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Archive for the ‘Tax Debt’ Category

Question: I received a1099-c cancellation of debt. I have already filed my return. Do I need to amend this return?

The cancellation of debt is well over $600 dollars. Is this considered taxable income? Will I need to redo my tax return to include the money amount?

Answer: Yes you should amend your return ASAP. The 1099-C can only mean additional tax. That would mean that you are likely to owe interest if you don’t get the return amended before the filing date of April 15.

Centene Corporation Reports 2010 Second Quarter Earnings

Centene Corporation today announced net earnings from continuing operations for the quarter ended June 30, 2010, of $23.0 million, or $0.45 per diluted share. Â The discussions below, with the exception of cash flow information, are in the context of continuing operations and all financial ratios exclude premium taxes.

Tax Relief for Foreclosed Homeowners – IRS Cancellation of Debt Income

Avoinding Greece style fall – Increase Tax on Akpeteshie

Imagine the government slashing the meagre salaries of police officers or teachers by twenty percent? Imagine the introduction of a three year pay and pension freeze and VAT (SALES TAX) increase as seen in Greece?

Tax Law Changes Affecting 2008 Tax Returns

Watch Out for Hidden Tax Traps Inside ETFs

Exchange-traded funds that hold “alternative assets” are taxed so differently, and at such higher rates than traditional investments, that many investors now wish they had looked before they leaped in.

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Question: what do you do when you have more bills than you can pay with the money you have coming in, taxes, ch sup, ect

i just been though a bk, i am now in a divorce,(kinda of a buy one get one deal) i make good money but i still owe alot of people money, taxes, home taxes, child support, old debt, on top of my bills. my credit shot and its all i can do to get from month to month. i work long hours and dont think a second job would work. i just cant get caught up.

Answer: You have to cut out everything that is not essential to living. For a while you may not get to eat out at restaurants, rent videos instead of going out to movies, and eliminate all unnecessary spending. If you have movie channels on your cable or satellite, go to basic only. For a while I could only pay for things that could be turned off or reposessed, and everyone else had to wait. They threatened me with reporting to credit bureaus, but if you already have a bk, so what? Cut up any credit cards you still might have and learn to live within your budget.

Gariano: Health care measure stirs up old debate about federal vs. state rights

No matter what a person’s political loyalties or philosophical persuasion, anyone interested in historic debates and the basis of our democratic form of government must be fascinated by the developments in our political institutions over the last several months. Maneuverings in Washington and in the state capitals are symptomatic of tensions that the Founding Fathers built into the Constitution …

90 seconds at 9am: Tobin Tax call; Greek debt woes; Massive Toyota recall

Question: what is the opinion about the bill passing about no tax on forgiven debt?

Answer: Are you asking about Australian Tax Law? Re Division 7A regarding “forgiven debt” as a deemed dividend? Are you talking about the newish subdivision EA from 2004? Which bill are you talking about? hmmm You need to be more specific and provide a link to this bill. Cheers.

Edit –
If only the clever person who gave me a thumbs down could do us all the benefit of writing a better answer than I could offer. lol

Fears rise that forgiven home debt will be taxed

SACRAMENTO — Northern California accountants say rising numbers of homeowners who used short

Major Life Changes and Your Taxes by Jackson Hewitt ®