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Tuesday, June 12, 2012
Birmingham Alabama's #1 Tax Service "The What if for the struggling tax payers"
People facing financial difficulties may find that there's a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. For example, if your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit.
Most importantly, if you believe you may have trouble paying your tax bill, contact the IRS immediately. In many cases, there are steps we can take to help ease the burden. You also should file a tax return even if you are unable to pay so you can avoid additional penalties.
Here are some “what if” scenarios and the possible tax impact:
Job Related
What if I lose my job?
What if I receive unemployment compensation?
What if my income declines?
What if I am searching for a job?
What if my employer goes out of business?
What if I close my own business?
What if I withdraw money from my IRA?
What if my 401(k) drops in value?
Top Tax Service in Birmingham Alabama
MOORE'S SERVICE
2160 Greensprings Hwy S.
Birmingham, AL 35205
205-324-8753
Email: mooresservice1@gmail.com
www.mooresservices.blogspot.com
Information source www.irs.gov
Birmingham Alabama's #1 Tax Service "The What if for the struggling tax payers"
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These are good information. People who have struggling income earnings and unemployment should be spared from tax payments. For high income earners and the affluent, they must pay taxes regularly.
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