I know the story: things are tight financially, so you either (1) do not file the tax return, or (2) file the return but don’t pay the balance due. But do not worry, you tell yourself, next year will be better. Now it is 2-3 years later and a letter arrives from the IRS, and … Continue reading What to do if you can’t pay the taxes?
Are you self employed or do side work gigs as an independent contractor? Here are some ways to be prepared before hand in case you later get audited. ✔️Have a separate checking account where you deposit income from your business and make business expenses out of. Don’t mix your personal income and your business income … Continue reading How do I be prepared in case my business gets audited by the IRS… and what to do after.
Why come to a resolution regarding your tax debt? There are more than 14 million people in collection status with the IRS as of 2017. This number has only grown. As a response to the 2020 pandemic the IRS suspended a majority of collection activity for a time. But that time has now passed. The … Continue reading Why fix your IRS tax debt?
A bankruptcy case can be filed without an attorney. However, the United States Courts strongly recommend seeking the advice of a qualified attorney because bankruptcy has long term financial and legal consequences. There are two main types of bankruptcy. Chapter 7 and Chapter 13. Chapter 7 is called a liquidation bankruptcy; it is the sale … Continue reading How do I file for bankruptcy?
Everyone with a complete estate plan should have a power of attorney for financial matters in case you become unable to make decisions for yourself or are unable to communicate in any way. A power of attorney is a legal document that gives the “attorney in fact” (AKA the agent) the power to act on … Continue reading How a Power of Attorney Can Help You Prepare for the Worst
A last will and testament is the most recent will of a deceased person, which ultimately decides how the testor’s (the person who made the will) property is to be disbursed to his beneficiaries (the persons or entities who will take the testator’s property as directed by the will).
But what is a living trust? Commonly, a living trust (AKA “inter vivos trust”) is a legal agreement that states property is to be held “in trust” (by the trustee or trustees) with the understanding that the property will pass to others (the beneficiaries) upon the death of the initial trustees.
This pandemic has gotten a lot of us thinking about how we are going to take care of our loved ones. Recently, while sitting on a deserted baseball field after taking a walk, and holding my wife in my arms, I started to think to myself, what if I only have two weeks left? How do I want to spend the last two weeks of my life? Am I ready to meet my Creator?
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