The Greenhornet Blog

Raymond D. Nations, EA, has been preparing taxes for over 30 years and is widely known as a brilliant tax resource throughout the Liberty Tax Service offices in Virginia.  Ray’s written work about tax planning has been published throughout newspapers the Hampton Roads area. 

Recent Posts

Recordkeeping for Small Business Owners

Well, here it is the middle of March and you haven’t done your taxes yet, right?  And, you’re a small business owner, too, right?  Well, where do we start? Raymond D. Nations knows exactly where.

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 3/18/2014 02:55:00 AM

What happens when you file taxes late and what options do you have?

Now that it's getting down to the wire, Enrolled Agent, Raymond D. Nations, provides some helpful insight on the options you have when filing taxes late.

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 3/17/2014 09:00:00 PM

When must you file a paper return?

Well, here it is, that dreaded season of the year called, “Tax Time”.  That’s like saying, “Here comes Trouble, with a capital ‘T’”, right?  So, you gather up all of your paperwork.  You know, like your W-2’s, your 1099’s from your bank or broker, your 1098-T from your school, and, oh yeah, your kids’ Social Security cards.  Then, you load all of that stuff up into your wheelbarrow (well, not really, but it feels like that, doesn’t it?), and you trudge into your local Liberty Tax office to file your tax return.  Your preparer diligently asks you questions about your last name and your kids’ last names, if different, and asks questions for Earned Income Tax Credit (EITC) purposes.

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 2/17/2014 09:30:00 AM

Your Charitable Donations Help Your Community and You!-

As we approach the twilight of another year, it is most appropriate to consider increasing charitable donations to your favorite non-profit, church, or synagogue.

You can use your Required Minimum Distribution (RMD) to make a charitable contribution.  Contact the custodian who holds your IRA/401K monies (generally this will be a bank, or brokerage) and ask them to do the paperwork on this.  You'll need to get the Employer's Identification Number (EIN) from the charity and give that to your banker or broker.  If this transaction is done by transferring from the institution to the church/non-profit, then you will not have to declare this money as income for 2013.  Remember, you must not take the money out yourself and "touch" it - then, it would be income to you!  (By the way, this tax benefit is slated to expire on 12/31/2013, so don't count on it continuing for 2014!)

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 12/24/2013 06:05:00 AM

End-Of-Year Tax Moves to Save You Money

Due to the Affordable Care Act, there are some 20 new taxes that may affect you. Therefore, if you are a high-earner (over $200K if single or head of household or qualifying widow, $250K if married filing jointly, and $125K if married filing separately), you may owe additional Medicare taxes on your 2013 income.  The additional taxes would be .9% on your wages and self-employment income that exceeds the above limits. 

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 12/23/2013 03:05:00 PM

Rental Property – Tax Benefits and Pitfalls

It’s late.  You can’t sleep.  So, you turn on the TV thinking you’ll watch some re-runs of MASH, or DRAGNET, right?  While channel surfing, you see some guy talking about how YOU, yeah, YOU!! Can make some big money( or dough, or moulah, or $$$$) in real estate without using any of your own money!   “Well,” you say to yourself, “now you’re talking!”  So, you reach for a cold beverage (adult or otherwise), some chips to munch on, and you get all nice and comfy because you are going to be driving a brand new Cadillac, and living in a new house with a swimming pool before the night is over!   At least, that’s what that guru on TV is telling you, right?

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 3/20/2013 11:15:27 AM

Puts/Calls/Straddles

Information on puts, calls, straddles.  Liberty Tax Service's Raymond D. Nations, EA, covers this topic in depth.

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 2/22/2013 03:10:20 PM

Reporting Capital Gains and Losses

Reporting capital gains and losses can be a little tricky, depending on what type of property you have sold, how long you kept it, and whether or not you received all of the proceeds in the year of sale or not. 

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 2/21/2013 01:24:17 PM

Earned Income Tax Credit

Let’s talk about Earned Income Tax Credit (EITC) for a few moments, shall we?  The EITC has been around for some 30 years, with its roots beginning back in the first Reagan term.  IRS Pub 596 has a wealth of information on the subject (may be even a little more than you really wanted to know!).  This is the most common “refundable” credit, meaning the taxpayer may get a refund regardless of their tax liability.  To qualify, the first thing is the taxpayer must have “earned” income.  We call that “sweat-of-the-brow” income – this is income that you WORKED for!  

Posted To: The Greenhornet Blog
By: Lauryn on 2/8/2013 12:34:04 PM

News on the Fiscal Cliff

Hopefully over the last several weeks, you’ve been paying attention to the debate going on in our nation’s Capitol about this thing called, “The Fiscal Cliff”.  In case you did not know, the term, “The Fiscal Cliff” referred to what

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 1/22/2013 03:30:00 PM

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