Is Canceled Debt Taxable?

Is Canceled Debt Taxable?

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the Internal Revenue Service and must be included as income on your tax return.  Examples include a debt for which you are personally liable such as mortgage debt, credit card...
Tax Changes for 2017: A Check List

Tax Changes for 2017: A Check List

Welcome, 2017! As the New Year rolls around, you can bet your bottom dollar that there will be changes to current tax laws… and 2017 is no different.  From health savings accounts to tax rate schedules and standard deductions, American Tax Company has compiled a...
Help! I Received a Letter from the IRS…

Help! I Received a Letter from the IRS…

Help! I received a letter from the IRS Each year the Internal Revenue Service mails millions of notices.  The topics of the letter varies from person to person, all based on your individual tax needs and requirements.  While the content will be different from another...