Let's pick up the thread of a two-part post we began earlier this spring on the taxation of cancelled debt from a home mortgage.
If you are a small business owner, the bank account you use for your business is vital to you. Day by day, the transactions that occur there are like your life blood
In the first part of this post, we discussed some of the detailed rules on residency status affecting state income tax returns. We focused, in particular, on part-year residents and what state tax obligations they may have in Massachusetts.
We focus most of our pieces in this blog on federal income tax. This makes sense because state tax systems tend to mirror the federal system.
One of our recurring themes in this blog is the importance of record keeping for tax compliance.
A tax refund is your money, not the government's. But sometimes the government does not give the money back the way it should.
Technically, when some or all of your mortgage debt is cancelled in a foreclosure or short sale, the amount of cancelled debt is supposed to count as income.
As the owner or operator of a small business, you face multiple pressures. Marketing your product or service effectively, driving revenue growth and managing employees are only some of the many demands on your time and attention.
Let’s continue our discussion of ways in which divorce can affect your taxes. In part one of this two-part post, we explained that even something as seemingly simple as filing status is not always as straightforward as it seems.
For many years, the divorce rate for first marriages hovered around 50 percent in the U.S. It was as if every marriage were a coin flip.