What to do if you receive a certified letter from the IRS
- David Greene
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Many people are afraid to pick up a certified letter from the Post Office and are afraid to open it. However, you cannot help yourself by failing to act. Here is some advice on what to do when you receive…
I want to be sure my tax return is prepared correctly this. Do you have any tips for choosing a good one?
- David Greene
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That is a very good question. Tax time will be here before you know it. I have more than a few clients each year who are audited and when I review their returns I can see where the tax preparer…
When does a taxpayer have to pay Estimated taxes?
- David Greene
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I cannot answer that without knowing how much you owe because the answer depends on how much you owe on your current year’s tax return. However, here are five general tips to help you decide if you should be paying…
Is Income Tax illegal?
- David Greene
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I get inquiries about this matter every year around April 15. First let me state that the collection of income tax by the federal government is legal pursuant to the Constitution and federal statutes. We might not like how much…
Why is money withdrawn from a retirement account taxed?
- David Greene
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I decided that shortly after tax time is a good time to answer this question because I always have clients in this predicament every year! I want to use this answer as a warning to anyone thinking of making an…
Can I go to jail for not filing taxes?
- David Greene
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I have a lot of clients that have failed to file returns for several years, in fact, a gentleman came in last week who has not filed in 15 years. First, you should not worry about going to jail unless…
How can you track your 2022 missing refund?
- David Greene
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Every year I get several questions along the same line. The IRS recently reported that they have over $200 million in undelivered tax refunds. These are for more than 100,000 taxpayers. You may be one of them. The failure in…
What is the difference in a levy and a lien?
- David Greene
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A tax lien is a document recorded at the county register of deeds office which simply states that the individual owes the IRS the amount of money stated on the lien. If the person named sells real property, that lien…
Is an LLC automatically taxed as an S-Corporation?
- David Greene
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The answer to this question is no, you have a choice. When the LLC is formed, you choose how the LLC is to be taxed. A single member LLC can be taxed either as an S-Corporation or as a Sole…
Do I have to pay a gift tax on the money given to my wife and me for our wedding?
- David Greene
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That is a good question, with an easy answer. You, as the receiver of the gift, do not pay the gift tax. The donor pays the tax. However, anyone can give an individual a gift of money, property or any…