Many people are expecting smaller tax refunds this year due to the recent overhaul of federal tax laws. In some cases, filers who are used to receiving a refund are discovering they owe money this year. For those of you who are going to receive a sizable refund this year, we encourage you to stick around and read our blog. If you do manage to receive a tax refund without difficulty this year, then you could use the extra funds to bolster your finances. Depending on your situation, even a few hundred dollars can go a long way. If you want to be more financially responsible this year, then use your tax refund wisely. How You Could Spend Your Tax Refund This Year Add to an emergency fund. Hopefully, you already have an emergency fund. If you do not, this year is a perfect time to start one. Without adequate…
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If you’re behind on taxes, you’re not alone. Millions of Americans incur tax debts each year. Fortunately, bankruptcy can discharge certain non-priority income tax debts. Many people turn to bankruptcy if they are swamped with tax debt, as it can get rid of eligible back tax debts. In other cases, it may allow you to pay back tax debts over a long period of time. But, if you haven’t filed your taxes, you can’t file for bankruptcy. Copies of your previous tax returns are required during the bankruptcy filing process. Just keep in mind that filing taxes isn’t the same as paying them. Not filing taxes is the only setback when filing for bankruptcy. Can Filing for Bankruptcy Clear My Tax Debts? Depending on the circumstances, filing for bankruptcy can potentially clear your tax debts. The bankruptcy court can look at several factors and criteria before deciding if you can…
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Millions of people in the U.S. made New Year’s resolutions at the start of the year. Financial responsibility is a popular area of concern for resolution makers, but many people struggle with the follow-through. Finances are technical and at times fragile, and without a solid plan, you are more likely to fall short of your financial goals. 6 Ways to Generally Improve Financial Responsibility The area your resolutions are concerned with will benefit from all-around good financial habits. According to a Fidelity Investments survey, 48 percent of Americans make a resolution to save more, 29 percent want to pay off debt and 15 percent wish to spend less overall. No matter your personal area of concern, here are our best suggestions to help you improve your financial affairs in 2019: Identify your financial goals. Make it a priority to identify your financial goals for the year. Do you need to…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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