Atlanta Bankruptcy Attorney Blog

It turns out that filing your income taxes can save you money - even if you don't get that refund.

Have you ever gotten a late fee, but not remembered missing the payment? Have you ever gone to return something you just bought - and found you've already lost the receipt? Tax season is the one time when we're forced to organize our receipts, bank statements, and other important documents. If you can figure out how to maintain that organization all year, not only will you be more prepared when the next April 15 rolls around, but you'll have an easier time paying your bills on schedule, making a budget, and even improving your credit, say Atlanta bankruptcy attorneys.

Continue reading "How Atlanta Taxpayers Can Lower Debt By Getting Organizing For Taxes" »

At first glance, this year's average tax refund of $3,000 might seem like a lot - but for most Americans, it won't last long.

If you simply put your check in the bank, it won't be long before its whittled away by things like rising gas prices and food costs, growing credit card bills and health insurance premiums, and the occasional shopping spree. But there's a way that many of us can stretch our refund, say Atlanta bankruptcy attorneys. How? By using it to get rid of current debt - and prevent future debt.

Continue reading "How Atlanta Taxpayers Can Boost Their Tax Refund" »

Just like early birds get the fattest worms, early tax filers might get the fattest tax refunds.

Even though Uncle Sam is extending this year's tax deadline from April 15 to April 18 due to a Washington holiday, taxpayers may want to file early this year, explain Atlanta bankruptcy attorneys - particularly those who think they're going to be getting money back. This Tuesday, the IRS began accepting returns, even for taxpayers planning on itemizing deductions (though most of us can file as soon as we receive our W2 and 1099s, itemizers had to wait a bit longer this year while the government put some tax law changes into effect). Maybe the idea of doing your taxes now doesn't exactly have you jumping up and down - but here's why it should.

Continue reading "Filing Early Tax Return Can Mean More Money For Atlanta Taxpayers" »

Atlanta residents might not be looking forward to paying taxes on April 15. But hey, at least Georgians don't have to worry about a state income tax increase like the ones in California and Illinois - and potentially a handful of other states with major budget gaps.

That said, paying an ordinary tax bill is no cakewalk in today's economy. On the one hand, many Americans will save a little bit of money thanks to the Social Security payroll tax cut President Obama signed last December. On the other hand, years of tough financial times and growing debts are really starting to take a toll on U.S. consumers, say Atlanta bankruptcy attorneys.

Continue reading "Many Americans Will Struggle to Pay Taxes Amid This Year's State Income Tax Hikes" »

Millions of Americans are about to finally get a pay raise. But here's the really surprising part - millions aren't even going to realize it until the money's all gone.

If you haven't already heard, President Obama signed a payroll tax cut into law in December. Starting this month, just 4.2 percent--instead of the typical 6.2 percent--will be withheld from your paycheck for Social Security. That means you'll get to keep the extra 2 percent--or about $1,000 for a person earning $50,000 a year ($2,000 if you also have a spouse who brings home 50K). But because the money will be divided throughout the year among your paychecks, chances are most people won't even notice the increase--and therefore won't spend it wisely, say Atlanta bankruptcy attorneys.

Continue reading "Increase the Impact of Your Tax Cut By Paying Down Debt" »

If you've got some time off after Christmas, you probably want to kick back and relax, not work. But there's a reason you might want to spend your downtime doing a little post-holiday housekeeping, say Atlanta bankruptcy attorneys.

By clearing out stuff that you don't need and donating it to charity before January 1, you can save money on your taxes - and if you're really lucky, increase your tax refund.

Continue reading "Donating Unused Goods Can Help Atlanta Taxpayers Save Money Next Year" »

How can you help others when you can barely help yourself? It's a question on the minds of many Americans as we pass the Salvation Army red kettle and toss the requests for donations that pile up in the mailbox this holiday season.

But there are ways to give to charity even when times are tough, say Atlanta bankruptcy attorneys. Just ask the nearly two-thirds of Americans who plan to donate before the year is out, despite tough economic times that make paying the mortgage and credit card bills extra difficult. Even though more than 80 percent in a recent survey said they have the same amount or less money than last year, more than 70 percent say they will give the same or more as last year. So how do they do it?

Continue reading "Atlanta Residents Still Find Time and Money to Donate to Charity Despite Downturn" »

What would you do with an extra $1,000 or more a year? You might be about to find out.

