How IRS treats forgiven debts and what are the tax consequences
Updated on: 16th Apr, 2019

In plain and simple words, the IRS treats forgiven debts as your income. To be definite, the IRS considers ‘cancellation of debts’ quite the same as your weekly or monthly paycheck! And, there is a good reason why the IRS treats forgiven debts as your income.Read on, to understand why.When you b...

Got a tax refund? See how to use it better!
Updated on: 5th Mar, 2019

Tax refund for us is a big expectation while filing our taxes at the end of the tax year. Whatever we can pull back from the vaults of IRS, makes us a bit happy.But only a few of us actually know how to put the tax refund money to some good use.First, you need to understand that the tax return doesn...

Can you claim a tax deduction for medical expenses?
Updated on: 21st Feb, 2019

Did you accumulate a lot of credit card debts last year for paying your medical expenses? You are not alone; many Americans are falling into debt trouble due to uncontrollable medical bills. Why are people falling into medical debt? First of all medical costs are rising sky high and deliberately...

Can debt collection agencies snatch your tax refunds?
Updated on: 2nd Apr, 2018

Have you filed your income tax returns? Are you expecting a refund? If so, then you must have already planned how to use that money. Whether you wish to repair your home, pay off credit card bills, buy a laptop, is completely irrelevant if a debt collector takes away your tax refund. All your financ...

Do you know you can file income tax for free?
Updated on: 27th Mar, 2018

In the post “IRS guidelines to choose a tax preparer”, I have talked about how you can select a good tax preparer for yourself. Usually, a tax preparer charges a fee on the basis of the complexity of your tax return and completeness of your information. Some tax preparers even charge an addition...

Do charity to get tax write-offs this Easter
Updated on: 21st Mar, 2018

It is time to file taxes and get prepared for Easter as well. This is the busiest time of the year as you have to complete the tax task while getting prepared for the Easter.Also, this is right time when you should gear up to get the tax write-offs.Charitable giving can be a wise investment that ens...

Ways to get IRS tax debt relief
Updated on: 14th Mar, 2018

Are you unable to pay your tax? Don’t lose your sleep if you can’t pay your full tax. The IRS has several methods to help you out.The methods differ based on various factors such as amount owed, your current financial status, and any fines incurred as a result of the tax debts. The debt relief p...

Why should you file your income tax returns early this year?
Updated on: 1st Feb, 2018

The official tax filing season kick-started on January 29, 2018. The last date to file income tax returns is April 17, 2018. Usually, the last date to submit income tax returns is April 15. But since it falls on Sunday and Emancipation Day is on Monday (April 16, 2018), so the IRS has extended the d...

Why is tax refund ideal for avoiding credit card debt blue?
Updated on: 3rd Oct, 2017

As per the IRS, in 2016, the average tax refund was about $2,860. In 2017, it is expected that almost 70% of taxpayers will receive a tax refund. Getting a big fat tax refund is satisfying, but what will you do with the money? Should you go for a trip with the money or pay your due credit ...

Tax debt - New tax code could have your passport revoked?
Updated on: 13th Jun, 2017

Owing taxes to Uncle Sam may cost your ability to travel overseas, provided you’ve taken no preventive measures to tackle the crisis. What’s the law? In December 2015, Section 7345 was enforced and placed under the tax code. The Internal Revenue Service (IRS) can revoke your passport for f...

Last Updated on: 16 Apr 2018


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