Credit and Debt Blog

When examining debt relief options, clearly forgiveness of debt can be an appealing idea. Imagine getting all or a portion of your debt forgiven rather than having to deal with debt collectors and legal action! If it sounds too good to be true, understand that there are many consequences of debt forgiveness that could leave [...]

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The tax preparation fee for any individual depends on how complex his tax return is. The more complicated the return, the higher would be the fee. This holds true for all accountants who would charge for a tax return file on a flat rate, an hourly rate or quote a price for separate tax forms.

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Debt settlement might sound like the best option for you. Besides, many companies “claim” to be able to help you settle for half of what you owe. What they don’t tell you is that after paying their fees and increased taxes, you barely save anything.

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The Internal Revenue Service announced that the mileage deduction will increase from 50.5 to 58.5 cents beginning July 1, 2008. This increase is an adjustment to “better reflect the real cost of operating an automobile,” according to IRS Commissioner Doug Shulman.

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The Economic Stimulus Act of 2008 has provided working families with a boost to help with soaring costs. The purpose is to reduce the effects of recession. The payments we received certainly are helpful. However, will we be taxed on these payments?

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The economic stimulus payments received by households in 2008 is intended to increase consumer spending. It was designed to soften the recessionary pressures caused by the credit crunch. Many consumers, however are using it to catch up on late bills. Debt collectors are finding that many consumers are receiving substantial stimulus payments, which could be [...]

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On April 30, the Internal Revenue Service announced that taxpayers who had their stimulus payments deposited into any account that has favorable tax treatment may withdraw the funds without penalty. Announcement 2008-68 by the IRS details the special allowance that the IRS has made regarding stimulus direct deposits.

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Treasury Secretary Henry Paulson announced that the 2008 stimulus payments will be released ahead of schedule. Nearly 8 million taxpayers will receive their stimulus payments via direct deposit by Friday, May 2.

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The Internal Revenue Service has quietly been studying the impact of refund anticipation loans (RALs) on both lower income taxpayers and on government revenues. The results of their study suggest that the IRS will close the loophole that allows tax outlets to offer refund anticipation loans.

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In a move that might upset some married filers, the IRS has announced that taxpayers that filed a joint tax return will not receive an economic stimulus payment if at least one of the filers does not have a valid social security number. Only taxpayers with a valid social security number are eligible for economic [...]

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