The North Carolina Bankruptcy Information Blog

Ah, tax season: the oft-dreaded time when we’re all forced to assess a previous year’s worth of financial doings, pay back deficiencies and seek deductions. But this year’s tax season may become a bit more taxing for some as industry watchdogs are finding that the Internal Revenue Service is further targeting struggling taxpayers with aggressive tactics meant to retrieve all that is owed from already economy-ravaged Americans.

As the Associated Press reported this month, “the Internal Revenue Service is tormenting struggling taxpayers in the midst of a slumping economy by increasing the number of liens the agency has filed against people who owe back taxes.…

As we’re all now aware, this decade’s economic downturn has dealt, and unfortunately continues to deal, a significant blow to the budgets of many American families, leaving millions in debt, facing foreclosure, and sometimes looking to any means necessary to break even, much less get back on a financially-healthy course. And so, once again, we’re finding that the beginnings of tax season can also yield it’s own set of challenges for some cash-strapped citizens as many turn to plastic to pay back what they owe the IRS.

Unfortunately, with the advent of online filings, paying your taxes with a credit card has never been simpler.…

It’s coming up on tax season folks, so that means it’s time to start thinking about ways to make those deductions count.

Too many people, especially those who have had a rough financial year or are coming out of bankruptcy, believe that tax benefits are just those things wealthy people talk about. Well, that’s pretty far from the truth. In fact, even though the IRS comes off as meticulous and bureaucratic, they do allow a number of deductions for every financial demographic.

Before we get into the basic deductions you can claim, hear us out on a couple of tax preparation tips.…

If you couldn’t tell by the utter onslaught of tax preparation service ads and the sudden presence of temporary cubicles in that once abandoned retail space at the corner of your favorite strip mall, let us be the first to remind you that it’s tax season.

We take interest in this time of year because tax returns can mean one of two things to our readers: more debt or more money. Since we are all about helping you figure out what to do with your debt, we hope this post will educate you regarding what tax season can mean for your financial well-being.

There are number of tax deductions out there that get ignored by a lot of families.…

It’s tax season. Which means that for most people, it’s time to realize just how much we give to Uncle Sam every year. For some, the prospect of a refund provides a glimmer of hope that some new money is coming in soon to pay off debts.

Just a quick little note on your tax dollars before we get into the meat of this post: it is actually better to owe just a little bit of money after filing because that means that you have used more of our your own money throughout the year instead of giving it all to the government.…

The economic recovery packages rolled-out by the federal government are providing a lot of people in the midst of rebuilding their financial livelihood a chance to get back on track even faster. For those who are underway with getting back on their feet after a successful bankruptcy, today’s housing market, in conjunction with the First Time Buyer Tax Credit, is offering home ownership opportunities not seen in a long time.

Here’s a breakdown of how the homebuyer tax credit shakes out:

You are eligible for the tax credit if it has been three years since you owned a home. This is ideal for those who may have lost a home through foreclosure or decided to sell to reduce their monthly mortgage commitments before bankruptcy.…