Tough Times Tax Help: Divorce, Foreclosure, Job Loss, Bankcruptcy
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 about available help for paying taxes.
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.
Mortgage Forgiveness Debt Relief and Canceled Debt
Canceled debt from commercial lenders is often included as taxable income on your federal income taxes.
The Mortgage Debt Relief Act, 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 and canceled debt
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
2011 was a tough year financially 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.
More information about divorce and separation
Marriage Tax
Did you get married in 2011? 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 and taxes
Child Tax
Did you have a child in 2011? 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 and dependents
Tax Savings and Tax Planning
Tax Withholding
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 most taxpayers pay an average of $200 too much in taxes. Are you one of them? You might withhold 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.
Learn how to adjust your paycheck withholding.
Tax-Free Income
Are you sure that you have considered all your tax-free income options? Learn about sources of income that the IRS cannot tax.
Find out about ways to get tax-free income
Estimate Your Taxes
An essential component of tax planning is using a tax calculator to estimate your taxes before it is time to file your tax return.
Plan to Save: Estimate Your Taxes and Tax Refund