Discharged Debt and Taxation Many debtors considering bankruptcy are concerned that debt discharged during bankruptcy is taxable by the IRS. The IRS does tax "cancelled" debt when they consider the cancelled debt income that's...
Many debtors are under the mistaken belief that once they settle an old debt it is removed from their credit report. This is false. Information on your credit report can remain there for 7...
In the bankruptcy case of Johnson, John R. and Tobie A.; In re (Build¬ers Warehouse Inc. v. Johnson), a creditor attempted to exempt a debt from bankruptcy discharge saying that the debtor had not...
If you haven't filed your 2005 tax return yet, you may be missing out on a refund. According to an article in the Dallas Morning News, there is $105.2 million owed to 103,000 Texans...
Legislators passed the $790 billion stimulus package last week which includes: A $400 tax credit for single workers and an $800 tax credit for couples. A $1000 child tax credit which will be extended...
Tax Return Exemption During Bankruptcy According to a case heard by the Utah Supreme Court (In re Smith, No. 20070892), tax refunds that result from an overpayment of income taxes on exempt retirement income...
Having trouble preparing your taxes, we have good news. Two Dallas area Catholic schools will host free income tax preparation events in February for families with an income of $34,000 or less. The event,...
