What steps can you take to avoid an audit?
- April 4th, 2017
- David Greene
- Comments Off on What steps can you take to avoid an audit?
There is nothing you can do to guarantee that you will never be audited. However, by following three simple rules, you can minimize your chances of being audited and, if you are audited, minimize your chances of having to pay…
How is a tax levy different from a lien?
- March 28th, 2017
- David Greene
- Comments Off on How is a tax levy different from a lien?
This week I want to discuss how a levy differs from a lien. While a lien is simply recorded at the courthouse and is therefore a “passive” collection action (nothing happens until the taxpayer sells property), a levy is an…
Can a tax lien be used to seize your home?
- March 21st, 2017
- David Greene
- Comments Off on Can a tax lien be used to seize your home?
No, the IRS will not seize your home as a result of this Lien. They would have to start a legal proceeding to reduce the lien to a judgment. However, this lien does affect your property. You can think of…
The IRS has a new Private Debt Collector program.
- March 14th, 2017
- David Greene
- Comments Off on The IRS has a new Private Debt Collector program.
Any time you owe back taxes you should be worried and it is always better to be proactive. You should be even more worried now because the IRS is implementing a new Private Debt Collection program. The first one lasted…
What are the most common mistakes made on a tax return?
- March 7th, 2017
- David Greene
- Comments Off on What are the most common mistakes made on a tax return?
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…
Examples of stupid deductions that the IRS disallows
- March 1st, 2017
- David Greene
- Comments Off on Examples of stupid deductions that the IRS disallows
Unfortunately the IRS is not lenient when you try to deduct expenses for which there is no valid reason. Here are a few examples of deductions that have been tried and “shot down” by the IRS. (1) A real estate…
How to tell if your worker is an employee or independent contractor
- February 22nd, 2017
- David Greene
- Comments Off on How to tell if your worker is an employee or independent contractor
Many small businesses are audited by the IRS each year to determine if their workers are truly independent contractors or really employees. If they are found to be statutory employees, large fines and delinquent payroll taxes can result. If your…
What tax deductions may be disappearing soon?
- February 8th, 2017
- David Greene
- Comments Off on What tax deductions may be disappearing soon?
With the new Trump administration, we may lose some tax deductions that we’ve used in years past. Therefore you should be sure to take advantage of them this tax year in case they are not available next year. Some of…
How can you protest taxes you believe you do not owe?
- January 31st, 2017
- David Greene
- Comments Off on How can you protest taxes you believe you do not owe?
Many times you can protest the assessment of taxes by the IRS The timing of the protest is important. We have discussed appeals in the past and you certainly might be able to appeal the notice of additional tax. I…
How late can a taxpayer file a return and still get his refund?
- January 24th, 2017
- David Greene
- Comments Off on How late can a taxpayer file a return and still get his refund?
Last week we talked about a lost refund. This question presents a different problem. The answer to the question depends on when the return was filed. If, for instance, a 2012 return was filed before April 15, 2016 it just…