative to the financial and tax implications of a new business. To make the best decisions, you should consult with an attorney or accountant when implementing these tips. (1) Pick a business structure – S or…
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
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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 One new provision is that the amount withdrawn…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
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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
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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
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(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
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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
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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
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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
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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…