What are acceptable proofs of filing a tax return?
- February 16th, 2022
- David Greene
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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
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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
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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
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(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
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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
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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…
Can one pay more on an Installment Agreement than the negotiated amount?
- August 31st, 2021
- David Greene
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You are on the right track wanting to pay off the IRS sooner, for by doing so you pay off the Agreement early and will save interest. You do not have to renegotiate a new Installlment Agreement, although you can…
How have child tax credit ruleds changed?
- August 5th, 2021
- David Greene
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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
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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…