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We know that you did not have your children simply to lower your taxes each year; however, there are tax credits available only to parents under the current tax code.  Although these tax credits will not come near the amount that it actually costs to raise a child, they do help parents lower their tax bill to receive higher tax refunds.  How you choose to use your tax refund is up to you; however, contributing to a college savings plan will also help you lower your tax bill next year … [Read more...]

Many homeowners are currently facing this question and finding it hard to decide how they should proceed.  The housing market is continuing to improve; however, the current seller’s market is still not as bright as the market for current buyers. This leaves homeowners in a bit of a quandary when they find a home they want to purchase but have not been able to sell their current home.  Since very few people are able to afford two homes, they are forced to sell their current home before buying … [Read more...]

Even though the housing market has improved greatly, there is still a lot of competition when you are trying to sell your home.  Attracting prospective buyers and turning those prospects into a sale are still difficult in many areas.  Sellers should be aware of how holding onto personal touches and decorating styles can have a negative impact on potential buyers.  Forgetting to take care of the outside of a home can also drive buyers away as first impressions are very important. For tips on … [Read more...]

The art collection owned by the city of Detroit is estimated to be worth billions of dollars.  For creditors and retirees, the money from a sale of the city’s art collection would go a long way toward paying off the city’s $18 million of debt.  However, the suggestion of selling the city’s art collection has angered many and raised serious issues about what should be sold when a city files bankruptcy.  As groups and individuals from all over the United States work toward a way to save the art … [Read more...]

Even if you were married on December 31 last year, the Internal Revenue Service considers you a married couple for the entire year.  This may benefit many newlyweds who are now able to take advantage of tax credits only available for married couples.  One thing to remember, if you changed your name make sure to notify the Social Security Administration to avoid any problems when you file your tax return this year.  If you have always done your own taxes, you may want to seek professional help … [Read more...]

There are several things to consider when deciding whether you need to file a federal tax return such as your age, filing status and gross income.  Even if you are unemployed, you may have to file a federal tax return if your income is above a certain amount or your status or age requires that you must file.  In some instances, you may not be required to file a federal tax return but it may benefit you to file to take advantage of tax credits that would net you a tax refund. For more about … [Read more...]

Financial problems are very stressful and more and more Americans are facing bankruptcy as unemployment rates and a stagnant economy continues to plague our country.  However, there is help for those facing financial problems.  Bankruptcy is an option for many who desire to improve their situation so they can recover and rebuild after a financial crisis.  The first step should be consulting an experienced bankruptcy attorney. Having a bankruptcy attorney on your side to guide you through the … [Read more...]

The Board of New York City Opera filed for bankruptcy protection last October and canceled its season.  However, this fact did not deter the dedicated performers from celebrating the opera’s 70th anniversary.  The union that represents the company’s talented musicians and singers is producing a special anniversary event to be held on February 21 at New York’s City Center.  Even a Chapter 11 bankruptcy will not keep this show from going on. To read the full story see “Despite Bankruptcy, City … [Read more...]

Anyone with an outstanding student loan already knows that paying your student loans can sometimes be very difficult.  Student loans are one of the few unsecured debts that are non-dischargeable in bankruptcy making them a serious problem for debtors who have no means to pay their student loans.  However, there are some instances where student loans can be discharged in bankruptcy or forgiven through other means.  For information about getting a student loan forgiven, you can read “Legal How-To: … [Read more...]

A recent article on CNBC warns that many tax preparers are “incompetent” and points out that only four of the 50 states regulate tax preparers.  Because your tax return is one of the most important, if not the most important, financial document you prepare, you should not trust it to just anyone.  (For the full article read, “Many tax preparers 'incompetent,' group warns.”) To avoid this problem, the Internal Revenue Service offers advice about how to choose a tax professional to help you … [Read more...]