Academy Award-winning actor and director Forest Whitaker is famous for his impassioned portrayal of such varied characters as ruthless dictators and obedient soldiers. He now has another – much more dubious – claim to fame: a high-profile tax collection...
Month: February 2018
The tax implications of flipping houses
Flipping houses may be an attractive way to make money. Taking a distressed house, making repairs and putting it back on the market seems easy enough, especially when you have a penchant for craftsmanship or a good relationship with a contractor. Nevertheless, as much...
Can cancelled debt become taxable income?
When a lender decides to cancel a debt (most likely because it is deemed uncollectable) it usually is a benefit to the consumer despite the negative effect on his or her credit rating. Nevertheless, the cancellation of a debt could have important tax...
Will the “Millionaire Tax” reach voters?
It's called the Fair Share Amendment, and it was certified to go before voters in November. But the constitutional amendment which would impose a 4% surtax on incomes over $1 million has to pass the Massachusetts Supreme Court first.The issue at hand isn't whether...