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Tax Questions, Answered

April 11th

Tax QuestionThe deadline for filing taxes is just days away, but even if you haven’t already prepared your taxes you may still have time to review some important questions that could affect the outcome of your tax return.

Can I do my taxes by myself?

While anyone is certainly free to do their taxes alone, there are some added benefits to having a professional review your taxes before you file. A tax professional can help you maximize your deductions and exemptions, saving you the most money and even boosting your refund amount. If you owe the IRS money, a tax attorney can help you find a way to repay your tax liabilities without stress or additional fees.

What do I do about debt cancellations?

If you have had any debts cancelled this past year, you are required to report those amounts to the IRS. Generally, debt cancellations are considered income by the IRS and must be reported on your tax return. Whether you had a credit card debt eliminated or settled, or had a portion of your mortgage debt forgiven as part of a foreclosure or short sale, you must report this amount to the IRS using Form 1099-C. However, the IRS may not factor in the amount cancelled in a mortgage debt situation this year as part of the Mortgage Forgiveness Debt Relief Act.

What are my options if I owe the IRS money?

Even if you haven’t been saving money in the event you owe the IRS, there are still options available to help you repay your tax liabilities. The installment plan offers three different plans that can space out payments over a series of smaller payments. Generally, your tax debts can be paid in full in two years or less. If you are experiencing a financial hardship, the IRS may grant you a debt settlement known as an Offer In Compromise.

 
 
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