Debt Consolidation, Help and Relief

2011 Sales Tax Holidays Save Consumers Money

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  • Posted 07/28/11. by alison

Back to school shopping can set parents back hundreds of dollars. Between notebooks and Nikes, there’s a long list of items that little boys and girls seem to need in order to be ready for a new school year. There are plenty of ways to cut costs on back-to-school shopping. And one of those ways [...]

Stimulus Recipients Owe Millions In Back Taxes

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  • Posted 05/27/11. by alison

A federal auditor says that contractors and businesses that received federal stimulus money back in 2009 owe billions in unpaid government taxes. The Government Accountability Office says that as of last fall the total bill for unpaid taxes, interest and penalties was $330 billion. “We’ve known for some time that there’s a significant tax gap [...]

Online Sales Tax Debate Heats Up In Tennessee

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  • Posted 05/13/11. by alison

A great perk of online shopping is not having to pay sales tax most of the time. But while it’s great for consumers on one end, it’s hurting the amount of revenue that the state and federal government can take in. Amazon.com is considering cutting its partnership with affiliates in more states that are requiring [...]

Why Wealthy May Not Be Impacted By Higher Tax Rates

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  • Posted 05/5/11. by alison

There’s a big debate going on about whether or not to increase the tax rate on the wealthy. And if the super rich don’t seem that upset about it there’s a reason according to The Daily Beast. They talked to economist Bruce Bartlett who explained that higher taxes for the rich won’t really impact Mark [...]

Pilot Program Recovers $247,000 In Unpaid Taxes

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  • Posted 04/28/11. by alison

Hundreds of thousands of dollars in unpaid taxes were collected in California through the use of an automated message delivery system. The Newport Beach, California company MessageBroadcast completed a four week Revenue Recovery pilot for California’s Franchise Tax Board.
MessageBroadcast sent messages to taxpayers with unpaid tax bills. They used voice, SMC, email, and broadband to [...]

Obamas Give More Of Their Income To Charity Than Bidens

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  • Posted 04/21/11. by alison

Now that Tax Day has come and gone numbers are being released about President Obama and his wife Michelle’s 2010 tax return. According to The Chronicle of Philanthropy, the first couple donated $245,075, or 14 percent of their income to charity last year. Their adjusted gross income reached $1.7 million in 2010.
In comparison, Vice President [...]

Former News Anchor Receives $20k Tax Bill

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  • Posted 04/8/11. by alison

As the tax deadline approaches, here’s a great reminder that just because your accountant says something is OK, doesn’t mean you won’t be in trouble with the IRS. Former TV anchor Anietra Hamper kept meticulous records of her business purchase, but according to an article in The Columbus Dispatch, that didn’t matter. A tax judge [...]

Ja Rule Faces Five Years For Tax Evasion

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  • Posted 03/25/11. by alison

Here’s another celebrity example of why not to mess with the IRS. Jeffrey Atkins, more commonly known as rapper “Ja Rule” pleaded guilty this week to three counts of failing to file tax returns with the IRS, according to the US Attorney’s Office in New Jersey. The report says that Ja Rule admitted he did [...]

Tuesday’s Twitterer To Follow: @360Finances

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  • Posted 03/22/11. by alison

Wondering who to follow in the big wide world of Twitter? There are plenty of great Twitterers out there tweeting about [...]

Time To Spring Clean Your Finances

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  • Posted 03/17/11. by alison

With less than a month to go before tax season ends, it’s time to pull out those statements, receipts and 1099s. Certified Financial Planner Board of Standards Consumer Advocate Eleanor Blayney is offering up some tips for cleaning up your finances. “Your goal should be to get into those forgotten corners, deal with the [...]

IRS Lightens Up On Taxpayers With Unpaid Bills

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  • Posted 03/11/11. by alison

Owe money to the IRS? The Internal Revenue Service just announced that they’ll be helping people with outstanding tax liabilities get a fresh start. They want to get their money without adding more burden to taxpayers by issuing tax liens. “We are making fundamental changes to our lien system and other collection tools that [...]

Kansas Parents Ask For Higher Taxes

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  • Posted 02/25/11. by alison

This story may contradict most reports out there of people pleading, arguing and debating for lower taxes. But 17 parents in a Kansas City-area school district actually want to pay more taxes to help their schools. Right now there are state property tax caps in place so they’re asking a judge to throw those out. [...]

Estate Tax Is Back, But News Isn’t All Bad

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  • Posted 02/10/11. by alison

After about a year break the estate tax, also known as the “death tax”, is back. Lawmakers reinstated it on December 17 and for at least the next two years it’s here to stay. In 2009 money left to your family was taxed at a rate of 45%. Now that rate is at 35% and [...]

