What are the most common mistakes made on a tax return?
- April 20th, 2021
- 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…
Can one go to jail for not filing returns and can he receive refunds when filing delinquent returns?
- April 13th, 2021
- David Greene
- Comments Off on Can one go to jail for not filing returns and can he receive refunds when filing delinquent returns?
Let me answer your last question first. You will not go to jail for not filing under the situation you have described. You only go to jail for a criminal offense, such as fraudulently evading your tax obligation. If you…
Are stimulus checks taxable? What if you don’t receive it?
- April 8th, 2021
- David Greene
- Comments Off on Are stimulus checks taxable? What if you don’t receive it?
If you have not received your check, first be sure you are eligible. Eligibility is based on your earnings as shown on your 2019 return. For a single person, if your Adjusted Gross Income is more than $87,000, you are…
What are the IRA contribution and withdrawal rules for 2020?
- April 6th, 2021
- David Greene
- Comments Off on What are the IRA contribution and withdrawal rules for 2020?
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…
Highlights of the relief bill signed by President Trump in December.
- March 10th, 2021
- David Greene
- Comments Off on Highlights of the relief bill signed by President Trump in December.
The Consolidated Appropriations Act, 2021 signed by the President on December 27 is a very comprehensive relief law but here are some of the highlights: (1) It provides a $600 stimulus check for eligible individuals, which have already been issued;…
Is cryptocurrency taxable? How is it taxed?
- February 18th, 2021
- David Greene
- Comments Off on Is cryptocurrency taxable? How is it taxed?
Cryptocurrency is a new medium of exchange that is rapidly growing in popularity. Before investing in any one of the types of cryptocurrency (bitcoin being the most popular) you should realize that it is not backed by or protected by…
Can one ever settle with the IRS for less that he owes?
- January 19th, 2021
- David Greene
- Comments Off on Can one ever settle with the IRS for less that he owes?
I get this question is some form at least once a week. I have not answered it in awhile, so here is my answer. The beginning of the new year is a good time to answer this. Many times the…
HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?
- January 13th, 2021
- David Greene
- Comments Off on HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?
Well, Christmas is over and we have rung in the New Year. During this past week many people made New Year resolutions. Did you make any? Most of these deal with either working on a healthier and better body or…
Will IRS taxes follow you if you move to another state?
- December 22nd, 2020
- David Greene
- Comments Off on Will IRS taxes follow you if you move to another state?
I have been asked this question before. First there is no question that your federal tax liability will follow you when you move to another state. The IRS can easily find you by several means, such as your W-2, so…
Are there any exceptions to the rule that canceled debt is counted as income?
- December 10th, 2020
- David Greene
- Comments Off on Are there any exceptions to the rule that canceled debt is counted as income?
When a taxpayer is unable to pay all of a debt and the creditor cancels the unpaid part, the amount of the canceled debt is generally treated as income to the taxpayer under federal tax law. The creditor reports this…