Category Archives: Taxes
- Offer In Compromise Rules Relaxed by IRS. Big News!
I do not normally get motivated by IRS changes in collection rules, but yesterday’s change to the Offer in Compromise (OIC) program was fairly significant. As you know, this program allows taxpayers, who qualify, to settle their tax liability in full for an amount less the full liability owed. There are many deceptive companies who [...]
- Owe Taxes This Year? Five Actions to Take Before You File.
For many, tax filing deadlines can be a stressful time, especially if you are faced with a tax bill that you cannot pay. Perhaps you owe taxes for the first time this year or you still owe from a prior year. Here are 5 actions you must take before filing day: File on or before [...]
- TaxMasters Locks Doors, Files Bankruptcy. Another Tax Resolution Firm Hits the Skids.
In the last year we’ve seen major tax resolution firms run into trouble, fold or fail. Between Ronnie Deutch, JK Harris, and now TaxMasters it’s been a bad year for the tax resolution debt relief business. Again it seemingly comes down to firms charging big advanced fees for services, spending the money, but not delivering [...]
- Tax Payer Anatomy. Look At the Average Income.
H&R Block just released the following info graphic which gives us some interesting facts about tax payers and their obligations. 48% of the U.S. population are taxpayers. 70% of taxpayers e-file. The majority of taxpayers file as single. The average taxpayer claims 1.4 dependents. 3,330,871 people claimed their parents as an exemption. Kind of a [...]
- Student Loan Forgiveness or Discharge Can Create a Huge Tax Bill. Watch Out!
If you are one of the lucky few who have qualified for a discharge or cancellation of your student loan debt, you may be shocked to learn the debt may not be over with just yet. A reader brought to my attention that the forgiveness of student loan debt, even under a disability discharge, can [...]
- Did You Get Paid Unemployment Benefits in 2011? Prepare to Pay the Taxes.
People are often under the impression that unemployment benefits are not taxable. On face value you’d think that public benefits for unemployment that help you to try to get by would not be taxed. But you’d be wrong. If you were paid unemployment benefits in 2011 and did not opt to have taxes withheld from [...]
- New York City Offers Deals to Get Taxes Done
New York City is offering residents these deals to help you get your taxes completed for free or low cost. If you have an annual income of $57,000 or less you can do your own taxes online for free. Use this link. If your income is $50,000 or less (with children) or $18,000 or less [...]
- What Can You Tell Me About Pro Tax Relief in Alabama?
A reader wanted to know more about a company in Alabama called Pro Tax Relief. I took a quick look at pro-taxrelief.com and here is what I found to share. What immediately struck me is the company says it is Professional Tax Relief, LLC, d/b/a Pro Tax Relief and located at P.O. Box 7164, Rainbow [...]
- Make Money Paying Your Neighbors’ Property Taxes
Every homeowner knows the joys of paying property taxes. And unfortunately, the Great Recession has made it tough for many people to pay the bill. When a homeowner fails to pay their property taxes, a lien is placed on their home and the tax lien certificate is later auctioned off to investors. Anybody can participate [...]
- WV Residents Screwed by JK Harris Get Full Refund
Attorney General Darrell McGraw Secures Refunds for Victims of Bogus Tax Compromise Services by JK Harris CHARLESTON – In a settlement reached today by West Virginia Attorney General Darrell McGraw with a South Carolina tax resolution firm, consumers who paid the company to resolve tax obligations with the Internal Revenue Service but were provided with [...]
- California Attorney General Ask Court to Toss “Tax Lady” and Lawyer Roni Deutch in Jail
In a case that has continued across a change in Attorneys General, the current California Attorney General Kamala Harris has asked a California court to put Roni Deutch in jail for shredding millions of pages of documents that would probably have come in very handy in the lawsuit by California against the Tax Lady. Deutch [...]
- Get Free Help and Advice From Former IRS Agent
I’m proud to announce that Jim Buttonow has agreed to assist readers with tax issues for free. Jim is a great guy and certainly a very knowledgeable tax expert. I have no reservations in recommending him as an expert to help site readers. Jim is a licensed CPA who spent 19 years with the IRS [...]
- Owe The IRS? Here Are Eight Awesome Insider Tips to Make it Less Painful and Cheaper
The following guest post was contributed by Jim Buttnow. Jim is a licensed CPA who spent 19 years with the IRS coordinating large compliance teams of IRS agents and specialized personnel. In the last 5 years, Jim has invented consumer and practitioner software and treatises on how to address many different tax issues. He has [...]
- IRS Says It Will File Fewer Tax Liens
In an article brought to my attention by a great tipster, the IRS says it will file fewer tax liens and make it easier to get those liens removed from credit records once the debt has been resolved. Kind of a form of legal credit repair. In these tough economic times it can be helpful [...]
- H&R Block Gets Cut Off on Funding For Refund Anticipation Loans
Bob Lawless over at Credit Slips is reporting an interesting development that tosses a wrench in the gears for H&R Block and their continued promotion of Refund Anticipation Loans for people that believe they will get a tax refund. Lawless said in his post: I used to think of these firms as tax preparers with [...]