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Taxes

Don’t Overlook the Insolvency Exemption for 1099-C Cancelation of Debt Income

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It’s that time of year again, when people are receiving 1099-Cs for debts forgiven or canceled during 2013. Perhaps you were in a debt settlement program with successful results, and a lot of debt was forgiven. Or it may be that your creditor decided to formally cancel an old delinquent account to close out their records. You might have taken ... Read More »

4 Mistakes You May Be Making With Your Tax Refund When You Have Debt

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Paula Langguth Ryan, Mediator, Consumer Advocate and Communications Consultant Got debt? Thinking of using your tax refund check to play catch up or pay down a balance? Before you act, read this article. Most people who have debt make the wrong choices with their tax refunds. End result: you wind up even more stressed than before you got your ... Read More »

United Tax Group Raises Questions by Reader

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A reader wrote me and was curious why United Tag Group was advertising they are an A rated accredited member of the BBB. So I had to go check. And sure enough, the link the reader gave me, unitedtaxgroup.net does show the company claiming to have that rating. It also claims they are a member of the National Association of ... Read More »

IRS Form 982 is Your Friend if You Got a 1099-C

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Just because you got a 1099-C form from forgiven debt is not a reason to immediately panic and think you are automatically going to owe a lot of taxes on the forgiven debt. In the debt world a point of contention for me is the chronic misinformation about forgiven debt from debt settlement or a debt determined to be uncollectible. ... Read More »

JG Tax Group Allegedly Promises to Sue Unhappy Bipolar Woman Client Over Comment

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In an odd turn of events, JG Tax Group has left an alleged client, who Jeffrey Galante of JG Tax Group labels as “a woman who is bipolar” facing a lawsuit over her comments posted on this site. About a month ago Qtmermaid143 submitted a comment on this post in response to a Jeff Galante that had said: JG Tax ... Read More »

How to Deal With a New 1099-C Issued on Old Debt Using Little Known IRS Form 4598

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It seems more and more people are getting tax form 1099-C issued now for the forgiveness of old debt from as long as twenty years ago. That’s a problem for consumers. This old debt is sometimes called “zombie debt” because it appears to come back from the dead. The first thing you should do is not panic. There is a ... Read More »

Offer In Compromise Rules Relaxed by IRS. Big News!

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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 publish that they can get ... Read More »

Owe Taxes This Year? Five Actions to Take Before You File.

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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 the deadline – and there ... Read More »

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 on the services promised. This ... Read More »

Tax Payer Anatomy. Look At the Average Income.

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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 scary statistic to think that ... Read More »

Student Loan Forgiveness or Discharge Can Create a Huge Tax Bill. Watch Out!

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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 result in the issuance of ... Read More »

Did You Get Paid Unemployment Benefits in 2011? Prepare to Pay the Taxes.

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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 your benefits, you’ll have to ... Read More »

New York City Offers Deals to Get Taxes Done

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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 (no children) you can get ... Read More »

What Can You Tell Me About Pro Tax Relief in Alabama?

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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 City, AL 35906 but a ... Read More »

Make Money Paying Your Neighbors’ Property Taxes

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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 in a tax lien auction ... Read More »

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