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![]() 8 Alternatives to Foreclosing on your Home LoanWhether or not the economy is improving, one fact remains the same: families all over the country are struggling to make their mortgage payments. Depending on your unique financial situation (the value of your home, changes to your income, missed payments etc.) foreclosure may not be your only option. ![]() The 3 Types of IRS Offers in CompromiseThe IRS offers three (3) different payment options when it comes to the Offer in Compromise: Lump Sum Cash Offers, Short Term Periodic Payment Offers, and Deferred Periodic Payment Offer. However, the difference in these payment options is not solely the difference in how the Offer in Compromise is to be paid. Rather, each “payment option” actually impacts the total amount the taxpayer will pay to the IRS. ![]() 6 Frightening IRS Horror StoriesFor most of us, the scariest thing in life is not a ghost, vampire, or witch, but a letter from the IRS. To celebrate the Halloween season, we have compiled some of the scariest IRS horror stories. They may not cause you to lose any sleep, but should at least be a reminder to keep receipts and stay up to date on your rights as a U.S. taxpayer. ![]() The Future of the First-Time Homebuyers CreditAs the deadline to claim the first-time homebuyers credit gets closer and closer, more experts are predicting that Congress will pass some type of incentive extension within the next few weeks. In fact, there are reportedly over 5 bills currently being considered by the Senate and House of Representatives. ![]() Taxes and the ElderlyOne of the groups being hit the hardest by the recession are elderly taxpayers. Recent studies are even showing that many retired citizens are being forced to rejoin the competitive work force in order to make ends meet. Some people mistakenly think that the IRS treats senior citizens unfairly, but this is not necessarily the case. As you will see, the IRS has a special set of laws designed to help elderly citizens in this country. ![]() How to Amend a Tax ReturnDuring the magical time of year known as tax season, millions of US taxpayers scurryabout to prepare their tax returns for eventual filing. However, since the 1040 filing process can be very complex, it is not surprising that taxpayers make mistakes when preparing their tax returns. Worse still, all tax returns must be signed under criminal penalty of perjury, which can cause some discomfort to taxpayers when they are not confident that they are submitting all of the correct information. For tho ![]() Top 7 Tax Record Keeping TipsEveryone knows it is important to keep your tax related documents should you be audited. However, most taxpayers are unsure on which specific documents should be kept, and which are safe to get rid of. To help our readers looking for help with this topic, we have put together the following list of tax recordkeeping tips. ![]() What Cap and Trade Reform Means to US TaxpayersUnfortunately, nearly any reforms on cap and trade will have a direct effect on taxpayers. This could be especially troubling in a time where many families in this country are already struggling to get by. ![]() Last Minute Tips For First Time HomebuyersEarly in the year Congress enacted an $8,000 tax credit for first time homebuyers purchasing a house between January 1st and November 30th of this year. As you can tell, that November deadline is just around the corner. In order to qualify, your house must close escrow on or before that date. The IRS even states, “you may not claim the credit in anticipation of a purchase that has yet to happen.” ![]() 6 Signs you Should Retain a Tax LawyerIf you are having problems with the IRS or find yourself owing thousands of dollars in unpaid taxes, then you may want to get help from a tax lawyer. When you retain a tax lawyer, you are hiring someone to fight the IRS on your behalf. With an advanced knowledge of tax law, and years of experience dealing with IRS agents, a tax attorney can help you settle with the IRS and make your tax problems go away.
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