askyourtaxquestion Amended Tax Returns, Debt, Finances, Internal Revenue Service, IRS, Saving Money, Senior Citizens, Tax Audit, Tax Deductions, Tax Questions, Taxes, Uncategorized

Are You Age 50 or Older? Here Are Some Tax Tips Just For You!

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are five tax tips that could help you do just that. Continue reading “Are You Age 50 or Older? Here Are Some Tax Tips Just For You!” →

askyourtaxquestion Amended Tax Returns, Debt, Finances, Internal Revenue Service, IRS, Saving Money, Tax Audit, Tax Deductions, Tax Questions, Taxes

Can A Cancelled Debt Be Taxable Income?

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2017. Here are seven things you should know about debt cancellation: Continue reading “Can A Cancelled Debt Be Taxable Income?” →

Advertisement
askyourtaxquestion Amended Tax Returns, Finances, Internal Revenue Service, IRS, Saving Money, Tax Audit, Tax Deductions, Tax Questions, Taxes

Correct Filing Status and Reporting Name Changes

If you haven’t filed your taxes yet, it’s time to stop procrastinating. If you’re not sure what to do first, the fastest way to get started is to figure out which filing status applies to you. In addition, if your name or that of a dependent changed during the tax year for which you are filing, then you will also need to report the name changes to the Social Security Administration. Continue reading “Correct Filing Status and Reporting Name Changes” →