Tax returns can be complicated and tricky to understand. Even for a professional, it can be surprisingly challenging to get every number and detail right. Often, you only notice the mistakes when you take a casual look at your return days after you submit it online or drop it in the mailbox. Or worse, the […]
When you owe creditors money that you can’t afford to repay, sometimes you may be able to get the debt forgiven or otherwise cancelled. When this happens, you no longer owe your creditors the money that you used to owe them. The IRS, however, usually treats such canceled debt as income that you’ve received. Income […]