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Plano TX – How to calculate Insolvency for a Cancelled Debt on Form 982

Two weeks ago, I wrote that there are certain situations which permit the exclusion from Gross Income on a Taxpayer’s tax return, when they are the recipients of debt forgiveness that would typically be taxed. One of the options that permitted exclusion was for debt...

Richardson TX – Who Qualifies for the Home Office Deduction

In some case, entrepreneurs who work from home can write off a portion of their housing and utility expenses.  That’s often a big question for our clients in our Richardson, TX tax office, who use part of their home in their business.  If you qualify, it can...

Plano TX – When to Exclude Debt Forgiveness From Taxable Income!

In general, if you borrow money and you are legally obligated to repay that debt at a future date, if that debt is forgiven in full or in part, the cancelled debt becomes income to you. However, there are situations that tax law permits you to exclude the income...

Frisco TX – Did You Know That The IRS May Accept a Payment Plan That Won’t Full Pay Your Tax Debt? The Partial Pay Installment Agreement (PPIA)

Did you know that as a taxpayer who owes income taxes to the IRS, you may qualify for a payment plan that if all payments are made, will not completely pay your tax debt within the 10 years that the IRS has to collect income tax debt?  Many taxpayers who come to our...

Plano TX – Owe the IRS? You May Have Passports Problems!

When taxpayer’s have IRS Debt, the IRS has a number of tools to use to collect the debt.  Those include levies, liens, and can also include revoking the taxpayer’s passport.  For some taxpayers, this is not a major threat.  For others, there can be a substantial...

Frisco TX – What Does it Mean to be in Tax Compliance and Why It’s Critical to Taxpayers

When taxpayer’s come into our Richardson, TX tax office, one of the biggest challenges I often have is getting them into tax compliance.  Today, we’ll discuss what Tax Compliance means to the IRS and why it’s critical to effectively resolving your tax debt.  ...