Premium IRS tax lawyer in Houston, Texas? Once you have been served, that triggers the deadline to file an answer, a written response to the lawsuit that gets filed with the court. If the lawsuit is filed in a justice of the peace court, the answer deadline is calculated by adding ten days to the day you were served and going to the next Monday after those ten days. If the lawsuit was filed in county court or district court, the answer deadline is calculated by adding twenty days to the day you were served and going to the next Monday after those twenty days. Failing to timely file an answer may result in a loss of possible defenses in the lawsuit and/or a judgment being entered against you.
As a bankruptcy lawyer in Houston, I primarily help people and companies file Chapter 7 bankruptcy and Chapter 13 bankruptcy. I also help both individuals and companies resolve other debt issues. I have been practicing as a Chapter 7 lawyer in Houston and as a Chapter 13 lawyer in Houston for over 5 years. I believe that customer help should be the number one priority in any business, but it is especially important in the bankruptcy and debt settlement field. When people are struggling financially they may be stressed, nervous and scared about their situation. The prompt returning of telephone calls and e-mails is important so as to help alleviate anxiety. You can also take comfort in knowing that you will be speaking with an attorney every time you call or come in for an appointment. Dove Law Firm, PLLC is a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code as well as resolve other debt issues.
When you are in a tough financial situation, the IRS may consider your debt to be uncollectable (sometimes called ‘Code 53’ due to the internal computer code the IRS uses). If collecting from you means you may not be able to put food on the table, pay for medical treatment, hold down a job, etc., the IRS may deem the debt uncollectable. The downside is that this is not permanent and interest and penalties continue to accrue. The IRS can periodically evaluate your situation and can move you out of uncollectable status in the future. This is a band-aid approach and should be used only if the situation is right. See even more details on dove law houston.
Moving expense to take first job: Here’s an interesting dichotomy: Job-hunting expenses incurred while looking for your first job are not deductible, but moving expenses to get to that first job are. And you get this write-off even if you don’t itemize. If you moved more than 50 miles, you can deduct 23 cents per mile of the cost of getting yourself and your household goods to the new area, (plus parking fees and tolls) for driving your own vehicle. However, beginning in 2018, moving expenses are no longer deductible for federal taxes unless you are in the military and the move is due to military orders. Some states such as California continue to provide this tax benefit.
One of Chapter 13’s most attractive features is the chance to keep your home as long as you can pay the mortgage under a settlement plan. Under Chapter 13, people have three to five years to resolve their debts while applying all their disposable income to debt reduction. The option allows applicants to eliminate unsecured debts while catching up on missed mortgage payments. Short-circuiting home foreclosure is one of the option’s most attractive features. Though keeping your home can be a major relief, you’re required to spend years living under the supervision of a court-appointed trustee who will collect and distribute your payments.
Harvest Your Capital Losses: If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes. Just be careful not to violate the wash-sale rule, which would disallow the deduction. This rule states you cannot purchase the same or a substantially similar stock within 30 days before or after the sale. “Some people think it’s OK if I do it using two accounts,” Zollars says. They may think they can sell a stock from a taxable account and then immediately purchase similar securities in an IRA. However, this is not allowed. “That’s not the way the rule works,” he says.
A Chapter 13 bankruptcy allows you to keep your stuff and get on a more affordable repayment plan with your creditors. You’ll need to have enough income to afford the payments and be below the maximum total debt limits (currently nearly $400,000 for unsecured debts and $1 million-plus for secured debts). A court will approve the Chapter 13 repayment plan, which usually lasts three to five years, and your trustee will collect your payments and disburse them to your creditors. Once you finish the plan, the remainder of the unsecured debts is discharged.