Posts Tagged ‘taxable income’

Tax Break for New “Cash for Clunkers” Program: Do You Qualify for Auto Consumer Stimulus Tax Credit?

Friday, June 26th, 2009

This week, President Obama signed into law the Car Allowance Rebate System (C.A.R.S.) - a  program that pays consumers up to $4,500 in tax credit for trading in their cars or trucks for more fuel efficient vehicles.

As the New York Times reports, you will need to check if your vehicle qualifies for the trade-in credit. You can check out The National Highway Traffic Safety Administration web site to see
[Read More]

Tags: , , , , , , , , , , , , ,
Posted in Tax news and tips | 3 Comments »

New Tax Laws Can Cause Tax Trouble for Innocent Taxpayers - How to Avoid and Resolve Problems with the IRS

Wednesday, June 24th, 2009

President Obama has been working hard to ensure that American taxpayers are held more financially accountable. I recently blogged about how new tax enforcement regulations have been put in place in order to make it more difficult for business owners and wealthy people who put their assets overseas to escape taxes. In my recent interview with Mike Jaxson on KSVP, I discussed with him some important new changes to tax
[Read More]

Tags: , , , , , , , , , , , , , , , , ,
Posted in IRS Tax Cases, Seeking Professional Tax Help, Tax news and tips, tax help | No Comments »

Discharged Credit Card Debt Found Not Excludable from Taxable Income in Recent Tax Case

Tuesday, May 19th, 2009

In this weak economy, taxpayers have lots of questions about cancellation of debt and taxability.
According to the tax code, if a debt for which you are personally liable is canceled or forgiven, other than as a gift or bequest, you may have to include the canceled amount in gross income. While it’s important to know if your canceled debt qualifies for exclusion from your income,  it is also necessary to
[Read More]

Tags: , , , ,
Posted in IRS Tax Cases, Tax Debt Help News, Tax news and tips | 1 Comment »

Ask the Tax Resolution Expert: Canceled Debt - Is it Taxable Income or Not?

Tuesday, April 7th, 2009

It’s tax season - the perfect time to resolve your tax probelms and get your IRS questions answered!
I’ve received several questions in the past few weeks asking about cancellation of debt and taxability. Below is a good summary from the IRS website.

Topic 431 - Canceled Debt – Is it Taxable or Not?
In general, if a debt for which you are personally liable is canceled or forgiven, other than
[Read More]

Tags: , , , , , , , , , , , , , , , ,
Posted in Ask the Expert | 4 Comments »