Tag Archives: washington dc bankruptcy lawyer

This is My First Time Doing Taxes, Help!

Doing your taxes for the first time can seem intimidating. The biggest roadblock that keeps most twenty-somethings and beyond from filling them out for the first time is the amount of unfamiliar tax terms. If it’s your first time doing taxes and you’re scratching your head at a lot of the words, you’re not alone. With that in mind, here’s what you need to know about all the most basic tax vocabulary. Must Know Jargon for Your First Time Doing Taxes Withholding allowances – Each time you get your paycheck, you don’t get the full amount you’ve earned. Your employer withholds some of your earnings to pay the IRS the taxes you owe on your income. When you fill out your W-4 form for an employer, you control how much they subtract from your paycheck based on your withholding allowances. Tax bracket – More money, more taxes. That’s basically what…
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What Are the Possible Benefits of Filing for Chapter 7 Bankruptcy?

Bankruptcy was created to help people navigate financial difficulties by giving them a chance to start from scratch. This start comes with a negative impact to your credit, but this drawback is generally worth it. If you find yourself in the position where you’re considering Chapter 7 bankruptcy, don’t let the possible hit to your credit deter you. There are plenty of benefits of filing for bankruptcy, as well. The Possible Benefits of Bankruptcy An end to phone calls – Being in debt comes with a daily bombardment of calls from creditors. Filing for bankruptcy gives you refuge from these phone calls, because it makes it illegal for creditors to call you with the intent of threatening repossession, foreclosure, or wage garnishment. Pardon for negative account reports – Any credit reports with late payments and high credit balances are typically wiped clean in bankruptcy. Debts go from being reported as…
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Supreme Court Rules That Inherited IRAs Are No Longer Protected From Bankruptcy

Washington DC Bankruptcy Lawyer Weighs In on Inherited IRAs Simply put, an IRA is an Individual Retirement Account, or a retirement plan that provides tax advantages for retirement savings. Each month that a person earns a paycheck, a percentage of their pay is deposited into a separate account. Once there, the funds cannot be withdrawn before retirement without incurring a hefty fine. There are several types of IRA, including the traditional IRA, the Roth IRA, the SEP IRA and the SIMPLE IRA. Each type has different rules as to how it works, but they all share an exemption from bankruptcy status. The reasoning is that when one contributes to an IRA for future use during retirement, those funds must be protected in order to assure sufficient funds to live on after passing the age at which one can work for a living. It is quite common for an IRA to be left to a loved one after…
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