Tax

When Is Cancelled Debt Considered Income?

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When Is Cancelled Debt Considered Income?

If you owe money to someone and are unable to pay, your creditor may cancel, or forgive, the money you owe. In many instances, the Internal Revenue Service treats this cancelled debt as taxable income. In fact, if the value of the debt is $600 or more, you will receive Form 1099-C from the creditor. […]

Tax

What Should I Do If I Have A Tax Lien

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What Should I Do If I Have A Tax Lien

A lien may be a claim against your property made by a federal or government if you fail to pay your taxes. There are variety of downsides to having a lien – it lowers your credit score, it reduces your ability to sell the property, and it’s going to prevent you from refinancing your home. […]

Tax

When Can I Deduct Business Expenses

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When Can I Deduct Business Expenses

For business owners, the question of tax write-off is usually a murky and confusing one. Depending on what proportion income your business brings in, there are potentially thousands or many dollars in savings if you recognize which deductions to require . However, you do not want to require deductions that are not allowed because you […]

Tax

What Qualities Should I Look For In A Tax Litigator

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What Qualities Should I Look For In A Tax Litigator

Deciding to hire a tax litigator is an important decision that should be considered carefully. Just as when hiring any type of professional, there are specific qualities that one should look for when hiring such an individual. Patience And Organization Are Key There are thousands of tax attorneys out there, and you should not simply retain the […]

Tax

When Can I Discharge Tax Debt in Bankruptcy?

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When Can I Discharge Tax Debt in Bankruptcy?

It’s a common misconception that tax debt can’t be included in your bankruptcy filing. But that’s not true. In certain circumstances, you may be able to discharge, or erase, your tax debt in personal bankruptcy. Discharging Tax Debt in Bankruptcy To discharge your tax debt in Chapter 7 or Chapter 13 bankruptcty, it must meet five […]

Tax

IRS Tax Debt Relief

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IRS Tax Debt Relief

It’s tough to escape tax debt. Money owed to the interior Revenue Service is nearly impossible to discharge in personal bankruptcy. And while there’s a 10-year statute of limitations during which the govt can collect the cash , the IRS will surely take action to urge its money before 10 years is passed. Your best […]