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Phantom Tax Relief bill signed into Law

By: Antonio Vega-Pacheco Real Estate Views: 5833 | Comments: 0 | Votes: 0

Antonio Vega-Pacheco

Until now (12/07), if the value of your house declines and your bank/lender forgives a portion of your mortgage (via a short sale or deed in lieu), the tax code treats the amount forgiven as ordinary taxable income.  For a borrower already financially strapped, this makes a bad situation worse. More

Watch the mail Box for these forms!

By: Kerry Freeman EA Tax Planning Views: 5667 | Comments: 0 | Votes: 0

Kerry Freeman EA

Watch the mail Box for these forms!   January is not your mail carrier's favorite time of the year. Every U.S. Postal Service delivery bag is overloaded with statements from employers, banks, stockbrokers and other institutions and agencies that were involved in taxpayers' financial lives last year. Each of these groups has, by law, until Jan. When they arrive, check them! Mr. Mr. More

What is “Bad Debt” and How Can I Claim it for My Business?

By: Tax Advisors Tax Planning Views: 5665 | Comments: 0 | Votes: 1

Tax Advisors

Credit enables many customer transactions that would not otherwise be possible. If your business offers customer credit, you’ve most likely had someone unable to repay their debt. If you report these sales as income but cannot collect, the IRS calls this “business bad debt.” In these cases, the IRS allows you to deduct those debts to decrease your federal tax liability. More

State Farm Cancels Insurance Policy of Investigative Reporter

By: Frugal World Insurance Views: 5630 | Comments: 0 | Votes: 0

Frugal World

Lee van der Voo tells Romenesko readers: I was just informed by State Farm here in Oregon, where I’m an independent investigative journalist that they are dumping my office rental policy because of the kind of journalism I do. I own a house and insure it through State Farm, along with the three cars I’ve owned over the last 12 years. More

Just stop paying your mortgage

By: Peter Schiff Home Loans Views: 5546 | Comments: 0 | Votes: 0

Peter Schiff

If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government's landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Here's why. More

How Does Credit Restoration Work?

By: NCR Credit Plus Credit Repair Views: 5516 | Comments: 0 | Votes: 1

NCR Credit Plus

Credit bureaus insist that individuals cannot repair their credit without waiting years for negative items to be removed. Don't believe that. NCR Credit Plus has been doing this for a long time and in that time we have found that through continually refining and redefining our strategies, we have secured methods that provide optimal performance. Cancel Anytime! More

Correcting Credit Reports

By: Art Of Saving Banking Views: 5515 | Comments: 0 | Votes: 0

Art Of Saving

It is very important to get a copy of your credit report from each of the three major credit bureaus at least once a year to check for any errors. Errors on credit reports are common, but can usually be corrected fairly easily without seeking outside help. Make sure you keep a copy for your records. Agencies are required by law to respond to your inquiry within 30 days. Address. More

How difficult can tenants be to remove?

By: WiseSaver Insurance Views: 5501 | Comments: 0 | Votes: 1

WiseSaver

If you are a landlord, then probably at some point you have had difficult tenants. Perhaps they chose not to pay their rent; maybe they are ones that party all night disturbing your other tenants as well as the neighborhood. On the other hand, maybe they are the kind of tenant who is destructive and damages the property. This can make the process rather long and tedious. More

Make the most out of your 401(k)

By: Bogie Boric Retirement Planning Views: 5481 | Comments: 0 | Votes: 0

Bogie Boric

This year (2007) you can contribute up to $15,500 to your employers' 401(k) plan. If you are older than 50 add an extra $5,000 in catch-up contributions for a total of $20,500. If you are eligible to participate and your employer offers matching contributions there is no reason for you to say "no" to this free money. The important point is that this is tax-deferred growth. More

Life Insurance For Estate Planning

By: WiseSaver Estate Planning Views: 5459 | Comments: 0 | Votes: 0

WiseSaver

There are many reasons to put together an estate. One of the main reasons for those who already have grown children is to ensure that their assets are divided and distributed equally among all the heirs. This is not wise. If you list your estate as the beneficiary, then the proceeds of your life insurance policy will first have to go through probate. This could make your estate taxable. More