Did you go through foreclosure, modify your mortgage, or do a short sale last year and sell your home for less than what was owed to your mortgage lender? If so, you probably got a 1099-C, a Cancellation of Debt, from your lender and you now need to know how to account for that transaction […]
How to Pay Zero Taxes on Mortgage Debt Forgiveness After Foreclosure or a Short Sale Read More »
Amid the tough economy, lots of people tapped into their 401(k) retirement plans or Individual Retirement Accounts (IRAs) as a way to get cash to pay the bills. That money probably gave you a short-term cushion, but it also has long-term tax consequences, particularly for those who were under the age of 59 ½ at
10 Facts About Early Distributions You Must Know Read More »
Gathering all your tax records together and figuring out whether you owe money or will collect money at tax season is stressful enough. But chances are your blood pressure might rise a few points if you also have to think about paying a big bill to a tax specialist or your CPA. Fortunately, many Americans
Four Places for Free Tax Help and Free Tax Preparation: IRS Publication 910 Read More »
All taxpayers want to lower their tax bills. One way to do it is by claiming tax credits to which you may be entitled. A tax credit is better than a tax deduction, because a tax credit gives you a dollar-for-dollar reduction in what you owe Uncle Sam. And one of the most lucrative tax
Tax Tips About the Child and Dependent Care Credit: IRS Publication 503 Read More »
Former prisoners trying to land jobs and get other services face an uphill battle. Many employers shy away from hiring someone with a felony conviction. And lots of people are leery of lending a helping hand to those who have served time behind bars. But if you’re willing to give an ex-offender a second shot,
Hire an Ex-Offender and Get Paid Read More »
One out of four Americans plans to make New Year’s resolutions about money, according to a new survey from Sallie Mae. According to Sallie Mae, 21 percent of consumers want to save more cash. If you could stand to bolster your bank account, here are four ways to save more money and help you keep
Money-Saving Tips: 4 Ways to Save More Money Read More »
A number of celebrities have made headlines in recent months for having enormous debts and tax problems or because they’ve filed for bankruptcy protection. Actor Eddie Murphy’s ex-wife, Nicole, reportedly owes millions of dollars, including five IRS tax liens of just under $850,000. Singer Toni Braxton recently went bankrupt for the second time, with debts
5 Questions You Must Ask Before Filing Chapter 7 or Chapter 13 Bankruptcy Read More »
Here are 5 alternative sources for cash to consider before using a payday lender: 1) Earn Cash By Being Neighborly Most of us are overworked and often overwhelmed -– and that includes the people who live right near you. If you can help out someone who lives nearby, that’s not just being a good neighbor,
5 Alternatives to Payday Loans Read More »
The two most important jobs you have as a business owner is getting business and getting paid. Being a bill collector is one the toughest jobs you’ll have as an entrepreneur. But if you take control of the situation up front, you can minimize any delays with payments. The key thing to do is make
Managing Positive Cash Flow in Your Small Business Read More »
If you are ready to take the leap into entrepreneurship, you must get really focused on your finances, like to bring your invoice template online. It will be a real test to get back to only the bare necessities. Check out billig wordpress hjemmeside design from YGO.dk for your new website. Are you willing to reduce
Finding The Money To Start Your Small Business Read More »
Everyone has good ideas. Some of them may even be million dollar ideas, but if you live from paycheck to paycheck or way beyond your means, you may never be able to quit your job and start a business. As the Smallbizlady, often I get emails, facebook messages and DM’s on Twitter from people asking
Can You Afford to Become An Entrepreneur? Read More »
Here are 8 tips from Melinda F. Emerson, SmallBizLady, that small business owners can implement now to save money. 1. Track Expenses Using a Budget. Budgets are about planning and tracking spending – you need financial information to make business decisions. Track business expenses by month or by quarter. Ideally, you should have a twelve month budget,
8 Things Small Business Owners Can Do Now to Save Money! Read More »
Question: I owe $1400.00 to the IRS and am making payments. My 2010 tax return is expected to be $1800.00. I understand that taxes owed can be paid in Chapter 13 but if the tax return comes after the Chapter 13 is confirmed will they take just the $1400.00 owed or my whole return? Answer:
Will I Lose My Tax Refund If I Declare Chapter 13 Bankruptcy? Read More »
The IRS wants military personnel and their families to know that they can get tax help free of charge. The no-cost tax help comes courtesy of the Volunteer Income Tax Assistance, or VITA, program. Both the IRS and the U.S. Armed Forces participate in the VITA program, which offers everything from complimentary tax preparation service
Free Tax Help for Military Members and Their Families Read More »
Do you have enough socked away to cover your bills should you get slipped a pink slip? Typically I would say you should have enough savings to cover three times your monthly living expenses, but given this economy and the skyrocketing unemployment rate, six or nine months worth of savings is more ideal. Here are
Earn Extra Cash to Pad Your Emergency Fund Read More »
