Hints to help new businesses stay out of tax trouble.
- David Greene
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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
- David Greene
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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
- David Greene
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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
- David Greene
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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…
What are some options for paying your taxes?
- David Greene
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Tax Day is in just a few days away and I hope all of my readers will file their returns by midnight on April 15. Even if you can’t pay, you should still file the return. If you can’t file…
Will it help to itemize deductions – Part 2?
- David Greene
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Last week I discussed the standard deduction changes and this week we’ll take a brief look at itemized deductions. Many deductions are still allowed but limited. Foreign income taxes, state and local real and personal property taxes, and state and…
Will it help to itemize deductions for 2018?
- David Greene
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That is a question that has to be answered on an individual basis. The new law in general will help many people and hurt many other “middle class” people. We have already seen that many are upset because their refunds…
What are the odds of being audited.
- David Greene
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I get similar questions to this quite frequently. Here are some statistics from 2017. Out of 150 million tax filers in 2017, here are some stats based on gross income and other factors: Returns audited (a) for international taxpayers – 1…
What is an ABLE account?
- David Greene
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ABLE is an acronyn for Achieving a Better Life Experience. ABLE accounts, created by IRC Sec. 529A, are availanble to people who become disabled before age 26. Distributions, including earnings, are tax free to designated beneficiaries if used to pay…
Are consumer tax preparation programs right for everyone?
- David Greene
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Tax season officially opens January 28, 2019, so this is the time to think about preparing your taxes. The answer to the above question depends on the complexity of your tax situation. If you have only W-2 income and claim…