Category: Tax Planning

Forgiven Debt is Taxable Income

Surprising news for many American consumers out there: Forgiven debt is taxable income! When you’re buried in debt, the one saving grace is often creditor settlement. Creditors are often willing to negotiate a significant discount on a debt when they know that a consumer is unable to pay in full. The rationale is that they […]

Tax Planning & Estate Planning: What Happened To The Fiscal Cliff?

After hearing about the drama surrounding the expected fiscal cliff, we thought we’d check back in and share an update with you related to tax planning and estate planning. The highly anticipated deadline of January 1, 2013 came and went. We did go over the cliff—for about a day and a half—but Congress pulled us […]

Fed Tax Credits Lead to Boost in Home Sales

The National Association of realtors said recently the seasonally adjusted index of sales agreements for pre-occupied homes jumped 6% in April, from March, to a reading of 110.9. Evidently, the jump has been attributed to homebuyers looking to meet a deadline to qualify for a federal tax credit. Not since October of last year, has […]

Avvo: Misleading consumers and lawyers alike

Avvo ranked U.S. Supreme Court Justices Ruth Bader Ginsburg and Samuel A. Alito Jr. with a 6.5, the same rating as a lawyer who is serving a prison term for conspiracy

$8,000 Tax Credit for Home Buyers Nearing Expiration

As of the end of November any potential first time home buyers may lose a one time $8,000 tax credit. This is not a tax deduction it is an actual dollar for dollar tax credit, you get to keep 100% of it.