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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: 30th Apr, 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...

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...

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...

Last Updated on: 16 Apr 2018