Q: I am the creditor and I canceled the debt (the amount owned by a real estate development company). I have provided a 1099-C to the real estate development company. Please advice what other actions I must take: (a) Do I have to inform IRS that I have forgiven debt as a creditor… if yes […]
I Forgave A Debt And Issued Form 1099-C. Do I Have To Inform The IRS? Read More »
Q: After paying off all my credit cards, I canceled all of them as well. I currently use only cash even for significant purchases. I do not know my current score but it is my understanding that it is currently very low due to my past credit history. Should I be concerned about my credit
How to Raise a Low Credit Score Read More »
Did you file a joint income tax return and expect to get a big check back from Uncle Sam only to find out that the government kept all or part of your refund? If so, the feds probably think you – or your spouse – have a delinquent debt that must be paid before you
How to Claim Injured Spouse Relief from the IRS: Form 8379 Read More »
Q. How do I manage massive student loan debt ($200,000) on a modest income? A. To manage large student loan debt on a modest income, pick the right repayment program – one that is affordable, given your present economic circumstances. If you have federal student loans, there are four different loan repayment plans you can
How Do I Manage Massive Student Loan Debt ($200,000) on a Modest Income? Read More »
Q. Does medical debt affect you (or your credit score) as much as credit card debt? A. No, medical debt doesn’t affect your credit rating as much as credit card debt. In fact, medical bills do not adversely impact your credit or your credit score at all, unless you have long overdue medical accounts that
Does Medical Debt Hurt Your Credit Score as Much as Credit Card Debt? Read More »
Q: Do you suggest attempting to take out a business loan to finance a business that you have invested in although credit may not be good, personally? A. No, I don’t suggest trying to get a business loan to finance your business operations when you know your personal credit isn’t good. You’ll simply wind up generating an
Should I Apply For A Business Loan If I Already Have Bad Credit And A Low Credit Score Read More »
Q. How do you suggest dealing with student loans that you cannot yet pay because of lack of job or business profit? A. If you can’t afford to pay your student loans due to a lack of income, get a deferment, forbearance or loan cancellation during periods of economic hardship. Most people think only students
How To Deal With A Student Loan That You Can’t Afford To Pay Read More »
If you settled a credit card debt last year, by paying less than originally owed, the debt settlement company probably didn’t tell you this, but the IRS will: You likely owe taxes on the amount of debt that was forgiven. Anytime a bank, credit card issuer or financial company writes off $600 or more worth
What To Do With That 1099-C You Got In The Mail Read More »
Today, payday lender Quik Cash was forced to pay $170,000 in restitution by the Arizona Attorney General to “eligible consumers” that were victims of consumer fraud. According to a news release, the attorney general filed a lawsuit against Quik Cash in December 2009 for reportedly obtaining as many defaults as possible against consumers who lived
Were You a Victim of Payday Lender Quik Cash? Read More »
]Nobody likes to pay taxes. In fact, most people prefer to get a little something back from the IRS after filing a federal tax return. Even though it’s more prudent, financially speaking, to break even – or have to write the IRS a small check – I recognize that lots of Americans love the idea
4 Tax Credits That Can Give You a Big Fat Tax Refund Check Read More »
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 »
