Forgiven Debt can be Income

Forgiven Debt can be Income

Forgiven Debt can be Income  With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a...
Is all my Income Taxable?

Is all my Income Taxable?

Is all my Income Taxable?  Generally, all sources of income worldwide are subject to income tax unless specifically excluded. Here are some sources of money that are not taxable: * Money received as a loan. * Gifts and inheritances. * Child support received. *...
Consider your Marital Status

Consider your Marital Status

Consider your Marital Status  If you’re planning a wedding or divorce soon, be aware that your marital status as of December 31 determines your tax status for the whole year. Changing the date of a year-end or new-year event could save taxes. Blog The Latest Insights...
Important Deadline Looming for Tax Exempt Organizations

Important Deadline Looming for Tax Exempt Organizations

Important Deadline Looming for Tax Exempt Organizations  Here’s an important reminder for small nonprofit organizations: If your organization had its tax-exempt status revoked for failing to file an annual return from 2007 through 2009, the IRS is giving you a chance...
Final Tax Deadlines are Approaching!

Final Tax Deadlines are Approaching!

Final Tax Deadlines are Approaching!  Tick-tock. Time is almost up on that six-month extension you filed back in April to give yourself more time to complete your 2011 individual income tax return. What happens if you fail to file your return by October 15, the...
Avoid Underpayment Penalties

Avoid Underpayment Penalties

Avoid Underpayment Penalties  Don’t let penalties for underpaid taxes increase your tax bill next April. Check the total tax you’ve paid in for 2012 through withholding and/or quarterly estimated payments. If you’ve underpaid, consider adjusting your withholding for...