The extending of credit to consumers has always been an effective business tool.  The effectiveness of this tool is demonstrated in that the business is able to sell their merchandise and make a profit, the consumer is able to purchase the product through an affordable process and the nation grows economically.

However, if any parts of this equation are jeopardized there may be adverse effects on all of the components.  For example, if an individual loses their job and therefore their livelihood, they are unable to purchase products or may not be able to live up to the terms of the contract in paying back the money that they have borrowed to purchase a product.That’s why, when this happens all entities linked in this process get affected.

Life In a Box

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This article is in response to a question recently asked by one of my tax clients, Jim, which was, “How does updating our family trust affect our existing assets?” I’m going to start by establishing some basic disclaimers and ground rules regarding my comments below. I am not an attorney, nor do I want to provide legal advice. I work with a number of great attorneys that practice in this area.

The writer of a blog post I located about an Federal tax dilemma seemed to be a woman. She writes:

“I used to owe the IRS about 25,000 dollars, that’s with fees and penalties and with no hope of getting the bill down.”

This gal should think about that we have a absolute right to sustain our lives by our labors and the government can’t tax rights; or our very right to exist. Most citizens don’t know this though, including IRS employees. She continued:

Did the Internal Revenue Service send you a Final Notice of Levy threatening to levy your bank or employer?

One of the worst feelings is when your your work notifies you that they have a Notice of Levy from the IRS instructing them to keep most all of your next paycheck. Equally bad is when your bank notifies you that they have a Notice of Levy from the IRS telling them to deliver the funds in your bank account to them. Actually, if the IRS has complied with the law, a Notice of Levy should never be a surprise. 26 USC § 6330 provides in pertinent part:

If you’ve got credit card debt up to your eyeballs, you need some help. There are many ways to help repair your credit card debt, make it go away or improve, so don’t despair! Read this helpful article before you throw your hands in the air and resign yourself to paying the credit card companies for many years to come. There are ways to improve your situation. Let’s talk of ways to get help in repairing your credit card debt.

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