Category Archives: Taxes

Cancellation of Debt May be Taxable Income

Cancellation of Debt May be Taxable Income

I learned a very interesting lesson today that I thought I’d share with everyone.  It is not a new lesson in fact I remember it from Federal Income Tax class but haven’t heard about it in years.  It was years, until my brother grabbed me in between my 8th and 9th beer on the 4th

Tax Mechanics of Intra-Family Loans

This post was inspired by a post titled, “Lending Money to Family and Friends” on a great blog fivecentnickel.   What are the Tax Mechanics of an Intra-Family Loan? Let me say this first: This is not a post about whether one should make loans between family members or friends, as such you may find it

Credits, Deductions, Oh My! Summary of Recent Income Tax Changes

Credits, Deductions, Oh My! Summary of Recent Income Tax Changes

I was doing research on the recent changes in income taxes for one of the planners at my office, and I came across one of the coolest sites summarizing the changes (that is if you can describe any kind of tax stuff as “cool”).   I am only going to highlight those income tax changes in 2008

The Government may owe YOU Money – Be careful when doing your 2009 Taxes

While reviewing The Wall Street Journal’s Personal Finance Site, I came across a great article written by Tom Herman titled, “Early Filers Piles on Errors.”  Mr. Herman highlights Most people who got a payment last year won’t qualify for an additional credit on their 2008 return. But millions of people who didn’t get anything, or