Free Tax Advice

Most Notable Questions:

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Q: What happens if I file bankruptcy, have debt forgiven on credit cards, or foreclose on my home?

 

A:  You will receive a 1099-C (Cancellation of Debt) form for your bankruptcy or from credit card companies.  You could also receive a 1099-A (Acquisition or Abandonment of Property) Form. 

 

All these forms will record your income as "Ordinary Income," meaning it's taxed the same as "Earned Income."  To eliminate this tax, you must prove that you are insolvent by showing you have more liabilities then assets.  Our company will fill out forms for you.

 

Q:  What do I do if my child lives with me and works, but I am supporting them?

 

A:  Have your child file a tax return and check the box "Claimed as a dependent on another return" .  This way, you will be able to claim them on your own return as well.  

Q:  I was a dependent on my 2019 taxes but I supported myself in 2020, and I didn't received either Stimulus checks.  Can I obtain the Recovery Rebate Credit?

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A:  Yes, you can obtain the recovery rebate credit for either one check or both checks, depending on your situation.  

 

For free tax advice, chat me, or email your question to:  olivieritax@hotmail.com

 

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