Hi, Website Visitor. Here are your Articles for April 14, 2008.
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Carney, Roy & Gerrol Announcements
Delinquent Taxpayers: How Much Does the IRS Let Them Live On?
The IRS sets up repayment plans for people who fall behind on their taxes. As part of these plans, the tax agency calculates how much a person needs to live, based on their circumstances. From there, the IRS typically comes up with installment payments that will result in Uncle Sam being paid within certain time limits. How much income are delinquent taxpayers allowed to keep? The IRS recently issued new allowances, effective October 1, 2007. Could you live on these amounts?
How Declining Home Prices Can Have Tax Implications
The current sub-prime mortgage lending crisis, combined with lower home prices in many markets, can have negative tax implications for taxpayers who are forced to sell their personal residence or if their lenders foreclose. This article explains what you need to understand about taxes before making any moves in this unfavorable environment, as well as the latest White House proposal to help taxpayers stay in their homes.