The Top 10 Consequences Of Tax Debt
January 29, 2024
Facing tax debt can be intimidating, leading some to avoid dealing with it altogether. But ignoring the issue only makes things worse. The IRS has various methods to collect what you owe, like placing liens on your property, seizing assets, or garnishing your wages. Ignoring your tax bill means penalties and interest will keep adding…
What Is Injured Spouse Relief? Injured Spouse vs. Innocent Spouse Relief
June 30, 2024
Navigating tax responsibilities as a married couple filing jointly can have significant implications, especially when one spouse’s financial obligations affect the other’s tax refund. This article is about what is the Injured Spouse Relief and delves into the critical distinctions between Injured Spouse vs. Innocent Spouse Relief, two IRS provisions designed to protect spouses from…
What Is Imputed Pay: What It Means And Why It Matters
June 26, 2024
In the realm of taxation and employee benefits, understanding what is imputed pay and imputed income is crucial. Imputed pay refers to non-monetary benefits provided by an employer to an employee, which are considered taxable income by the IRS. These benefits, although not received in cash, are valued and added to an employee’s overall compensation…
Filing Taxes For A Deceased Person With No Estate
June 26, 2024
Filing taxes for a deceased person is a crucial responsibility for surviving family members or the executor of the estate. Losing a loved one is a difficult experience, and navigating the legal and financial aspects afterward can be overwhelming. One crucial responsibility that falls upon the family or executor is filing taxes for the deceased.…
Credit Card Debt Forgiveness For Disabled: Does It Exist?
June 24, 2024
Dealing with credit card debt is a daunting challenge for many individuals, but for those with disabilities, the burden can be even heavier. The financial strain caused by medical expenses, limited income, and other related costs can quickly accumulate, leaving disabled individuals struggling to make ends meet. In such circumstances, the concept of credit card…
What Is IRS Form 1099-A And Difference Between Form 1099-A And 1099-C?
June 16, 2024
What is IRS Form 1099-A? IRS Form 1099-A is a crucial document used by lenders to report the acquisition or abandonment of secured property. This form is particularly important in scenarios involving foreclosures or when a borrower decides to abandon the property tied to a loan. The information contained in Form 1099-A is essential for…