Common New York Tax Incentives

by Diana Revzin on December 15, 2014

A legislature, be it city, state or federal, has many options at its disposal to improve the local economy. This can include a significant amount of modification to the tax laws, to allow more money to remain in the pockets of consumers to be spent. One of the more common methods used by several locales […]

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Tax Breaks For New Yorkers and Their Potential Issues

by Diana Revzin on December 11, 2014

In the United States, the term “tax break” is often used pejoratively, as if to imply the inherent unfairness of any regulation that does not tax everyone in exactly the same manner. However, there are valid policy reasons that cause different people to be taxed accordingly. Still, due to the stigma associated with passing ‘tax […]

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When someone files bankruptcy, they receive their discharge and most often, they believe that to be the end of it, aside from having to rebuild their credit rating. However, they can receive a nasty surprise at tax time, in the form of a 1099-C. When a debt is forgiven or cancelled, this results in what […]

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Small Business Bankruptcy for Sole Proprietors

by Diana Revzin on December 9, 2014

When you are a small business owner, everything you do is intricately tied to your personal life, even if that is not your intention. If you need to file for bankruptcy due to the failure of your business, it will be no different. What many people fail to realize that if their business is a […]

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Rent-Controlled Apartments in Bankruptcy

by Diana Revzin on December 8, 2014

Property values in New York City are exorbitant compared to the rest of the state. Very often, a rent-stabilized or rent-controlled apartment is the only way that people in certain income brackets can live in the city proper. As such, the concept of rent control is something that matters to quite a lot of people. […]

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Late Filed Tax Returns: Are They Dischargeable?

by Diana Revzin on December 7, 2014

Filing a tax return late is forever a risky proposition. However, when one is planning to file for bankruptcy, it is even riskier. Most tax debts are not dischargeable in bankruptcy, but there are exceptions. However, if a return is filed late, the dischargeability of the debt on that return may go up in smoke. […]

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How Will Bankruptcy Affect Your Bank Account?

by Diana Revzin on December 4, 2014

When someone decides to file for bankruptcy in New York, one of the first things they wonder about is their bank account. Will they be allowed to keep the funds they have there? Or is the account just another asset that needs to be itemized and liquidated by the bankruptcy trustee? It is a complex […]

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Big Changes in FICO Reporting Mean Relief For Some

by Diana Revzin on November 24, 2014

Every American of a certain age knows what a FICO score is. A FICO score is the measure by which your credit rating is judged, and it can affect every area of your life. However, there may be relief on the horizon for some people. After studies conducted by the Consumer Financial Protection Bureau and […]

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Being Free: Bankruptcy Dockets and Discharges

by Stephen Kass on November 20, 2014

When you have filed for Chapter 7 or Chapter 13 bankruptcy, you always hope to not spend very long in trusteeship. When you receive a discharge, it means that essentially, your life is your own again. There are certain factors in your bankruptcy case that will govern how long it will take you to receive […]

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CNN reports that the average student loan debt in the United States at the end of last year was nearly $30,000. In New York the numbers are almost as bad; the average is just over $25,000.  Between 2008 and 2012, student loan debt rose a shocking six percent per year. Seventy percent of college seniors […]

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