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Are you filing for a tax extension? Here’s why you should think twice
Updated on: 15th May, 2020

Due to the Novel coronavirus pandemic, Americans are overwhelmed about their tax. However, the good thing is, the federal government has decided to move the tax filing deadline from April 15 to July as there is no clear signal of getting rid of this corona pandemic. The people of America can even ...

Do trust beneficiaries have to pay taxes on the distributions?
Updated on: 19th Mar, 2020

Trusts make an important portion of your estate planning and overall wealth portfolio. The availability of several types of trusts, and their liabilities to become taxable in various ways and forms, make it very difficult to choose a trust set up, that you will be forever comfortable with. Usual...

Debt settlement: How it affects on your tax and credit score
Updated on: 21st Oct, 2019

Many people who are in drowning in huge debts consider debt settlement to get rid of their debts. Debt settlement is a good debt repayment option as it reduces the total debt amount. You can approach your creditors for the settlement on your own. In that case, you should try to convince them abou...

What to do if a debt collector takes your tax refund
Updated on: 27th May, 2019

Worried that a debt collector will snatch your precious tax reward for an unpaid bill? Well, honestly speaking, if a debt collector takes your tax refund, then there is not much you can do about it. But at the same time, I need to tell you one fact. It’s a rare or exceptional case. Usually, debt c...

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...

Last Updated on: 16 Apr 2018