Today Is Tax Return Due Day 2018.
- David Greene
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Since tax returns are due today, I know that many of my readers are very stressed. Therefore, I thought that today I would share a little comic relief. Hope you enjoy. (1) A man made a Freedom of Information request to…
What does the new Tax Reform mean for Pass Through Entities starting in 2018?
- David Greene
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One of the most significant changes under tax reform is the tax treatment of businesses. Unlike changes to the individual tax scheme, which are temporary and somewhat piecemeal, the changes to the business tax scheme are permanent and fairly thorough….
Is there any one group of people who tend to get in trouble with the IRS more than others?
- David Greene
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I can’t say that there is any one group that tends to get in trouble more than any other, but there is one type of taxpayer who tends to get in trouble frequently. Self employed people tend to find themselves in…
Is the rumor that most refunds may be delayed for months this year true?
- David Greene
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This is one of several myths about refunds that seem to be circulating this year. It is indeed a myth. In truth, most refunds are sent out within 21 days of filing the return. To get your refunds faster, be…
Do I need to report the sale of stock on my tax return?
- David Greene
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The short and simple answer is yes. When you purchase stock or any type of security, you are doing so with the money you have earned after taxes. This type of investment creates a basis in the new asset you…
How can collecting Social Security lead to an increase in your tax liability?
- David Greene
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One very common problem we see at the office arises when people begin collecting Social Security yet are not fully retired. When you begin collecting Social Security, the government considers you as “retired” and does not expect you to continue…
Learn how to protest the assessment of additional payroll taxes.
- David Greene
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We have discussed appeals in the past and one certainly might be able to appeal this notice of additional tax. We need to know the answer to some questions first, such as: Has the tax actually been assessed or has…
What is the difference in capital and ordinary gains or losses?
- David Greene
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Capital gains or losses result from selling capital assets which generally, but not always, includes the sale of real estate. Some things that are not capital assets are: business inventory, business receivables, real or other depreciable business property and certain…
Is failure to file a tax return reason enough to subject one to criminal charges?
- David Greene
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I have many clients who have not filed a tax return in 10 years or more. These clients do not need to worry about going to jail unless he or she set out to deliberately evade taxes and cheat the…
How good are consumer computer tax preparation programs?
- David Greene
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I have been asked this question several times already this year, so I am repeating the answer I gave to this question several years ago. However, I must state a disclaimer that no one knows how the new tax program…