Tag Archives: tax law


Posted 2 years ago in Taxation by Michele Bowman  
‘Accidental’ Americans Still Owe Income Tax

Most people who are born in the United States or who purposely become citizens here know they are U.S. citizens. But many people who’ve spent their lives abroad and are citizens of other countries may be shocked to learn that they are considered U.S. citizens, and thus owe U.S. taxes.   Lifetime Abroad, Surprise at Home The United States is one of only a handful of countries that requires its citizens to pay taxes on income, gains and assets no …

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Posted 2 years ago in Bankruptcy Taxation by Michele Bowman  
Dionne Warwick Seeks Bankruptcy to Avoid Old Tax Debt

Legendary songstress Dionne Warwick on Mar. 21 filed for bankruptcy in federal court in New Jersey, where she lives, hoping to end a decades-old battle with the Internal Revenue Service over her tax debt.   No Other Choice Warwick is reportedly blaming a former manager for “negligent and gross financial mismanagement” resulting in the tax mix-up that left her $10.2 million in the hole with the IRS and the State of California. Over the years, the singer was paying off …

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Posted 2 years ago in Taxation Your Home & The Law by Betsy Kim  
Save $$ with Strange but Valid Tax Deductions [Infographic]

Lawyers.com reported on Mary J. Blige’s tax troubles, as the state of New Jersey has filed a $900,000 lien against her home. But you can stay out of trouble and possibly even save money by knowing tax laws. The TurboTax infographic below shows 10 strange but legitimate ways to possibly reduce your federal taxes. Your child’s taking clarinet lessons, your quitting smoking and moving family pets are some of the interesting but little known deductions that might save you money …

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More Tax Troubles Ahead for Mary J. Blige

Mary J. Blige’s financial woes deepened in mid-February when the state of New Jersey reportedly filed a $900,000 lien against her New Jersey home. While most people don’t own homes worth that much, Blige’s case is a reminder of what can happen when income taxes go unpaid.   Mansion Targeted The singer has been in hot financial water for some time, with two banks having already sued her for defaulting on loans worth about $511,000 and $2.2 million, and a …

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Posted 2 years ago in Government Taxation by Janet Raasch  
New Tax Laws Will Affect Most Americans

At the beginning of 2013, President Obama signed the American Taxpayer Relief Act of 2012, averting the dreaded “fiscal cliff” and making significant changes to U.S. tax law. While the top 1 percent of taxpayers will bear the biggest burden, the new law will affect most U.S. families in one way or another.   Income Tax Brackets Rates will increase for only the highest income tax bracket, increasing from 35 percent to 39.6 percent. These changes apply only to individuals …

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