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Tax Related

I Had IRS Tax Debt in a Chapter 13 Bankruptcy That Was Dismissed. – Sam

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“Dear Jim, The IRS is still trying to collect $15,000 from 2000. We were in Chapter 13 in ’08-’10 and the BK was DISMISSED in Dec. ’10. In Oct. of 2011 we began making monthly payments of $50. These payments are toward the $15,000 and $640.00 assesed for 2009. Do we still owe the $15k? We entered the agreement AFTER ... Read More »

How Do I Get an Educational Credit From the IRS? – Jok

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“Dear Jim, Hi I need your help. I just received a letter from the IRS claiming the information they have for me on file regarding my wage, miscellaneous income, interest income tax withheld, earned income credit etc does not match entries on my 2010 form 1040a. So I went to see my Tax lady and she told me its because ... Read More »

The IRS Payment Demands Are Crippling Us With Our Other Bills. What Can We Do?

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“Dear Jim, Our employer (my husband and i worked for the same company for the past 5 years) took deductions for state and federal taxes totaling 11% instead of the usual 25% which we, unfortunately, caught too late. We are now on a payment plan for the states we owe (there are two since we relocated from one state to ... Read More »

How Much Will We Get Back On Our Taxes Next Year? – Haley

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“Dear Jim, My husband is the only one that works and we have 4 children. He has made 51,000 and paid in 8,100 since February. Hi I am wondering if you could tell me approximately how much we will get back in 2013. Haley” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number ... Read More »

We Owe the IRS Back Taxes and Afraid They Will Put a Lien On Our House. – Kate

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“Dear Steve, I’m paying off the IRS for 2008 tax year (total is now up to $37k), and the interest keeps adding to the total owed. I owed for 2010 and paid that amount, but now owe $10k for 2011, due to too little withheld from my and my husband’s taxes. The initial job loss in 2007 is what caused ... Read More »

The IRS Sent My Payment Back Because of a Erroneous 1099. What Now? – William

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“Dear Jim, Filed 1040A early & got my refund. Received a 1099-DIV form later in April. The form was showing an amount that was slightly too high. In order to avoid interest charges, i went ahead and made a payment calculating the tax i would owe using the current 1099-DIV form by April 15. I did not file a 1040X ... Read More »

Is There a Tax Penalty for Filing Jointly? – Kathy

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“Dear Jim, im about to be married my fiance wants to know if there is a tax penalty when you file married filing jointly Kathy” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here The Answer ... Read More »

I Can’t Pay My Estimated Quarterly Taxes. – Heather

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“Dear Jim, I’m a freelancer who recieves a 1099 and pays estimated quarterly taxes but last year I was unable to keep up with my payments due to medical bills and other hardships. I do not think I will have enough to pay my 2011 taxes owed by April 15th, as well as, paying my 1st quarter 2012 estimates. I ... Read More »

My Husband Passed Away. Can I File My Taxes as Single Now? – June

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“Dear Jim, my husband passed away we always filed jointly..can I file as being single this year? will I have to file his income tax…what is the best root to pursue? June” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat ... Read More »

My Parents Are In Serious Debt. Should They Save for Retirement? – Elizabeth

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My dad lost a job many years ago, and was depressed and didn’t file their income taxes for 10 years. They owe 77k to the government, and they put in an offer in compromise with the IRS, but were told that they should be able to pay they full amount. At this point they have a chance to submit any ... Read More »

My Company Has Lost Money For the Past 6 Years. What Will The IRS Think? – Wahi

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“Dear Jim, I’ve a fulltime job as an IT consultant. I also have a food distribution business as well. Your Question * My company has lost every year for the past 6 years, and this year too, I’m in a loss. Since it’s an ‘S’ corp, I’ve been posting the loss on my personal, which help me at least get ... Read More »

I Don’t Know if I Have to File Taxes Because I Was in School. – Jone

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“Dear Jim, I have always done my taxes my self, and I didn’t know if I had to file my taxes this year or not. In 2011 I was in school, but I was not working. I was collecting child support for my only income to live on. I received a W-2 from the school and it shows the money ... Read More »

Homebuyer Credit and Taxes. Do We Have to Pay the IRS? – Theresia

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“Dear Jim, We bought a house in 2008 and got the first time homebuyer credit of 7500$. We sold the house in 2009 due to expected military orders. (We ended up NOT getting military orders) We took a 14,000$ loss on the sale of the house. Last year we made an “installment” payment on the credit of 500$. This year ... Read More »

I Got a 1099-C On My House in Miami. How Do I Handle This? – Bill

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“Dear Jim, Paid $200,000 for second home in miami in 2006. Got a 1099c for $80,000. This is for 2010, and i have not filed 2010 taxes. Just an extension. still can’t figure out how to handle 2010 taxes which i have not yet filed. I think i am too old for all of this. I don’t have the short ... Read More »

Can My Father Sell His Home Without Paying Taxes? – Eva

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“Dear Jim, I am in charge of my dad’s property. My father 82 urs old, lives in Mexico and owns a 2 flat that he rents out here in the US , he has asked me to sell it. In order to take advantage of the 1 time tax free sale of a property for people over 65 does the ... Read More »

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