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Posts from May, 2012

  • Avoid Paralysis of Analysis Don’t Overanalyze and Miss an Opportunity Overanalyzing a situation can be as bad as not giving it enough thought. Most decisions are made on some sort of deadline. Even very smart individuals examine the data to the point that coming to a conclusion is put off for too long. ... Continue Reading
  • The Dreaded IRS Notice Should I Panic if I Receive an IRS Notice? NO!!! Each year, the IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many can be dealt with simply and painlessly. Here are some tips: Notices may request payment of taxes, notify you of changes to ... Continue Reading
  • Debt Cancellation and Taxes Is Cancellation of Debt Income Always Taxable? Canceled debt is generally taxable to you, but there are exceptions. The most common situations when cancellation of debt income is not taxable involve: 1. Qualified Principal Residence Indebtedness: This is the exception ... Continue Reading