what is a 1099-c form

Having a credit account in default is never fun. You’ll have to survive debt collectors, negative marks on your credit score, and a ton of stress. If your creditor forgives or cancels your debt, you can set out on the path to recovery, but it’s important to understand the tax implications. For that, you’ll need […]

IRS Tax Relief Report

The IRS has just announced it is waiving the estimated IRS underpayment penalty for millions of taxpayers who fell short this year. It’s not every day the IRS decides to give millions of taxpayers a break, so savor the moment. Now let’s break down what this means for the average taxpayer. The IRS charges a […]

mortgage debt forgiveness facts

You can’t talk about mortgage debt forgiveness without mentioning the 2008 real estate crisis. From 2007 to 2016, the U.S. saw 7.7 million foreclosures. Today, the rate of mortgage defaults is in decline, but we have yet to reach pre-crisis levels. Are you one of many Americans experiencing hardship due to your mortgage? We can help. Here’s […]

140 Reasons the IRS can charge you a penalty. Last year, the IRS collected more than $3.4 trillion from taxpayers. Part of that total consisted of more than $11 billion in penalties on individual, trust, and estate income tax returns. [Source] The $11 billion didn’t include penalties on early distributions to IRAs. In fact, there […]

Tax saving planning tips 2018

90% of taxpayers either employ a tax preparer or use specialized software to file their taxes. The U.S. tax code is so complex an entire industry exists just to help Americans file their taxes. According to the IRS Commissioner, John Koskinen, 90% of taxpayers require some type of assistance when filing their taxes. It is […]

Learn everything you need to know about the 2019 Tax Season

$24,000 New standard deduction for married filing jointly. With the passage of the Tax Cuts and Jobs Act, preparing your 2018 taxes is not business as usual. There are many changes to the tax laws this year that you need to know about. Remember that taxes are due Monday, April 15th this year. Although that […]

tax filing status - End of year tax filing tips

Standard tax deductions 2018/2019 Single taxpayer – $12,000 Married taxpayers filing a joint return – $24,000 Head of household taxpayers – $18,000 Single taxpayer blind or 65 and older – $13,550 Single taxpayer – 65 or older and blind – $15,100 Head of household blind or 65 and older – $18,550 Head of Household 65 […]

Tax Debt Relief for Medical Reasons

Did you suffer a medical emergency which prevented you from filing your taxes? If so, penalties and interest are likely contributing to a growing pool of tax debt. However, there may be a way out. The IRS offers tax debt relief for medical reasons. In 2016, taxpayers who failed to pay their taxes were assigned $4.9 billion […]

How to Respond to IRS Letter 226J

Are you a business owner that the IRS considers an applicable large employer? If so, you’re required to provide your full-time employees with an opportunity to enroll in a health insurance plan with at least the minimum essential coverage. If you don’t meet the IRS’s requirements, however, you may receive IRS Letter 226J and be on the […]

How to Respond to IRS Letter 12C

Unless it is a refund check, nobody likes to get a letter from the IRS. It can spark a feeling of panic. However, remain calm. There is always a path you can take to resolve any issue that arises and move on. If you receive an IRS letter 12C, the IRS simply needs more information […]