Posts Tagged ‘tax tips’

Headed for divorce? Here are some tax tips.

  • November 17th, 2021
  • David Greene
  • Comments Off on Headed for divorce? Here are some tax tips.

There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed.  First, copy all of your financial records…

How long should one keep tax documents?

  • November 5th, 2021
  • David Greene
  • Comments Off on How long should one keep tax documents?

The answer is not as simple as you might think.  If you have the room, it would be wise to keep those records for at least ten years.  In these days it is easy to scan paper documents and store…

Here are some tax tips for newlyweds.

  • October 13th, 2021
  • David Greene
  • Comments Off on Here are some tax tips for newlyweds.

(1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported…

What are the most important factors to consider in an Offer in Compromise?

  • October 7th, 2021
  • David Greene
  • Comments Off on What are the most important factors to consider in an Offer in Compromise?

Recently I promised to further discuss requirements for having an Offer accepted and not later revoked.  We assume the technical requirements discussed last time have neem met.           To accept an Offer In Compromise, the IRS must be convinced that your…

What is the IRS program Currently Not Collectible?

  • September 29th, 2021
  • David Greene
  • Comments Off on What is the IRS program Currently Not Collectible?

You may qualify for  Currently Not Collectible Status.  To qualify for that status you do not have to be destitute with no assets and no job.  However, you do need to be in such a financial position that all or…

How have child tax credit ruleds changed?

  • August 5th, 2021
  • David Greene
  • Comments Off on How have child tax credit ruleds changed?

Thank you for your question.  There have been quite a few changes to the child tax credit.  Here are a few: (1) The credit is higher than last year. (2) There are now automatic advance payments of one-half of your…

What is a hobby loss vs. a deductible business loss?

  • June 17th, 2021
  • David Greene
  • Comments Off on What is a hobby loss vs. a deductible business loss?

A hobby loss is not deductible, but a business loss is.  An IRS audit is usually where the question arises:  Is this “business” really a business or merely a hobby which continuously loses money?  The IRS looks at several factors…

What can I do to avoid being audited?

  • May 27th, 2021
  • David Greene
  • Comments Off on What can I do to avoid being audited?

I often get this question during tax season.  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…

Is the Offer In Compromise program a tax scam?

  • May 25th, 2021
  • David Greene
  • Comments Off on Is the Offer In Compromise program a tax scam?

The Offer in Compromise program is not a scam.  However, scammers use the promise of an Offer to scam you.  There are a lot of scams being run today, one of which states that the promoter can settle your back…

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