6 Reasons Why the IRS May Keep Your Tax Refund
On Friday, the Internal Revenue Service (IRS) sent a gentle reminder to the nearly 40 million taxpayers who have yet to file their tax returns: do it now. Many people consider their tax refunds to be a sort of annual bonus. Here are the top 6 reasons why the IRS may keep your tax refund. […]
Top 4 Tax Problems in Bankruptcy
The top 4 tax problems in bankruptcy are not particularly easy to avoid. For those facing money problems, taxes are often an afterthought. After all, paying taxes means less money in your paycheck. But the tax problems that most frequently occur in bankruptcy are actually violations of intuitive rules. Tax Problems in Bankruptcy: Chapter 7 […]
D.C. Means Test Unjustly Denies Chapter 7 Bankruptcy Protection
New Chapter 7 bankruptcy means test numbers take effect today for Chapter 7 cases filed on or after November 1, 2016. The D.C. means test numbers are obviously miscalculated and unfairly exclude bankruptcy debtors in the District of Columbia. Since October 17, 2005, the Department of Justice has promulgated median incomes for Chapter 7 debtors. To qualify for Chapter 7 bankruptcy, you […]
Debts Discharged in Bankruptcy are Not Taxable
Settled debts must be included in your income taxes If you settle a debt for less than you owe, the balance canceled or forgiven is taxable income. You must report any cancelled or forgiven debts as part of your gross income on your income tax return. The creditor will send you an IRS Form 1099-C […]
How Do I Stop a Garnishment?
Garnishment (or “attachment”) is a last-ditch effort at debt collection, a tool of last resort for creditors. When you default on a debt, and the creditor is unsuccessful in recovering on the debt, a judgment may be issued against you to garnish property, bank accounts, or wages. Garnishment can often severely impact your monthly finances, and […]