Posts Tagged ‘tax tips’

How should one report non-cash contributions?

  • David Greene
  • Comments Off on How should one report non-cash contributions?

Keeping proper records to support contributions claimed as a tax deduction can be tricky.  If you claim cash contributions, you must have a receipt from the charitable group to whom you gave the contribution.  Also, the gift must be to…

Is the taxing of individuals by the IRS illegal?

  • David Greene
  • Comments Off on Is the taxing of individuals by the IRS illegal?

I get this kind of inquiry every couple of years. Over the course of my practice, I have represented several individuals who tried to take this stand with the IRS.  None of them were successful and the few who did…

How to deal with a missing W-2.

  • David Greene
  • Comments Off on How to deal with a missing W-2.

You should have received your W-2 by January 31.  If you did not, you should take these steps: (1) Contact your former employer and verify whether your address is correct and request a resubmission of the W-2.  (2)  If not…

When is a theft or bad debt loss not deductible?

  • David Greene
  • Comments Off on When is a theft or bad debt loss not deductible?

You can claim a theft loss as a deduction only if there is no chance of recovering any of the amount stolen.  Here the IRS is probably lookiong at the possibility that the owner will have to pay restitution as…

Can an employee still deduct unreimbursed business expenses?

  • David Greene
  • Comments Off on Can an employee still deduct unreimbursed business expenses?

Since the new tax law came into effect, employee itemized deductions for unreimbursed business expenses, including mileage, have been suspended.  However, self-employed individuals and certain employees (e.g. armed-forces reservists, certain state or local government officials, educators and performing artists) may…

What are the current rules about meal and entertainment deductions?

  • David Greene
  • Comments Off on What are the current rules about meal and entertainment deductions?

The new tax law (TCJA) has made several changes in the deductibility of business meals and entertainment.  Last week I addressed deductions for meals. This week I will discuss the deductibility of entertainment expenses.  Even before the new tax law,…

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