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 2009, you should be familiar with a new tax credit that was recently put into place. The credit is applicable to taxpayers who have not owned a home in 3 years. Unlike the 2008 first-time homebuyer credit, this credit need not be repaid as long you own your house for at least three years and it remains your principal residence during that time. The tax credit is worth up to $8,000 to new homebuyers, and is fully-refundable.
If you have owned a home (and used it as your primary residence) for at least 5 consecutive years in the 8 year period prior to your new home purchase, then you may be eligible for a new tax credit worth up to $6,500.
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
2009 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 2009? 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 2009? 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 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.
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