What if I cannot file my income tax return on time?
If you can’t file your federal income tax return by April 15 th , or you can’t pay taxes that you owe, there are some simple measures that you can take in order to avoid some really bad consequences. First, you can get an automatic 4-month extension until August 15 th by filing IRS Form 4868 – Application for Automatic Extension of Time to File U.S. Individual Income Tax …
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The Mortgage Forgiveness Debt Relief Act of 2007
In December 2007, the federal government enacted the Mortgage Forgiveness Debt Relief Act. The Act was meant to provide tax relief to taxpayers who had debt forgiven on their primary residence and to help struggling homeowners. The Purpose of the Mortgage Forgiveness Debt Relief Act The idea behind the law was to help homeowners avoid foreclosures by not taxing them …
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