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"