Tax Adjustments in Tough Times
Depending on the degree of economic hardship that you are suffering, a taxpayer
may be eligible for adjustment to payments on back taxes, deferment of collection
action, or leniency in regards to the default status of payment agreements.
Learn more
Home Related Tax Relief
Federal Tax Lien Relief – Home Refinance, Home sale
The Internal Revenue Service (IRS) has implemented an expedited process that will
make it easier for financially distressed homeowners to avoid a federal tax lien
which would block the refinancing of mortgages or the sale of a home. Find out if
the Federal Tax Lien Relief is an
option for you.
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Cancelled debt from commercial lenders is often included as taxable income on your
federal income taxes.
The Mortgage Debt Relief Act of 2007, however, allows some taxpayers to exclude
debt forgiven on their primary place of residence. Debt that qualifies for the relief
includes debt reduced through mortgage restructuring, as well as mortgage debt forgiven
in connection with a foreclosure. Up to $2 million of forgiven debt is eligible
for this exclusion ($1 million if married filing separately).
More information about the Mortgage Forgiveness
Debt Relief Act
First Time Home Buyer’s Credit
If you were a first-time homebuyer in 2008, you should know about and begin to plan
for a new tax credit that was recently put into place. The tax credit is applicable
to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. The
tax credit functions like an interest-free loan with a 15 year term and can be worth
up to $7,500 to new homebuyers.
Additional
information about the First Time Homebuyer's Credit
Job Related Tax Relief
Job Loss
Times have been tough this past year. If you have been the victim of outsourcing
or downsizing during these turbulent economic times visit here to learn more about
possible tax relief.
Learn more about job
loss tax adjustments
Job Searching
A job search can generate a substantial amount of expense when you start adding
up printing costs, travel costs, and expenses incurred from networking. According
to IRS regulations, you can deduct certain expenses incurred while looking for a
new job, even if presently employed. You can deduct these expenses without being
offered a new job.
Additional information
about searching for a new job
Bankruptcy and Insolvency
2008 was a tough year for many people. It is important to know the tax ramifications
of bankruptcy or insolvency.
Learn more about bankruptcy and insolvency
Other
Divorce, Separation, and Tax
A life altering event such as separation or divorce has many tax implications.
Information about divorce and
separation
Marriage Tax
Did you get married in 2008? Congratulations! Getting married is a big
step in your life and will also impact your tax return. Take a look at some
important information and details when planning for or preparing your tax return
now that you are a married person.
Additional information about
marriage taxes
Child Tax
Did you have a child in 2008? Congratulations on the new addition to your family.
There are many important tax ramifications and credits now available to you as a
parent.
More information
about taxes related to children
Tax Savings and Tax Planning
Tax Reduction
Do you expect a tax refund next tax season? If so, why wait until then if you could
get this refund money earlier? Almost 100 million or 75% of all Americans got a
tax refund check and the average refund check was about $2,400.That means that every
month these taxpayers pay an average of $200 too much in taxes. Are you one of them?
You might take out too much tax from your paycheck. Remember the time value of money:
money now is worth more than the same amount of money in the future.
Tax reduction ideas
Tax Free Income
Are you sure that you have considered all your tax-free income options? Find out
about the following alternative tax-free income options.
Income the IRS cannot tax
Estimate your taxes today