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Find Our Why 360,000+ Americans with Tax Debt May Be Denied Passports


by Staff Writer on December 02, 2018  0 Comment

Find Our Why 360,000+ Americans with Tax Debt May Be Denied Passports
Almost everyone knows that failing to pay their taxes can result in serious consequences, but few would imagine that tax debt can restrict their ability to travel. Well, many people are now facing this reality, as more than 360,000 Americans with tax debt may be denied passports.   The State Department has the ability to revoke the passports of citizens with a certain amount of tax debt, which means you could find yourself without the ability to travel to other countries if you fail to pay your taxes. Learn more about losing your passport because of tax debt and find out how you can rectify this serious situation.  The Fixing America's Surface Transportation Act In 2015, the Fixing America's Surface Transportation (FAST) ...

What is the Statute of Limitations on Tax Debt?


by Staff Writer on December 02, 2018  0 Comment

What is the Statute of Limitations on Tax Debt?
If you're living under the shadow of unpaid taxes, it's likely that you have a variety of questions, including how long the Internal Revenue Service (IRS) has to come after your back taxes. Fortunately, your tax debt is subject to a statute of limitations (SOL). After the statute of limitations has expired, there are only a few circumstances in which the IRS can come after you for unpaid taxes. Here are a few things about the statute of limitations on tax debt that you should know if you have unpaid taxes hanging over your head. What is a Statute of Limitations? If you're not familiar with the term “statute of limitations,” the best way to think of it is as ...

Tax Tips for Nurses


by Staff Writer on November 29, 2018  0 Comment

Tax Tips for Nurses
Nursing is an attractive career for those who want to serve others while enjoying challenging work, competitive pay, and the opportunity for professional growth. If you're a nurse, keep in mind these tax tips to maximize your potential refund. Nurse-Specific Tax Deductions Itemizing your tax deductions can potentially reduce your tax burden compared to taking the standard deduction, depending on the total amount of your deductions. Nurses might be unaware of certain professional deductions they can claim on their tax returns, including: Medical supplies and tools beyond what your employer provides. For example, perhaps you purchased your own stethoscope; the cost is tax-deductible. Keep in mind that equipment that will be used for longer than a year must be deducted ...

Reduce Your Federal Tax Debt With These Actions


by Staff Writer on November 28, 2018  0 Comment

Reduce Your Federal Tax Debt With These Actions
Most individuals that file taxes consider how they can go about not owing anything and getting a larger refund. With a little planning, it's possible. It's all about being proactive about your finances and tax debt. These may seem like little tricks, but they can make a huge difference when it comes time to pay your tax debt. Who wouldn't want a larger refund check from the federal government? The good news is that anyone can implement these changes. They don't require a large salary or a big checking account balance. Change Your Withholding Amount One of the easiest things you can do to reduce the amount of tax you owe is to change the amount you withhold from your ...

Credit Cards and Tax Forms: Understanding Deductions and Taxation


by Staff Writer on November 28, 2018  0 Comment

Credit Cards and Tax Forms: Understanding Deductions and Taxation
When you think about your credit cards, you probably don't think about taxes. However, there can be some tax implications when it comes to your credit cards. For some of us, the way that we use our credit cards could add to the amount that we're able to deduct from your tax return. For others, credit cards may increase your yearly income and cause a tax debt. You may not realize this fact until you receive a tax form for your credit card in the mail. Interest and Deductions There are some interest deductions that you're able to take off of your taxes. Interest on your mortgage, student loans, and similar debts may be written off depending on if it's ...

How Does a Credit Card Write Off Impact Your Taxes?


by Staff Writer on November 28, 2018  0 Comment

How Does a Credit Card Write Off Impact Your Taxes?
If a credit card company charges off your debt, it gives up on receiving repayment and chalks up the amount as a loss. However, this doesn't mean you're no longer responsible for the debt in question. Not only can collection agencies sue you for repayment, but you will also see a decreased credit score and may even face tax consequences. Here's what you need to know about how credit bureaus and the IRS treat a credit card write-off. When Is Credit Card Debt Written Off? Typically, a so-called charge-off occurs after you've failed to make a credit card payment for at least 180 days. When Does a Write-Off Have Tax Consequences? Sometimes, the credit card company will cancel the charged-off ...

How Will a Deed in Lieu Impact Your Taxes?


by Staff Writer on November 28, 2018  0 Comment

How Will a Deed in Lieu Impact Your Taxes?
If you've struggled to pay your mortgage, you might have heard the term "deed in lieu of foreclosure" as a possible solution to your situation. A deed in lieu agreement means you will surrender the deed for your home to the bank instead of the bank taking action to foreclose on your home. However, if you owe more than the home is worth, the bank will forgive the remaining loan balance. Although tax consequences apply to many debt forgiveness arrangements, a tax forgiveness measure in 2016 may relieve those who successfully negotiate a deed in lieu. The Mortgage Forgiveness Debt Relief Act This 2007 law waives the provision in which the IRS considers forgiven mortgage debt taxable income. Previously, homeowners ...

What’s a Tax Attorney? Here’s Why You Might Need to Know


by Staff Writer - Angela on May 22, 2018  0 Comment

What’s a Tax Attorney? Here’s Why You Might Need to Know
A tax attorney is a lawyer who has specialized training in the extensive U.S. tax code. In addition to the Juris Doctorate (J.D.) degree that all American attorneys earn, tax attorneys may also obtain a master's degree in tax law and/or have a background as a certified public accountant (CPA). If you have tax issues that relate to legal matters and/or are very complex, a tax attorney can advocate on your behalf. The Role of a Tax Attorney This type of lawyer is an expert in the laws and policies about taxation, including IRS guidelines and procedures as well as local, state, and federal laws that affect tax liability. They are knowledgeable about how these tax laws impact many aspects of life ...

Should I Get a Loan to Pay Back Taxes to the IRS?


by Staff Writer on January 10, 2018  0 Comment

Should I Get a Loan to Pay Back Taxes to the IRS?
Finding out that you owe back taxes to the Internal Revenue Service (IRS) isn't unusual, as it's increasingly complicated to file even a basic tax return Getting a bill for back taxes is never pleasant, however, because you'll typically have to pay quickly without having much time to assess your options fully. If you can't afford to pay your bill, your first thought might be, “Should I get a loan to pay back taxes?” Find out whether you should take out a loan to pay IRS debt and learn more about alternative options for handling back taxes. Image via Flickr by 401(K) 2013 Why You Should Get a Loan to Pay Back Taxes to the IRS Getting a loan to ...

What Do Tax Attorneys Do?


by Staff Writer on January 02, 2018  0 Comment

What Do Tax Attorneys Do?
When you're experiencing issues with taxes or the Internal Revenue Service (IRS), it isn't always easy to know where to get the help you need. Depending on the problem at hand, you may need the legal advice that a tax attorney can offer, or you may need the experienced debt help that a tax relief service can provide. Don't know where to start? Find out when to use a tax attorney, learn when you need help from a tax relief service, and discover how the two differ. What Does a Tax Attorney Do? Tax attorneys are lawyers who specialize in tax law. They have a high-level understanding of current and past tax codes, and they understand how the law applies ...

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