People who suffer a serious financial setback or fail to set aside enough for taxes have more options than they realize when it comes to paying Uncle Sam. If you aren’t able to borrow or come up with the cash to pay your taxes, the next best step is to apply for the IRS’ installment [...]
The alternative minimum tax (AMT) was created in 1969 to ensure that wealthy Americans could not deduct their way out of paying taxes. But the AMT was never indexed for inflation—so millions of families now are being hit by the tax formula, which calculates a higher tax due than the standard calculation, just living in [...]
To promote cleaner energy production and conservation, Congress has enacted a series of “green” tax credits for purchases of qualified vehicles and home improvements. These credits have some caveats. Many of the credits related to specific cars and trucks will be phased out as automakers reach pre-determined sales goals. The home products must be placed [...]
So you’ve been successful at settling your debts with a creditor, and you think the nightmare is over. Well, not quite. Most people don’t know this, but the IRS regards debt forgiveness (paying less than you owe on a debt) as income.
If you are dealing with the original creditor, and you work out a settlement [...]
