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FORGIVEN DEBT MAY IMPACT YOUR INCOME TAXES

Consumers who negotiate a debt forgiveness deal with their credit card lender may feel a sense of relief after the agreement is finalized, but many may find that they have a larger tax bill during filing season as a result. In many cases, the IRS considers forgiven debt as taxable income, a lesser-k…

BEAT THE CROWDS. GET YOUR TAXES PREPARED IN JANUARY.

Just because the IRS has stated they won’t be ready for tax returns until January 30, doesn’t mean you have to sit around and twiddle your thumbs. Be proactive and get ahead of those last-minute crowds who are waiting because they believe - since the IRS’s announcement - that there’s no rush.  …

IRS PHONE SCAM CLAIMS TAXES ARE OWED.

The Internal Revenue Service (IRS) warned about a widespread phone scam that has targeted taxpayers, including recent immigrants, in almost every state in the country. Victims are scammed by being informed, over the phone, that they owe the IRS tax money and it must be paid promptly through a wire-t…

5 GOOD REASONS TO FILE YOUR TAXES EARLY

At this time of year, filing tax returns ranks right up there with public speaking as among the scariest things we have to do in life. That’s why many of us put off tax preparation until the last minute. However, this year you want to take a deep breath and dive into tax preparation early. There…

COLLEGE GRADS AND THEIR TAXES

Most college kids across the country know full well that their budgets can be extremely tight. Between paying for school and often only being able to work part-time jobs, there's not usually a lot of money to pay for everything they might want. Fortunately, when it comes to the amount they have to p…

WE MAKE TAXES FABULOUS!

In case you missed the latest tax news, changes are ahead for same-sex marriages in the U.S. and abroad.  Starting September 16th, the IRS and Department of Treasury will treat same-sex legally married couples as married for federal tax purposes. Liberty Tax Service is offering to amend 2010 …