CANCELLATION OF DEBT INCOME AND BANKRUPTCY: WHY SHOULD I BE CONCERNED?
As tax time approaches, many taxpayers are going to learn the hard way about cancellation of debt income when they file their taxes. If a creditor decides to forego the collection of a valid, undisputed debt, they may decide to cancel or “forgive” the debt. This means that the lender has decided that they will […]
Getting the Most of Your Income Tax Refund for Budget-strapped Consumers
As tax time approaches, and you are one of the fortunate ones to receive a significant refund, take the time to consider what you are going to do with it. This is especially important if you are behind on your bills, or may have gotten carried away with your holiday spending. If you have multiple […]
Prioritizing Debt Repayment from Your Income Tax Refund
This is the time of year when many consumer taxpayers are receiving their income tax refunds. While some of that money may be earmarked for special purposes – such as a vacation, large retail purchase or home improvements – many times it will be used to pay debt for which the consumer was already obligated. […]
The Truth About Rapid Refunds: Refund Anticipation Loans May Not be Worth the Risk
Refund Anticipation Loans or “RAL’s” were originally marketed as “rapid refunds”, with the goal of expediting the receipt of income tax refunds for tax filers. What many filers believed was a refund was actually a loan made directly to the taxpayer by the tax preparer, with the refund being “assigned” to the tax preparer. The […]