Tag: personal income taxes

Fresh Start Program

Key Facts About the Fresh Start Program

Here at MCC, we provide a range of useful tax and business law services for our clients. Our clients have a diverse set of needs and we take price in delivering results for those needs. But, as with all firms, we tend to concentrate our practice in certain areas more than others. One of our main […]

IRS wage garnishment

IRS Wage Garnishment & You

Back in December, we discussed garnishments in our blog. As you may recall, garnishments are legal orders which allow a creditor to forcibly seize assets from a debtor. Or, in legal terminology, they allow a plaintiff to forcibly seize assets from a defendant. In the vast majority of cases, garnishments involve seizing wages directly from […]

Tax Debt Relief

Is IRS Tax Debt Relief Even Possible?

We’ve all seen the TV commercials: “If you owe Uncle Same more than $10,000, we can settle your debt for pennies on the dollar.” Me? I’m personally amazed at how those folks can make those statements when they know absolutely nothing about me or my finances. Zero, in fact. Sounds too good to be true. […]

AGI

AGI and Allowable Deductions

When we use the terms “above-the-line” and “below-the-line,” what does the “line” refer to? The answer is simple: the line is the demarcation between your adjusted gross income and taxable income. Your adjusted gross income (or AGI) is your gross income less any adjustments (or deductions) you claim. Your AGI is the figure you use […]

Tax Debt Relief

IRS Tax Relief Is Possible For You

Tax debt can occur for any number of reasons. Certain types of workers, for instance, are more likely to slip into tax debt than others. Those who work as independent contractors are a good example. That’s because they commonly calculate their tax liability incorrectly and so fall into tax debt. Independent contractors are those who […]

Basis Adjustment

How Basis Adjustment Works

Cost basis (or tax basis) is a foundational concept in taxation. The reason behind this is very simple. Basis affects a taxpayer’s gain and therefore affects a person’s overall tax burden. The main purpose of cost basis is fairly easy to understand. Cost basis is basically a reflection of a person’s investment in a given […]

Form 1099

Form 1099 Basics

Form 1099 is one of the most common forms in our tax and accounting systems, both of which focus on keeping track of money. In fact, all of the forms, schedules, rules and other aspects of accounting and tax further this goal. If a taxpayer doesn’t file the correct tax form, then the IRS won’t […]

Best Tax Attorney

New York Tax Attorney

Just as there are certain cases more commonly encountered than others, certain traits are more valuable among tax attorneys than others. To be a successful tax attorney, a person needs a solid educational foundation, good mentors, and adequate practical training. But really successful tax attorneys need a few more things. Because of the stakes involved, […]

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