US Tax

Paying Taxes with a Credit Card

March 14, 2013
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When it comes to paying income taxes, the Internal Revenue Service doesn’t really care whether you pay by cash, check, debit or credit card. A significant number of people have opted to pay with a debit or credit card since electronic payments were first authorized by the 1997 Taxpayer Relief Act. While convenient, paying...

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Forgiven Credit Card Debt May Be Taxable

February 28, 2013
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If you negotiated a debt settlement in 2012 on the balance of your credit card account, you may surprised to find that you owe taxes on the debt that has been forgiven. The IRS views forgiven debt of $600 or more as taxable income and expects you to pay taxes on that amount. Hence,...

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“Tax Relief” Firm Scammed $100 Million From Consumers By Falsely Claiming To Reduce Tax Debts

February 5, 2013
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FTC Settlement: Tax Relief Scammers Agree to Pay More Than $15 Million American Tax Relief Scheme Bilked Consumers With False Promises They Qualified for IRS Programs to Reduce Tax Debts Under an agreement with the Federal Trade Commission, the defendants in a scheme that allegedly bilked consumers out of more than $100 million by...

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How the Fiscal Cliff Could Affect Your Credit Card

December 4, 2012
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The fiscal cliff is getting closer to becoming a reality. The members of Congress and President Obama still seem far apart. Statistics and projections show the painful consequences with tax increases for many consumers. Higher tax payments will be bad news for household budgets that are already stretched to the limit. Here is how...

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