Posts Tagged ‘taxes’

When does a taxpayer have to pay Estimated taxes?

  • May 6th, 2024
  • David Greene
  • Comments Off on When does a taxpayer have to pay Estimated taxes?

I cannot answer that without knowing how much you owe because the answer depends on how much you owe on your current year’s tax return.  However, here are five general tips to help you decide if you should be paying…

Is Income Tax illegal?

  • May 1st, 2024
  • David Greene
  • Comments Off on Is Income Tax illegal?

I get inquiries about this matter every year around April 15.  First let me state that the collection of income tax by the federal government is legal pursuant to the Constitution and federal statutes.  We might not like how much…

Why is money withdrawn from a retirement account taxed?

  • April 30th, 2024
  • David Greene
  • Comments Off on Why is money withdrawn from a retirement account taxed?

I decided that shortly after tax time is a good time to answer this question because I always have clients in this predicament every year!  I want to use this answer as a warning to anyone thinking of making an…

How soon can one submit a seccond Offer in Compromise?

  • February 20th, 2024
  • David Greene
  • Comments Off on How soon can one submit a seccond Offer in Compromise?

There is no minimum wait time between Offer submissions.  However, a better question is, “Is there any hope if I submit another Offer after my first one was denied?”  Yes there might be, depemnding on the length of time between…

Can I go to jail for not filing taxes?

  • February 12th, 2024
  • David Greene
  • Comments Off on Can I go to jail for not filing taxes?

I have a lot of clients that have failed to file returns for several years, in fact, a gentleman came in last week who has not filed in 15 years.  First, you should not worry about going to jail unless…

How can you track your 2022 missing refund?

  • February 2nd, 2024
  • David Greene
  • Comments Off on How can you track your 2022 missing refund?

Every year I get several questions along the same line.  The IRS recently reported that they have over $200 million in undelivered tax refunds.  These are for more than 100,000 taxpayers.  You may be one of them.  The failure in…

New Year Resolutions

  • January 29th, 2024
  • David Greene
  • Comments Off on New Year Resolutions

Well, Christmas is over and we have rung in the New Year.  During this past week many people made New Year resolutions.  Did you make any?  Most of these deal with either working on a healthier and better body or…

What is the difference in a levy and a lien?

  • December 1st, 2023
  • David Greene
  • Comments Off on What is the difference in a levy and a lien?

A tax lien is a document recorded at the county register of deeds office which simply states that the individual owes the IRS the amount of money stated on the lien.  If the person named sells real property, that lien…

Is an LLC automatically taxed as an S-Corporation?

  • November 29th, 2023
  • David Greene
  • Comments Off on Is an LLC automatically taxed as an S-Corporation?

The answer to this question is no, you have a choice.  When the LLC is formed, you choose how the LLC is to be taxed.  A single member LLC can be taxed either as an S-Corporation or as a Sole…

Can I be taxed in retirement? How?

  • November 21st, 2023
  • David Greene
  • Comments Off on Can I be taxed in retirement? How?

There are six primary ways you can be taxed in retirement: (1)  Traditional IRA or 401(k) withdrawals – this money is always taxed as ordinary income when taken out; (2) Social Security benefits – whether or not taxed depends on…

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