Posts Tagged ‘tax tips’

What is an “injured spouse” in terms of tax relief?

  • June 23rd, 2022
  • David Greene
  • Comments Off on What is an “injured spouse” in terms of tax relief?

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…

Here are some tips to help lower next year’s taxes.

  • June 21st, 2022
  • David Greene
  • Comments Off on Here are some tips to help lower next year’s taxes.

Here are a few suggestions I can give you: (1) The standard dedction has been raised very high, so most people will benefit more by taking the standard deduction. However, itemizing will stil benefit some taxpayers so, if you decide…

What is the “Effective Tax Administration” doctrine?

  • May 13th, 2022
  • David Greene
  • Comments Off on What is the “Effective Tax Administration” doctrine?

There are three methods under which an Offer In Compromise is considered.  The first two are Doubt as to Collectability and Doubt as to Liability.  The third (and newest) method under which you can submit an Offer is Effective Tax…

What to do if you owe on your return but cannot pay.

  • April 13th, 2022
  • David Greene
  • Comments Off on What to do if you owe on your return but cannot pay.

First let me remind everyone that Tax Day is getting very close.  The deadline to file is April 18 this year due to a Washington, DC holiday.  Also, let me make it clear that you always need to file your…

How likely is it for an S-Corporatoin to be audited?

  • April 6th, 2022
  • David Greene
  • Comments Off on How likely is it for an S-Corporatoin to be audited?

It is true that an S-corp or partnership is less likely to be audited than a sole proprietorship.  However, the IRS is increasing pass-through entity audits as their computers become more powerefu.  Also, several years ago the IRS was directed…

What are acceptable proofs of filing a tax return?

  • February 16th, 2022
  • David Greene
  • Comments Off on What are acceptable proofs of filing a tax return?

There are five ways to file that the IRS recognizes as providing proof of time of filing. 1. USPS Registered mail – You must keep your receipt to prove time of mailing.  2. USPS Certified mail – You must keep…

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…

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