Can one withdraw money from an IRA without incurring the 10% penalty?
- January 15th, 2020
- David Greene
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Money can be withdrawn from an IRA at any time for any reason, but if it is withdrawn before the owner reaches 59 ½ a 10% penalty will generally be imposed. However, there are certain circumstances where the 10% penalty…
When is a theft or bad debt loss not deductible?
- January 2nd, 2020
- David Greene
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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?
- December 9th, 2019
- David Greene
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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?
- October 22nd, 2019
- David Greene
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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,…
What are the current rules about meal and entertainment deductions?
- October 16th, 2019
- David Greene
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The new tax law (TCJA) has made several changes in the deductibility of business meals and entertainment. I will address deductions for meals this week and entertainment next week. If a meal is allowed as deductible, generally only 50% of…
Hints to help new businesses stay out of tax trouble.
- September 4th, 2019
- David Greene
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There are many hints or suggestions I can give a new businessman, but I do not have that much room. I will give you five very important hints to keep you straight with the IRS. First, form your business as…
More Tax Tips for Grads Entering the Work Force
- July 23rd, 2019
- David Greene
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Last week I listed 5 things to consider. Here are some more. (1) Remember that graduation gifts are not taxable to the recipient, so you do not need to be concerned with taxes on them. (2) If you worked a…
Special Tax Tips for Grads Entering the Work Force
- July 16th, 2019
- David Greene
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The transition from college to the work force raises some “flags” of which you should be aware. (1) Coordinate your taxes with your parents for things such as your dependency status. (2) You can still claim student loan interest, but…
Some business tax tips under the new tax law
- July 11th, 2018
- David Greene
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Many owners of small businesses know how to make or sell their product, but do not know how to keep good books and file and pay all required local, state and federal tax forms. To keep your business out of…
Here are some important tax tips for new start-up companies.
- October 3rd, 2017
- David Greene
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Here are some tips relative to the financial and tax implications of a new business. To make the best decisions, you should consult with an attorney or accountant when implementing these tips. (1) Pick a business structure – S or C…