Posts tagged with: "Taxes"
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There is a common misconception that income taxes are never dischargeable in bankruptcy. In fact, you can discharge your back federal, state, and local income taxes in Chapter 7, Chapter 13, and Chapter 11. Penalties and interest are also dischargeable. . . . ? Read More: You Can Discharge Income Taxes in Bankruptcy [read post]
23 Oct 2011, 12:47 am by Norma Duenas
Not being able to pay federal or state income taxes can lead the IRS or the state to place a tax lien on your real property and  personal property.  Filing for bankruptcy can help in many situations resolve the issues and consequences that can result from having a tax lien placed on your personal or [...] [read post]
15 Jul 2012, 11:40 pm by Norma Duenas
Income tax returns were due in April, but what if you owe a alot of taxes, maybe for this year and even a previous year or two? Bankruptcy CAN discharge (legally erase) SOME income taxes. How much tax debt you can discharge can depend on what steps you take BEFORE  filing your bankruptcy case. In [...] [read post]
27 Nov 2010, 10:16 am by Hani Sarji
Image via Wikipedia The Tax Relief Certainty Act was recently introduced in the U.S. House of Representatives (H.R. 6415) and in the Senate (S. 3975). Rep. Mike Pence [R-IN-6] introduced H.R. 6415 on November 17, 2010. H.R. 6415 currently has one cosponsor, Rep. John Campbell [R-CA-48]. Senator Jim DeMint [R-SC] introduced S. 3975 on November 18, 2010. S. 3975 currently has no cosponsors. The Tax Relief Certainty Act would extend what is generally referred to as the Bush Tax Cuts. It would repeal… [read post]
30 Nov 2010, 9:45 am by Hani Sarji
(1) Recent posts on Future of the Federal Estate Tax blog show that the fate of the federal estate tax remains uncertain: Martin Vaughan: "the new political landscape does little to dispel the uncertainty that has clouded . . . the estate tax" (11/4/2010) Laura Saunders (WSJ): it is unclear whether estate tax fix (if any) will be part of income tax compromise (11/6/2010) Kay Bell: "Now it's looking like there will be a true fight to kill the [estate] tax forever." (11/7/2010) Tom Herman (WSJ):… [read post]
26 Nov 2010, 1:01 pm by Hani Sarji
Scott R. Zucker (attorney licensed in Virginia, Maryland and Pennsylvania) astutely observed that recent posts and articles on have been discussing estate planning fees. Zucker continues this conversation in his recent post, Estate Planning Fees: The 6 Levels of Service (Thoughts on Wills & Estate Planning, 11/24/2010). Zucker sets out 6 levels of estate planning service and the fees people can expect to pay at each level. The following table provides a summary. Level Estimated Fee*… [read post]
28 May 2013, 4:00 am by Erik Doerr
I wanted to write and let you know the latest on the bill that has made it through both the house and the senate in Minnesota and was signed into law by Governor Dayton on [...]2013 MN Omnibus Tax Bill is a post from: Epilawg [read post]
11 Sep 2012, 1:19 am by Norma Duenas
Bankruptcy stops the recording of tax liens by the IRS or the California Franchise Tax Board. The recording of a tax lien effectively turns a debt without any collateral into a debt with collateral consisting of most or all of your property. Since bankruptcy favors creditors with collateral much more than those without, filing bankruptcy [...] [read post]
15 Apr 2012, 3:17 pm by Norma Duenas
If you owe income taxes, especially on more than one tax year, or you owe a large amount, Chapter 13 is often the better way to go. But you CAN also write off (“discharge”) certain income taxes with a straightforward Chapter 7 filing. To do so, however, the tax debt that you are trying to [...] [read post]
31 Jan 2014, 6:40 am by Stephen S. Photopoulos
The Internal Revenue Service will begin accepting electronically filed individual tax returns today (Jan. 31, 2014) to officially open the 2014 filing season.  The IRS encourages taxpayers to use e-file as one of the fastest way to receive refunds. The delay in the opening date for individuals was required to allow the IRS adequate time to […] [read post]
4 Jan 2013, 11:26 am by Randy Fisher
If you believe the gossip, law-makers at the 112th Congress’ farewell/New Years party took their questionable choices very seriously, going so far as to wear lampshades on their heads to better block out inconvenient distractions like economic reality and the … Continue reading → [read post]
1 Dec 2010, 12:30 pm by Hani Sarji
"The estate tax is a cash cow for the life insurance industry - and the industry's lobbyists guard it zealously," write Tim Carney and Dick Patten in the American Family Business Foundation's (AFBF) latest issue brief, Life Insurance Cash Cow: An Issue Brief on the Hidden Side of Estate Tax Lobbying. According to the Carney and Patten, "[t]he life insurance industry spends more than $50 million dollars a year on lobbying, and contributes tens of millions annually to congressional and presidential… [read post]
?These are interesting and uncertain times for tax planning, at least in part because of the political dangers of deficit reduction. [read post]
4 Dec 2012, 2:52 pm by Randy Fisher
Alright, I admit that the New Year’s salutation is rather robbed of its traditional cheer when prefaced by a reminder of the higher taxes in 2013, but a spoonful of irony helps the medicine go down. And yes, I concede … Continue reading → [read post]
25 Apr 2011, 1:33 pm by webreputationbuilders
How is the net value of my estate determined? To determine the current net value, add your assets, then subtract your debts. Include your home, business interests, bank accounts, investments, personal property, IRAs, retirement plans and death benefits from your life insurance. [read post]
30 Jan 2014, 8:26 am by Stephen S. Photopoulos
The sales tax deduction is one of the little-known deductions available to individuals.  Because taxpayers must choose between claiming the sales tax deduction or the state income tax deduction, most tend to claim their state taxes.  In some cases, though, claiming the sales tax deduction may result in a lower tax bill.  What sales taxes […] [read post]
11 Dec 2012, 4:01 pm by Randy Fisher
What’s the best way to create wealth?  If I had a definitive answer, you can bet your margarita that I’d be typing this from a beach somewhere. From where I’m actually typing this — my Annapolis business law office — … Continue reading → [read post]
13 Dec 2010, 4:49 pm by Hani Sarji
Image via Wikipedia On December 13, 2010, the Senate voted to end debate on the Reid bill. The final vote was 83 to 15. This vote suggests that the Obama-Republican compromise will probably pass the Senate. The bill will then head to the House, where many House Democrats are protesting primarily because of the estate tax provisions ($35% tax rate, $5 million exemption, for two years) and other tax cuts for millionaires and billionaires. To some observers, the 35% estate tax rate and $5 million… [read post]
15 Jun 2009, 12:51 am by Victor Yoo
Los Angeles Tax Attorney: Congratulations Los Angeles Lakers #15 Los Angeles Lakers 2009 World Champions Game Highlights [read post]