Why pay for Turbo Tax or its competitors when, odds are, you can get it for free? Unless you like burning money. Seventy percent of American taxpayers qualify for free tax software. If your income was $62,000 last year or less, you can use commercial tax filing software for free through the IRS FreeFile program. […]
Tax Question Roundup
Not long til tax returns are due. Time for a roundup of tax issues I see from atop my soapbox. I’ll point you to fuller discussions of tax topics. Are Chapter 13 payments deductible? I’ve never seen a claim that the entire monthly payment is deductible. In a case where all of the […]
Foreclosure And The Tax That Follows: What You Must Know
The homeowner did the right thing: faced with the threat of foreclosure, he called his tax professional in advance. He did the right thing that nearly produced the exceedingly wrong result. Because the tax pro asked the wrong question and got the wrong result. The illusion of professional advice about taxation upon foreclosure almost cost my client […]
Skip Filing Your Tax Return And The Tax Lives Forever
It’s tax season and tax myths are everywhere. Know what the most dangerous one is? If you can’t pay the tax on the return, you’ll escape collection action if you keep a low profile by not filing the return. I hear it repeatedly, each year, year after year. And it’s wrong, over and over. Four […]
Bankruptcy Alphabet: I Is For IRS
“I” stands for IRS in my Bankruptcy Alphabet. Bankruptcy law treats the IRS little different than other creditors. The tax collector is just one of the boys. But the most important point is that income taxes can be erased in bankruptcy. There are rules, three of them in fact, that govern when income taxes […]
Tax Fallout from Foreclosure & Loan Modification
It’s bad enough when the client loses their home to foreclosure, but it’s a double whammy when the tax bill arrives for money they never saw. Scope out the tax traps in the world of indebted clients at a 2 hour workshop for lawyers and tax professionals April 9 at Lincoln Law School. Be prepared […]
File Your Tax Return Or Get An Extension?
Filing a tax return does not focus a spotlight on you. Really. I regularly see clients who have not filed returns because they have some issue with the IRS. They either have taxes that will be owed with the unfiled return, or taxes owed from earlier periods. They think they are avoiding trouble by not […]
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