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Is discharged debt taxable?

With bankruptcy, discharged debts have no income tax consequences and it is excluded from gross income. With other debt relief programs you risk the possibility of receiving a tax bill after your debt has been canceled, but that’s not the case with bankruptcy.

By |2019-05-02T15:40:51-05:00May 2nd, 2019|Comments Off on Is discharged debt taxable?

I know I’m going to owe the IRS if I file my taxes so I am considering not filing this year because I can’t make the payments. Is it okay if I don’t file?

Without doubt you should still file your taxes. Even though you aren’t able to make payments, filing your taxes and not paying immediately will put you in a much better position than if you don’t file at all.

By |2019-05-02T15:40:27-05:00May 2nd, 2019|Comments Off on I know I’m going to owe the IRS if I file my taxes so I am considering not filing this year because I can’t make the payments. Is it okay if I don’t file?

I just got a letter that the IRS is about to start garnishing my wages, do you know if this is legal and what percent of my wages are they allowed to garnish?

Yes, it is legal for the IRS to garnish your wages due to taxes owed. According to federal law, the payments are limited by 25% of your income. However, they’re permitted to continue garnishing your wages until the entire debt is paid in full.

By |2019-05-02T15:30:52-05:00May 2nd, 2019|Comments Off on I just got a letter that the IRS is about to start garnishing my wages, do you know if this is legal and what percent of my wages are they allowed to garnish?
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