Tax season can be a dampener for debts and a boon for those who tread a careful path to maximize their refunds. In an intricate web of legal jargon and financial complexity, understanding how to leverage tax laws to your advantage is not just a good idea—it’s a financial imperative for many. This comprehensive guide  … Read more

Tax season can be stressful, but the silver lining of this time of year is getting a tax return. Receiving a lump sum of money can be exciting, but it can also be difficult to know where to put it. Should you splurge on a vacation? Invest it in the stock market? The options can  … Read more

The Child Tax Credit is a program that aims to lessen the financial burden on families while providing support for children. This credit is beneficial to many families who are struggling to make ends meet as it can help offset the costs of raising children. The credit allows parents to receive up to $3,600 per  … Read more

If you are struggling with tax debt, you may be considering bankruptcy as a way to find relief from your financial obligations. Fortunately, filing for bankruptcy can indeed help you discharge some or all of your tax debt. But before you do, it’s important that you understand the basics of how this process works and  … Read more

There are a number of ways that you can lower your taxable income. Some of the most common methods include: 1. Increase Your Deductions One of the easiest ways to lower your taxable income is to increase your deductions. This includes things like contributing to a 401(k) or IRA, paying interest on your mortgage, and  … Read more

This week a California man failed to use his bankruptcy to wipe out old state income tax debts. The Ninth Circuit held that his notices to the state don’t amount to tax returns. Those notices weren’t tax returns that allowed him to eliminate his state tax debt as part of his Chapter 7 bankruptcy.  The  … Read more

Tax debts can be costly in many ways. Unlike other types of debt, defaulting on paying your taxes can result in having your wages garnished, your property placed under lien, and even land you thousands of dollars more in debt. Additionally, tax debts are different than traditional forms of debt in that they often are  … Read more

Can tax debt be discharged in bankruptcy? Yes. And no. The first thing to understand about bankruptcy is that it is a legal procedure created by Congress. There is no such thing as “discharging“ tax debt. What there is, is discharging a tax debt. The statute that allows for bankruptcy also allows for the discharge  … Read more

This year, a large number of Americans have been confronted by unemployment. As endless individuals are battling with financial crisis, the consequences of unemployment reach beyond the bimonthly paychecks. Take, for instance, those that have gotten monetary help via unemployment compensation. While the money received under the unemployment program may have been necessary to ensure  … Read more

If you owe money to the Internal Revenue Service, they will not let you avoid it or forget it. The IRS has almost unlimited power in recovering tax debt, making them a very aggressive collection agency. The IRS can levy your bank accounts, put liens on your property, or garnish your wages without having to  … Read more