Tag: personal income taxes

Illegal Activities Taxable

Is Income from Illegal Activities Taxable?

The U.S. Tax Code is a very curious thing. It contains more words than the Bible, a lot more.  In fact, it has enough rules to make even the sharpest mind a bit puzzled from time to time. When we think of Tax Code violations, we often picture an ambitious employee seeking to maximize a […]

IRS tax debt

4 Tips to Avoid IRS Tax Debt

Falling behind on personal income taxes can happen to anyone, but it’s not inevitable.  With just a little advance planning, taxpayers can reduce the likelihood of falling behind with the the Internal Revenue Service. Obviously, no one wants to end up with IRS tax debt problems, but some people simply end up facing insurmountable problems […]

NYC Tax Returns

A Guide to Filing NYC Tax Returns

The tax system here in the State of New York is a complex, layered system involving various kinds of taxes, forms, credits and exemptions. A survey of this vast system shows that it’s all too easy to become overwhelmed by its complexity. Most New York taxpayers have precious little time to devote to mastering the […]

Debt Consolidation Terms

Common Debt Consolidation Terms

We’ve previously provided concise definitions for various terms related to debt resolution.  We also discussed the basic purpose and mechanics of debt consolidation in the earlier post. In this post we’ll continue in the same vein and discuss several important debt consolidation terms. We’ll develop a glossary of debt consolidation terms.  That way, our readers can increase […]

stock donations, charitable contributions

How to Maximize Deductions Thru Stock Donations

Recently, we discussed a rather clever strategy of using unsecured loans to avoid having substantial gifts be included in one’s estate and, therefore, be subject to gift tax. In the future, we’d like to continue to highlight and discuss similar clever plans.  Each well discuss ways to reduce tax burdens and maximize an individual’s financial condition. Tax […]

cancellation of debt

Is Cancellation of Debt Income?

Tax relief is a major part of our professional practice.  It follows, then, that we should expend some ink going over what constitutes taxable income.  One of the more confusing forms of taxable income is the phantom income known as cancellation of debt or, simply, COD income.   It’s the source of many bewildered telephone calls to this law […]

tax evasion

A Look at Celebrity Tax Evasion

So far, we’ve devoted a couple of blog posts to look at the celebrity financial difficulties. We’ve looked at celebrity bankruptcies and, more generally, looked at celebrity tax troubles.  Here, we’d like to continue this review.  Accordingly, in this post, we’re going to look at a few public figures who’ve gotten themselves into really big […]

OIC tax attorney

How to Hire an OIC Tax Attorney

We’ve covered offers-in-compromise (OICs) before in our blog posts.  That’s for good reason: here at Mackay, Caswell & Callahan, tax relief is a major area of our practice.  OICs can be a very attractive option for resolving back tax debt in certain cases. When someone owes tax debt to the IRS, he or she can submit an OIC.  It […]

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