After A Divorce, Who Gets To Claim The Kids On Their Taxes?

by D'Erra Jackson | Posted in Family Law | Reading Time: 2 minutes

tax bill

Normally, the legal issue of who can claim the children will be something your lawyer will deal with during the divorce.  If you have children of the marriage, your separation agreement or divorce decree will usually address the issue of who gets the kids at tax time. This is something that can be negotiated. You should…

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Is Your Kid’s Online Gaming Currency Taxable?

by Tucker Clagett | Posted in Civil Law & Consumer | Reading Time: < 1 minute

Well it almost was! In some real “news of the weird” from the IRS, they recently removed a piece of guidance from October 2019 that attempted to tax in game currency like Fortnight Vbucks and Roblox’s Robux. If you don’t know what those are, ask a 12 year old. They are online game currency you…

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Do I Need to Write Out 2020?

by Tucker Clagett | Posted in Civil Law & Consumer | Reading Time: 2 minutes

Last month the internet was awash with legal advice to be sure and write out 2020 on all of your checks and legal documents this year. Was all of that internet baloney? Or was this legit legal advice? The idea is that if you only write “20” for the year when you date legal items,…

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Knock! Knock! It’s the IRS!

by Tucker Clagett | Posted in Civil Law & Consumer | Reading Time: 2 minutes

detective

From our friends at Askey, Askey & Associates, CPA’s, we find out that the IRS recently announced they will be sending revenue officers to make unannounced visits to the homes of those with significant ongoing tax compliance issues. What could go wrong! The IRS says this will only happen to those who have failed to…

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Insurance You Need (And Some You Don’t)

by Tucker Clagett | Posted in Civil Law & Consumer | Reading Time: 7 minutes

umbrella icon

Do you really know what insurance you need to cover you? Do you know what level of coverage will properly protect you? What if caused a car accident and the other person sued you? What if another person with no insurance (or too little insurance) caused an accident that injured you? What if your house…

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Alimony is not tax deductible anymore and that may complicate things

by D'Erra Jackson | Posted in Family Law | Reading Time: 4 minutes

check writing

Maryland divorce cases got harder to resolve after the 2017 tax law.  Alimony is now treated completely differently for tax purposes. While the law was passed in 2017 the changes take effect for tax year 2019. Alimony is a complicated subject in a Maryland divorce. Click here to read our post answering all of your…

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Income tax debt? Can bankruptcy help?

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 3 minutes

final notice image

Filing for bankruptcy may help you deal with your tax problems. While it is difficult to discharge tax debt, it is not impossible.  If your tax debt is old enough, bankruptcy can help eliminate or reduce how much you have to pay back on your taxes.  However even when the bankruptcy doesn’t discharge the tax…

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Large Tax Bills Are A Sign You May Need To File Bankruptcy

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 2 minutes

magnet taking money bag

Most people we meet with for a bankruptcy consultation have done anything and everything they possibly could to avoid filing for bankruptcy.(that bankruptcy consult is free, by the way)  Often, “anything and everything” includes increasing their tax allowances and exemptions at work so payroll will start withholding less money from their paycheck. If not done…

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The Mortgage Debt Forgiveness Act Is Back! And Gone?

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 3 minutes

red house with % sign

At the end of 2019 the Mortgage Debt Forgiveness Act was reinstated.  Unfortunately, this has not received any media attention.  From the bankruptcy cases we handle we know there were a lot of short sales and foreclosures in Southern Maryland the last two years.  Therefore, we know it is important to get the word out. …

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The Annual Poinsettia Toss

by Dave Gormley | Posted in What's New With Us | Reading Time: < 1 minute

A Tradition Unlike Any Other (What a great slogan! We should trademark that.) Every year we buy a bunch of poinsettia’s to decorate the lobby for Christmas. And every year in January, we toss the old poinsettia plants into the dumpster from our second floor window! Of course we make a contest out of it!…

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