Income Tax

Income tax is a personal tax levied on all income and wages. Different amounts and types of income are subject to difference kinds of regulations from the IRS. Learn more here about different situations involving income tax from the articles, blog posts, radio shows and videos.

Featured Income Tax Article

Declining Home Value May Spur Short Sale Instead Of Refinance

Added April 24, 2009 by Ilyce R. Glink

What can you do when you owe more on your mortgage than your home is worth? If you owe more than 105 percent of the value of the home you can't refinance under federal programs. If you're really eager to sell your home and move on you may want to try to do a short sale with your mortgage lender. In a short sale, the mortgage lender forgives the balance of the loan that's above the amount you receive for the sale, and at the moment you can do this without paying federal income tax on the difference.

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How Long Does It Take To Recover From Identity Theft?

May 19, 2009

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The average identity theft case takes 26 hours to resolve, but you may be dealing with the effects of identity theft for several years. If someone has used your social security number or other personal information to create a synthetic or false identity, chances are they have used your personal…

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