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…
Are gifts to charity by a business deductible?
- January 26th, 2023
- David Greene
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They are not always deductible, but in your case I believe they are. You explained further that you conducted a promotion where you advertised that a portion of every sale would go to charity for a certain period of time. …
What is an Offer In Compromise based on Doubt as to Liability?
- January 3rd, 2023
- David Greene
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The Offer based on doubt as to liability is not very common, but is very useful in certain situations. To make an Offer on this basis, there must be a genuine dispute as to the validity of the taxpayer’s liability. …
Are Social Security benefits non-taxable in all situations?
- December 30th, 2022
- David Greene
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The answer is both “yes and “no.” Here’s what I mean. If your Social Security is truly your only income, it is not taxable. This is true whether it is Social Security Disability or your entitlement based on your age. …
How many different ways can the IRS try to collect taxes I owe?
- December 29th, 2022
- David Greene
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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…
How does one dispute payroll taxes assessed by the IRS?
- December 28th, 2022
- David Greene
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There are various ways to dispute the assertion by the IRS that you owe additional payroll taxes. Has the tax actually been assessed or have you simply been notified that you might owe this? Also, if it has been assessed…
What is the likelihood of being audited?
- October 26th, 2022
- David Greene
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This is a difficult question to answer. The IRS computers use several criteria to target returns for audit, including if the current return shows much less income than the past year, an extremely high amount in deductions, or if the…
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…