Monthly Archives: October 2012

With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a … Continue reading

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Generally, all sources of income are subject to income tax unless specifically excluded. Here are some sources of money that are not taxable: Money received as a loan. Gifts and inheritances. Child support received. Welfare benefits. Worker’s compensation (generally). Damages … Continue reading

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Tick-tock. Time is almost up on that six-month extension you filed back in April to give yourself more time to complete your 2011 individual income tax return. What happens if you fail to file your return by October 15, the … Continue reading

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