Most people assume that if they have any income at all during the year that they must file a federal tax return; however, this is not always the case. Receiving income is only one factor in determining whether you need to file a federal tax return. The three factors to look at when determining if you are required to file a federal tax return are gross income, filing status and your age. Just because you had income during the tax year does not mean that you must always file a tax return. To … [Read more...]
The emotional effects of bankruptcy
January 13, 2014 by
Often when someone considers filing for bankruptcy relief, they feel ashamed or feel as if it is somehow their fault. Bankruptcy is often the result of a loss of income due to losing a job, the loss of a spouse or a prolonged medical issue but a debtor may still feel as if filing bankruptcy is something to bad. However, bankruptcy is a positive step in dealing with financial problems and a better alternative than ignoring your financial situation. In most cases, bankruptcy actually helps a … [Read more...]
Can you qualify to file a Chapter 13 bankruptcy case?
January 10, 2014 by
Debtors can no longer simply choose what chapter of bankruptcy they wish to file. If a debtor is seeking to protect assets from being sold by a Chapter 7 bankruptcy trustee, they can seek Chapter 13 relief but they must first qualify to file under Chapter 13 of the Bankruptcy Code. Among other requirements, debtors must demonstrate to the court, the Chapter 13 trustee and their creditors that they have sufficient income to reorganize their debts through an approved repayment plan. To learn … [Read more...]
Filing your tax returns early benefits you and maybe your wallet
January 10, 2014 by
It seems like April 15 gets here earlier and earlier each year. We barely get the holiday decorations put away before we are pulling out receipts, forms, bills, statements and other pieces of paper until our living room looks just like Christmas morning again (littered with paper – just not wrapping paper this time). However, filing your returns early can net benefits that procrastinators may miss. For one, you will get your refunds faster if you file early because the IRS is not overloaded … [Read more...]
Painless tax preparation secrets
January 9, 2014 by
We are only a few days into the New Year but for some of us we are already dreading the April 15 deadline. However, smart taxpayers are already preparing for their 2013 federal and state tax returns by gathering information and documentation to make it easier for themselves and their tax preparers. The best thing you can do for yourself and your tax preparer is to begin early and to be organized. To make tax time easier for you, read and follow these tips and suggestions from real tax … [Read more...]
Using online tools to find your next home
January 9, 2014 by
Before the explosion of the internet and media marketing, the only ways to find a new home was to hire a realtor, find a home through friends or family or ride through neighborhoods you liked searching for a “For Sale” sign in a yard. However, the internet has now made it possible to find a home with a simple click of the button. New websites and applications have put house hunting at your fingertips. Buyers can also research areas in advance to decide if they want to buy a home in specific … [Read more...]
Organize your home to save money in 2014
January 8, 2014 by
If one of your resolutions for 2014 is to be organized, you may find that keeping this resolution will not only save you time this year but it can help you save money as well. Being organized helps you pay bills on time thereby avoiding late fees. You will avoid purchasing duplicate items because you cannot find the one you know that you have somewhere in the house (know what you own and what you need). Being organized and having a filing system will help you at tax time when you need to … [Read more...]
Student loan lawyers fight discharge of student loans – – sometimes they lose
January 8, 2014 by
Everyone knows that discharging student loans through bankruptcy is very difficult; however, it is not impossible. There are instances where student loans have been canceled through bankruptcy. Loan lawyers fight these discharges and often ask questions that baffle judges and opposing counsel. One lawyer asked a mother of five if her children were “planned” while another asked a woman why she chose to have children when she had no husband and was in poor health. The line of questioning did … [Read more...]
What does your gym’s liability waiver mean?
January 7, 2014 by
If you joined a gym as part of your New Year’s resolution to lose weight and live healthier in 2014, you probably had to sign a liability waiver as part of the gym membership. The paperwork you sign when you join a gym is a contract and it is enforceable even if you fail to read the entire contract. Most gyms include some type of liability waiver in each of their contracts ranging from a total waiver (waiving all liability) to a waiver of negligence (preventing members from suing for injuries … [Read more...]
Legal New Year’s Resolutions that can help you financially in 2014
January 7, 2014 by
Most of us make some type of New Year’s resolution each year depending on what we believe will make us happier, healthier and more financially secure in 2014. If you made a New Year’s resolution to manage your personal finances better, five legal resolutions you should make include research estate planning, get your tax return completed early, manage student loan debt, learn more about Obamacare and begin to plan for retirement. To read more about each legal issue you should tackle in 2014 … [Read more...]
