Posts Tagged ‘taxes’

How the IRS deals with Offshore Accounts

  • David Greene
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If you receive a letter from a revenue agent about an offshore bank account or credit card you need to be very concerned. The fact that this letter comes from a revenue agent (as opposed to a revenue officer) means…

How to fight IRS denial of your Earned Income Credit and exemptions.

  • David Greene
  • Comments Off on How to fight IRS denial of your Earned Income Credit and exemptions.

Many people find their Earned Income creit and/or claim for exemptions for relatives denied by the IRS each year. This usually arises in the context of recently separated or divorced parents. Both will claim the exemption and credit and the…

When can the 10% early withdrawal penalty for IRAs be avoided?

  • David Greene
  • Comments Off on When can the 10% early withdrawal penalty for IRAs be avoided?

Money can be withdrawn from an IRA at any time for any reason, but if it is withdrawn before the owner reaches 59 ½ a 10% penalty will generally be imposed.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…

HAPPY NEW YEAR

  • David Greene
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I hope everyone reading this had a very nice Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. Of course the way to make those hopes and resolutions come true is…

MERRY CHRISTMAS

  • David Greene
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Dear Readers, For this Christmas week edition of my blog, I would like to pay honor to this most wonderful season of the year. My favorite cartoon character is Snoopy from the Peanuts cartoon. He went on many imaginary adventures,…

When does one have to pay gift tax?

  • David Greene
  • Comments Off on When does one have to pay gift tax?

One who is the recipient of a monetary gift does not pay the gift tax on the money received. The donor pays the tax. However, anyone can give a monetary gift of up to $14,000 per year without having to…

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