It’s the curse of the procrastinator. Sometimes it’s putting off filing taxes until it’s too late. Other times it’s neglecting to pay a bill until it’s past due—a mistake that can seriously affect your credit score. Well, we can’t change the past. But if you’ve missed the tax-filing deadline, there are ways to reduce the [...]
Changes to the Georgia Sales Tax Policy in 2012-2013 will help recover millions of dollars lost from the state's inefficient tax collection of e-commerce and out-of-state sellers. Bill Nemeth, partner at Tax Audit Guardian, explains the changes to the Georgia Sales Tax Policy for 2012-2013 as described below. Current Georgia Law The current Georgia law [...]
When you’re sitting there, unemployed (or underemployed), trying to hold on to your house and keep food on the table somehow, you probably don’t really care that the money in your 401(k) was intended for your retirement. In fact, it’s likely you’re feeling a little desperate and want to do anything you can, no matter [...]
With unemployment rates still at all-time highs, many people simply aren’t able to find work near home. As a result, sometimes they have to face a dreaded move all the way across the country to start a new job. TIP: When facing a big life change, use that as a reminder to check your credit [...]
At a recent dinner party, several people in attendance announced that they had just been laid off and were facing unemployment. Some were among the 300 folks laid off at Intuit. Others were from the L.A. Times, which recently stopped publishing Los Angeles Magazine. And still other attendees said that their clients were facing recent [...]
The Internet, satellite communications, and WiFi. Cozy laptops, iPads, and other portable devices. These things make it so easy to work or run your business from anywhere. One of TaxMama’s favorite sayings is that her students can attend her classes from anywhere on or off the planet—even the International Space Station—as long as there is [...]
One of the scariest letters you can get is an IRS audit notice. It may be tempting to just not deal with it—but what happens if you ignore it, praying it will go away? It won’t. If you ignore the notice, the IRS could disallow all your tax deductions—and perhaps your dependents. You’ll end up [...]
A CPA recently wrote to TaxMama struggling with a problem. Her client got divorced and paid her ex-husband for half the value of the house he bought before they were married. Now this lady is selling the house. Doesn’t seem like much of a problem, does it? Well, this was a house that the ex-husband had bought [...]
If you have a tax lien, you will have to either pay it off or work with the IRS to have them release it before you can complete a short sale. Q: If my bank approves a short sell for my house but I have a federal tax lien for underpayment of taxes in '08 [...]
Taxes owed when selling a home that is not your primary residence. If you are selling a home that is not your primary residence, you will have to pay taxes if you made a profit. Q: I recently sold a townhouse and was concerned about how much tax I would be responsible for paying. Basically, [...]
