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Debt Cancellation May be Taxable

Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main…
Mansoor Ansari
March 2, 2017
News and ArticlesTax News

IRS Farmers Fisherman Tax Deadline

IRS Farmers Fishermen Tax Deadline The Internal Revenue Service reminds farmers and fishermen about the March 1 deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments. Taxpayers with income from farming or fishing have until March 1 to file their 2016…
Mansoor Ansari
February 26, 2017
News and ArticlesTax News

Texas Sales Tax On Car Lease

Texas Sales Tax On Car Lease Texas laws require that the lessor (the lease company) pay sales tax on the full value of any vehicle they buy from a dealer and lease back to a lessee (you and me). This is different from most other states in which no such…
Mansoor Ansari
February 12, 2017
News and ArticlesTax News

IRS 60 Day Rollover Retirement Plans

IRS 60 Day Rollover Retirement Plans The Internal Revenue Service today provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). In Revenue Procedure 2016-47, posted today…
Mansoor Ansari
February 12, 2017
News and ArticlesTax News

IRS Taxpayer Bill Of Rights

IRS Taxpayer Bill Of Rights Do you have rights as a taxpayer? The answer is YES! 1. The Right to Be Informed. Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in…
Mansoor Ansari
February 12, 2017
News and ArticlesTax News

Houston IRS Tax Lien Release

Houston IRS Tax Lien Release Not taking proper actions with your taxes can lead to many problems including liens against your property. A federal tax lien gives the IRS a legal claim to your property as security or payment for your tax debt. These liens are a matter of public…
Mansoor Ansari
June 13, 2016

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