Posts tagged with: "Taxes"
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6 May 2013, 1:14 pm
23 Jun 2012, 6:03 pm
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]
27 Nov 2010, 10:16 am
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]
23 Oct 2011, 12:47 am
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
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]
30 Nov 2010, 9:45 am
(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]
18 Jan 2010, 8:01 pm
This is outstanding. Cato Institute's David Boaz has compiled a list of the new taxes the Obama administration and Congressional Democrats are trying to impose on American taxpayers. Last year I tried to compile a list of all the taxes President Obama and his allies were maneuvering to impose. But each week brings new ideas. Just recently we've heard [...] [read post]
26 Nov 2010, 1:01 pm
Scott R. Zucker (attorney licensed in Virginia, Maryland and Pennsylvania) astutely observed that recent posts and articles on Forbes.com 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]
27 Apr 2010, 6:15 am
Justin Higginbotham of the Tax Policy Blog writes of another attempt to tax the middle class via the backdoor:
In Philadelphia’s desperate search for cash, a new tobacco tax can be added to the list of bad proposals meant to close the city’s reported $150 million budget gap—along with a soda tax and trash fee (written [...] [read post]
15 Apr 2012, 3:17 pm
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]
27 Jan 2010, 9:30 pm
President Obama gave his first State of the Union address tonight. Here are the parts of the speech in which he addressed tax policy followed by my humble observations.
(Read the entire speech)
1. The Bank Tax
What the President said (emphasis added):
To recover the rest [of the TARP funds], I have proposed a fee on the biggest banks. I know Wall Street [...] [read post]
6 Jan 2010, 1:04 pm
"Necessity is the mother of invention." - Plato - Experience tells us that spendthrifts are often forced by necessity and desperation to find creative ways to fund their profligate spending. Some turn to gambling, others to confidence games and still others to outright theft. This phenomenon can be observed in governments as well as individuals. Here is the latest in [...] [read post]
15 Feb 2010, 6:44 am
Following Oregon’s example, Washington and Arizona are submitting tax increase measures to the people for a vote.
Joseph Henchman of the Tax Foundation’s Tax Policy Blog is all over the story.
Arizona Voters to Consider Sales Tax Increase on May 18
Overly optimistic revenue projections have led to a $1.5 billion gap opening in the current Arizona state budget. Legislators [...] [read post]
11 Sep 2012, 1:19 am
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]
25 Apr 2011, 1:33 pm
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]
21 May 2010, 9:16 am
In the name of promoting public health embattled New York Governor David Paterson wants to reward people for consuming a drink that is unhealthy for them.
Joseph Berger of the New York Times reports that Paterson, who is still trying to raise revenue by taxing sweet drinks, has a new ploy:
Paterson is considering a new strategy in his [...] [read post]
10 Mar 2011, 9:11 am
I recently received a barage of vulgar and threatening comments from several unhinged tax protesters (these folks have serious anger problems) about my contention that people who argue that the federal income tax is a form of slavery are a couple of ants short of a picnic.
If I published these frenzied screeds, it would conclusively prove my point that [...] [read post]
4 Dec 2012, 2:52 pm
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]
21 Feb 2011, 1:45 pm
?These are interesting and uncertain times for tax planning, at least in part because of the political dangers of deficit reduction. [read post]
1 Dec 2010, 12:30 pm
"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]