Part of the tax plan between President Obama and Congressional Republicans includes a 2 percent cut in Social Security payroll taxes. So if you're making $60,000 annually, for instance, you'll get to keep an additional $1,200 of your income each year. In the great scheme of things, it might seem like a fairly insignificant amount - but it depends on how you use it, say Atlanta bankruptcy attorneys.

Continue reading "Tax Cut Agreement Could Help Atlanta Workers Lower Debt" »

A new washing machine is the really expensive equivalent of getting a pair of socks or underwear for Christmas. It's not fun per se, but it's useful - especially if you can buy said washing machine before Dec. 31.

For the past 24 months, shoppers have been able to get back 30 percent - or up to $1,500 - of the money spent on energy-efficient products like dishwashers, windows, refrigerators and more. It's been an easy way for short-on-cash Americans to upgrade to modern and more environmentally-friendly appliances, say Atlanta bankruptcy attorneys. But it's about to disappear. To get the discount, homeowners must have eligible products installed and ready to go by the last day of 2010.

Continue reading "Atlanta Shoppers Take Advantage of Expiring Credit for New Appliances" »

You thought pumpkin pie was tasty - how about a slice of a $164 million pie the IRS is hoping to serve up this season?

No, it's not a scam, say Atlanta bankruptcy attorneys. It's just the government's effort to get late tax refunds to the more than 100,000 Americans that haven't yet received money due to incorrect mailing addresses. If you're looking for help paying the bills and lowering debt - and you haven't yet received your refund - this could be your early Christmas present.

Continue reading "Why Atlanta Taxpayers Might Still Be Eligible For a Late Tax Refund" »

For some debt-riddled homeowners, the only way to make owning a home affordable is being able to take the mortgage interest deduction. But now it looks like Uncle Sam could revoke that tax break and similar deductions to pay for his own debts.

With the government deficit growing, President Obama has appointed a commission aimed at finding ways to balance the federal budget by 2015, according to MSNBC.com. And one way the commission could cut costs is by eliminating up to $1 trillion in tax breaks - including the popular mortgage interest deduction and child tax credit. That could mean a higher income tax bill for the majority of Americans, say Atlanta bankruptcy attorneys.

Continue reading "Growing Government Deficit Could Mean Higher Tax Bill for Atlanta Consumers" »

What's the scariest thing about the month of October? If you're a homeowner, it isn't Halloween - it's (gulp) your property tax bill.

But there might be a silver lining - property tax season is the one time when having the worth of your home decrease is a good thing. According to the National Taxpayers Union, up to 60 percent of homeowners could be overcharged because their home isn't valued correctly. With most of us struggling to just pay the mortgage, let alone a too-high tax bill, it's time to take action, say Atlanta bankruptcy attorneys.

Continue reading "There's More Than One Way for Atlanta Homeowners to Lower Property Tax Bill" »

It might be the new Halloween mantra: IRAs, 401ks and HSAs, oh my!

As if dealing with debt and house payments weren't enough, Americans must also consider ways to invest for the future - including Health Savings Accounts, a new type of investment that can cover medical expenses as well as retirement. And though HSAs can be a little confusing, they have the ability to make your life - and finances - easier, say Atlanta bankruptcy attorneys.

Continue reading "Why Atlanta Insurance Customers Shouldn't Be Intimidated by Health Savings Accounts" »

Ah, the Bush tax cuts - can't live with them, can't live without them.

On the one hand, Uncle Sam needs money from somewhere - and allowing the tax cuts to expire next year is one way to ease debt (some of which was arguably caused by the Bush tax cuts). On the other hand, if Democrats and Republicans can't decide on how to handle the expiring taxes, we'll be paying more - wealthy or not - say Atlanta bankruptcy attorneys. And paying a higher tax bill won't exactly be a piece of cake for the many Americans struggling to make ends meet and pay off debt.

Continue reading "How Atlanta Taxpayers Could Be Affected By Higher Income Taxes" »

You wouldn't run the Atlanta Marathon without training first, right? Then why would you buy a house - probably the biggest purchase you'll make in your entire life - without getting your finances in shape?

Yet that's what thousands of Americans could be doing as they rush to sign the paperwork on their first home by April 30, the last day to qualify for an $8,000 first-time homebuyer tax credit - or $6,500, if you're an existing homeowner who's lived in your previous residence for at least five years.

But there's no need to feel bad if you didn't make the deadline, say Atlanta bankruptcy attorneys. In fact, taking the time to ensure you're financially prepared will make it easier to buy - and retain - a home than any cushy tax write-off.

Continue reading "Lowering Debt Can Help Atlanta House Shoppers More Than Homebuyer Tax Credit " »