Tag Archives: tax law

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 …

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 …

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 …

With 2012 W-2 forms already at people’s home or in the mail, tax season has arrived. The IRS annually pursues full-scale audits on only about one percent of individual tax returns, according to Kiplinger. However, USA Today reports in 2010 the IRS issued letters alerting 9.2 million individual taxpayers of errors or omissions in returns. And these filing errors can cost you big money in late-filing penalties and interest fees. So, start collecting your documents now and remember to avoid …

Gary Busey has closed his bankruptcy case, but he still owes about $450,000 in back taxes, a reminder that certain types of debt are not dischargeable in bankruptcy. The actor, famous for his maniacal grin and roles in cinema classics like “Lethal Weapon,” “Point Break,” “Under Siege” and “Universal Soldier II: Brothers in Arms,” did manage to eliminate about $50,000 in other debts he had hanging over his head owed to utility companies, banks and doctors. Busey, with dozens of …