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Hardship and Struggling Taxpayers

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.

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  • Hardship Scenarios and Taxes

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 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

Bankruptcy and insolvency can be financially draining for many people. It is important to know the tax ramifications of bankruptcy or insolvency.

Learn more about bankruptcy and insolvency

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 2017? 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 2017? 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 Withholding

Do you expect a tax refund next tax season? If so, why wait until then if you could get this refund money earlier? Over 100 million or 75% of all Americans got a tax refund check and the average refund check was almost $3,000! That means that every month most taxpayers pay an average of $250 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

Start the Free 2017 Tax Calculator