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Now that it is tax time, today I got a call from a panicked client who is getting a 1099 on a credit card. Have you received a Form 1099-C Cancellation of Debt after your bankruptcy discharge? Don’t panic! Here’s a quick guide: Why did you get it? Normally, if a creditor cancels a debt … Continued
The Internal Revenue Service (IRS) has taken legal action against Ottley Communications Corp., the owner of WSTA radio station on St. Thomas, demanding payment of more than $2.1 million in overdue unemployment taxes. The lawsuit, filed in U.S. District Court, outlines the company’s failure to meet its federal tax obligations, including unpaid taxes, late filings, … Continued
Creating an estate plan is crucial for protecting your family and ensuring a smooth transfer of your assets. However, there are common mistakes that can undermine your plan’s effectiveness. In this blog post, we will explore five of these mistakes to help you avoid potential pitfalls. Avoiding these mistakes requires careful consideration and the assistance … Continued
Impulse buying can often lead to unnecessary spending and financial regrets. To curb impulsive purchases and save money, try implementing the 24-Hour Rule. Here’s how it works: By implementing the 24-Hour Rule, you give yourself time to evaluate purchases objectively and avoid impulse buying. Over time, this simple practice can save you a significant amount … Continued
The U.S. Supreme Court has granted the IRS the authority to access bank records without notifying the taxpayer or their associates or joint holders. In Polselli v. IRS the Supreme Court’s unanimous decision affirmed the IRS’s power to secretly probe financial records. This ruling means that the IRS can investigate a taxpayer’s financial records, including … Continued
As the year comes to a close, it’s the perfect time to reflect on your financial goals and the steps you’ve taken towards achieving them. Year- End can serve as a reminder to prioritize your financial well-being. . By setting clear goals, it provides you with a sense of purpose and direction. It helps you … Continued
As the cost of living continues to rise, Americans are increasingly relying on credit cards to cover basic expenses like food and gas. This shift in credit card usage has led to growing concerns as the nation’s credit card debt surpassed $1 trillion. It is not only the increased card usage that is a problem, … Continued
An estimated 23% of Americans have medical debt they cant pay and an estimated 41% are trying to pay off medical debt. Medical debt is the leading cause of individual bankruptcy filings and the stigma behind filing bankruptcy no longer exists as more and more Americans turn to bankruptcy protection to get a fresh start. … Continued
Dying without an estate plan is a real-life horror story that many people avoid confronting. The chilling truth is that accidents happen, and a significant number of individuals face the consequences of dying without proper planning. The excuses for neglecting an estate plan vary, from age and childlessness to a reluctance to acknowledge mortality. However, … Continued
October is National Estate Planning Awareness Month. Many people might miss such celebrations, but here at the Tomes Law Firm we honor it because Estate Planning is so important. You do need more than a simple will. An Estate Plan is a set of personalized instructions and documents for handling your life’s affairs if something … Continued