As Tax Season Heats Up So Does Fight Between Tax Prep Companies

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  • Posted 02/3/11. by alison

As tax season heats up, so is a legal battle between two big tax preparation companies. According to Yahoo! News, Jackson Hewitt Tax Service Inc is suing H&R Block to try to stop an advertising campaign that they claim is misleading and makes Jackson Hewitt look bad. Jackson Hewitt may be rushing to get the [...]

Treasury Department Trying Out Debit Tax Refunds

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  • Posted 01/14/11. by alison

The federal government is trying a new program to get tax refunds doled out quicker to those who don’t have bank accounts. The new program will test out the idea of issuing refunds on debit cards with hopes of deterring people from using Refund Anticipation Loans, which can be extremely expensive short-term loans. According to [...]

Survivor Winner Hatch Asked To Pay $1.7M Tax Bill

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  • Posted 01/10/11. by alison

Survivor’s first winner may lose a battle in court. Reality TV star Richard Hatch is back in court because officials say he didn’t refile his 2000 and 2001 tax returns, a provision of his supervised release from jail. That tax blunder could put him back behind bars. Hatch’s original conviction came in 2006 for not [...]

Make Last Minute Donations Now

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  • Posted 12/30/10. by alison

Why wait for spring to get started on your cleaning? Getting rid of clutter and clearing out those closets may help you when tax time rolls around. Just like making a cash donation, it’s a good idea to donate goods before the end of the year, too. “You can give anytime during the year but [...]

New Details Released In Plan To Eliminate Federal Debt

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  • Posted 12/2/10. by alison

President Obama’s commission on debt is preparing to release its recommendations for cutting the federal budget. Their plan would slash $3.9 trillion from the federal budget between 2012 and 2020. Here are some of the details of their plan:

Grants to large and medium-size airports would be frozen.
Funding for public broadcasting would be cut.
Tax-free [...]

Are Refund Anticipation Loans Headed For Extinction?

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  • Posted 10/22/10. by alison

Back in the day, Americans strapped for cash around the holidays could take out a Refund Anticipation Loan. That meant that they could spend the money they expected to get back from Uncle Sam long before tax season even arrived. But a new battle brewing between H&R Block and HSBC Bank [...]

IRS Won’t Share Debt Information Anymore

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  • Posted 08/5/10. by alison

The IRS announced changes to its policy regarding releasing information about taxpayers’ debts. The debt indicators as they’re called, used to be passed on to inquiring financial institutions, but now the information will be withheld. The information was typically used by financial groups that provide refund anticipation loans. The organizations could then tell if someone’s [...]

Khloe Kardashian Clears Up Tax Problem

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  • Posted 08/2/10. by alison

Reality star Khloe Kardashian is pointing the finger at her accountant for creating a big tax mistake. According to the website TMZ, Kardashian has an outstanding tax bill close to $20,000 with the state of California. According to reports, Kardashian owes $18,490.74 in back taxes from 2007.
Although Kardashian’s rep didn’t want to comment on the [...]

Commission Investigates Lowering National Debt

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  • Posted 04/27/10. by alison

A new bipartisan commission tasked with formulating a plan for reducing the massive federal debt met for the first time today. President Obama explained steps his administration had already taken to slow the growth of debt. “This alone will not make up for the years in which those in Washington refused to make hard [...]

Tax Day Turning Positive For More Americans

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  • Posted 04/15/10. by alison

April 15 is no longer as dreaded as it once was. Yes, there’s still the paperwork to file, but for millions of Americans, there won’t be a check to write. According to the Tax Policy Center, nearly half of Americans won’t pay any federal income tax. The recession reduced incomes for many meaning they’ll pay [...]

IRS Warns Of “Dirty Dozen” Tax Scams

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  • Posted 03/21/10. by alison

Every year the IRS issues its “Dirty Dozen” list. These are 12 tax scams to watch out for. Sometimes new scams pop up, sometimes the scams have been carried over from past years. But they’re always a headache for honest taxpayers who fall for these scams and also for the IRS who must track down [...]

Trouble With Taxes? Find Free Tax Help

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  • Posted 03/19/10. by alison

April 15 is less than a month away. Don’t put off filing your taxes. If you’re having trouble or you need a little assistance, find some free tax help. There are likely several options in your area for getting some complimentary tax services. Here are some to consider:
IRS Open Houses: The IRS will hold several [...]