Tax Issues and Problems Information
When you're going through bankruptcy, dealing with tax issues can take on added complexity. It's essential to work with a qualified tax attorney who understands the complexities of bankruptcy laws as well as federal, state and local tax codes. An experienced attorney can assist you by:
- Discharge your Tax Debt
- Representing you before the IRS, as well as state and local taxing authorities.
- Filing appeals on your behalf.
- Submitting an Offer in Compromise.
- Assisting with tax liens.
- Communicating with local, state or federal tax agencies.
- Preparing and submitting legal forms and documentation.
- Keeping you apprised of all options.
If you owe a significant federal tax debt that you cannot pay, a qualified tax attorney can assist you in determining whether bankruptcy is an option. Below, you'll find blog posts on a variety of tax-related topics.
If you filed for an Extension of time to file your 2017 Federal Tax Return, you have until October 15, 2018 to submit your return. To make sure you meet your tax obligations, you should file an accurate tax return. If you make an error on your tax return, it will likely take longer to process and could delay a refund. You can avoid many common errors by filing electronically, which is the most accurate way to file a tax return. Here are several common errors to avoid when preparing your tax return: Missing or Inaccurate Social Security numbers –…Read More
The Tax Cuts and Jobs Act, enacted in December 2017, is changing our tax system. It is changing the way tax is calculated for most taxpayers. Among other reforms, the new law changed the tax rates and brackets, revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued certain deductions. So it makes sense to change the Form as well. The New Form 1040 The IRS, as part of a larger effort to help taxpayers, plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax…Read More
The Alabama Tax Delinquency Amnesty Program of 2018 was passed to allow Alabama residents who owe certain types of taxes to the state of Alabama a chance to have all penalties and interest waived with an approved tax amnesty application. The Alabama Department of Revenue (ADOR) launched alabamataxamnesty.com in July and the deadline to submit an application for tax amnesty is September 30, 2018. If you are a resident of Alabama who owes taxes and have NOT been contacted by ADOR in the last two years and you are not a party to any litigation or a criminal investigation concerning…Read More
The answer to the question is, more than likely you will qualify to exclude from your income all or part of any gain from the sale of your home. Consider the below items when selling a home: Ownership and Use –To claim this exclusion, you must meet the two (2) ownership and use tests which are as follows: During a five-year period ending on the date of the sale your home, you must have: A: Owned the home for at least two years and B: Lived in the home as your main home for at least two years. Gain on Sale –If…Read More
Taxes must be paid as you earn or receive income during the year. Chances are if you receive a regular paycheck (either weekly, bi-weekly, semi-monthly or monthly) from an employer, your taxes are being withheld from that check. You need to make sure the amount being deducted is correct so you don’t owe taxes at the end of the year. Check out my previous blog entitled Please Review Your Pay Check Withholdings Yearly to Avoid Tax Debt. Estimated Tax Payments Defined Estimated tax payments are direct payments to the IRS by the Taxpayer for those who do not have income…Read More
First of all I would advise that you should always keep a copy in a safe obvious location within your home or apartment of your filed tax return. Please review my previous blog “How Long Should I Keep My Income Tax Records?” which details how long it is advised to keep your returns. Misplaced Tax Returns But, what if you have misplaced your return? If you are unable to locate copies of previous year tax returns, I would check with your software provider or tax preparer first as they may have copies they will print off for you with no…Read More
With the celebration of Memorial Day being this week, Bond and Botes would like to personally thank all members of the US Armed Forces that have previously served or are currently serving this wonderful country. We are beneficiaries of the freedoms gained through the sacrifice of great men and woman. Thank you so much for your service. If you are a member of the United States Armed Forces, you and your family are often eligible for certain tax breaks. For example, members of the armed forces do not have to pay taxes on some types of income. Also, special rules…Read More
The Internal Revenue Service (IRS) determines the standard mileage rates each year to be used when calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Dating back to the beginning of the year (January 1, 2018) through December 31, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 5 cents for every mile of business travel driven, up 1 cent from the rate allowed in 2017. 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate allowed in…Read More
It’s tax season and millions of Americans dream all year of how they are going to spend their refunds. With tax refunds becoming more substantial over the years due to certain exemptions that can be claimed, many people plan on using their refunds from year to year to catch up on delinquent debts, pay medical expenses, make repairs to homes or cars, or even use the funds to take a vacation. The mindset for most Americans receiving a tax refund is to spend it rather than save it, because many people have been planning for months to receive the refund…Read More
It is estimated by the Internal Revenue Service that 1 million taxpayers have yet to file their 2014 tax return and claim their refund. They further estimate that the refunds could exceed $1 billion. However, to claim any refund due, you must file your 2014 federal tax return by April 17, 2018. This is the same date that your 2017 federal tax return is due. Claiming Your 2014 Refund What happens if you don’t file the return? There is no penalty for filing a late return if you are going to receive a refund, but the law does provide that…Read More