Tag Archives: income tax

At first glance, bankruptcy may sound like the answer to all of your financial problems. Erase my debts and start over with a clean slate? Sign me up! But not so fast. A number of categories of debt—including alimony, child support, student loans and some income tax debt—will still be there even if your bankruptcy filing is successful.   Bankruptcy Overview Before we talk about what debt can and cannot be discharged (or forgiven) in bankruptcy, let’s do a quick …

  The deadline for filing your income tax return is rapidly approaching. Filers are often tempted to fudge the facts on their tax returns in an effort to get a bigger refund. But that tactic can backfire on you, resulting in an Internal Revenue Service Audit. Here are six of the more common ways of increasing your chances of an audit. 6. Suffer certain types of losses. If you claim a business loss or rental property loss, it may send …

Presents purchased? Check. Vacation time scheduled? Done. Holiday cards mailed? Yep. End-of-the-year legal checklist complete? Ye—wait a sec! What? If you truly want to start 2012 off on the right foot, there are a few things you’ll want to do before Dec. 31 rolls around. Yes, I’m talking about making sure your legal and financial affairs are in order. Let’s look at what needs to be done: Review your estate planning documents. Reread your last will and testament, living will, …