Houston tax attorney by DoveBankruptcyLaw in 2021? After the lawsuit is filed, the creditor will hire a constable or private process server whose job is to deliver a copy of the lawsuit to you (this process is what is referred to as ‘being served’). The constable or private process server will usually be looking for you at your last known address. Occasionally they will attempt to serve you are your place of employment. If the constable or private process server cannot find you to serve you (for example, if they have an incorrect or outdated address or if you are at work each time they come by), the lawyers may ask the judge for permission to serve you by another method – such as leaving the lawsuit at your house with anyone over the age of 16 or affixing the lawsuit to your door.
How much will I have to offer the IRS for an Offer in Compromise? The IRS has a fairly mechanical formula for determining the amount you must offer. A Houston tax attorney will help you calculate what this number is for you. How long will I have to pay the Offer In Compromise? If the IRS accepts a lump sum offer, you will need to pay 20% when you submit the offer and the balance in 5 (or fewer) monthly payments. If the IRS accepts a monthly payment plan, the first payment must be made when you submit the offer and the rest must be paid in monthly installments in no more than 24 months. As a part of your individualized plan, a Houston tax attorney will explain to you the difference between offering a lump sum OIC and a payment plan OIC. Read additional info on ryan dove tax attorney. 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 think that customer help should be the no 1 priority in any business, but it is also very important 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.
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.
Pick Up Capital Gains if You’re in a Low Tax Bracket: The end of the year is also a good time for some people to sell stocks that have appreciated significantly in value. This can be a particularly good strategy for those who are in the 10% and 12% tax brackets since their capital gains tax may be zero. The stocks can then be repurchased, which resets the basis and minimizes the amount of tax to be paid on future gains. Even if you’re not in the lowest tax brackets, you may want to sell winning stocks to reset the basis if you’re also harvesting losses. “What you want to do is balance (gains) with stocks that have losses,” Barlin says.
Out-of-pocket charitable contributions: It’s hard to overlook the big charitable gifts you made during the year by check or payroll deduction. But the little things add up, too, and you can write off out-of-pocket costs you incur while doing good deeds. Ingredients for casseroles you regularly prepare for a qualified nonprofit organization’s soup kitchen, for example, or the cost of stamps you buy for your school’s fundraiser count as a charitable contribution. If you drove your car for charity in 2019, remember to deduct 14 cents per mile. Jury pay paid to employer: Some employers continue to pay employees’ full salary while they are doing their civic duty, but ask that they turn over their jury fees to the company. The only problem is that the IRS demands that you report those fees as taxable income. If you give the money to your employer you have a right to deduct the amount so you aren’t taxed on money that simply passes through your hands. Discover extra info at Dove Bankruptcy Law.
The list of property you don’t have to sell or turn over to creditors (exempt property), and the total value that you can exempt, varies by state. Some states let you choose between their exemption list and the federal exemptions. But most Chapter 7 bankruptcy cases are “no asset” cases, meaning all of the person’s property is either exempt or there’s a valid lien against the property. At the end of the process, approximately four to six months from your initial filing, the court will discharge your remaining debts (meaning you don’t need to pay them anymore). However, some types of debts generally aren’t dischargeable through bankruptcy, including child support, alimony, court fees, some tax debts and most student loans.
