Our Legal Blog

Results are Uncertain for Credit Report Clean-Up

Consumers with liens or civil judgments without proper identifying records got some relief July 1, when the three major credit bureaus — TransUnion, Experian and Equifax – purged their records of that information if it was incompletely filed or had not been updated in the last 90 days. Newer material that doesn’t meet the updated criteria for information will not be added to the report. What this means is that for those with bad marks on their credit scores, their scores may move higher. Everything not Removed This move from the reporting agencies does not […]

Saving for a Stress-Free Holiday

During the dog days of summer, when the sun hangs in the sky and the air is hot enough to make the paint peel, our thoughts naturally turn to things like floating lazily on a boat in the water, a drink so cold drops of water form on the glass, a breeze at sunset. For most of us, our thoughts don’t go further than sundown, when the air cools and the crickets begin chirping; five months in the future seems an eternity away. But despite our natural inclinations, according to finance experts, now is the […]

Don’t Empty Your Pocketbook This Wedding Season

Wedding ceremonies are deeply rooted in tradition, which comes hand in hand with certain expectations. Whether you have been planning the details of your wedding day since childhood or are new to the party, it’s important to keep a budget in mind. No matter how you envision it, “The Big Day” is just one moment in the rest of your lives together. It’s wise not to start that journey in financial ruins. According to a study done by popular wedding planning site The Knot, a poll of 13,000 brides and grooms revealed that the average […]

Retail Bankruptcies in Kentucky Hurt More than the Store

Retail Bankruptcies Spike in 2017 Retail bankruptcies in the first three months of 2017 have already surpassed the number reached last year, according to magazine The Consumerist. The magazine offers a few possible explanations for the issue. One of the biggest issues is online shopping. According to Fortune Magazine, a recent poll showed that in 2016, for the first time, more people purchased retail goods online (51 percent) than in stores. This year, it’s estimated that more than 190 million people will shop online in the United States in 2017 – more than half the […]

Are Tax Extensions Worth It?

Kentucky Tax Attorney

For various reasons, sometimes it’s simply not possible to complete and file a tax return by the April deadline. Whether it’s because all the information isn’t available, the person filing has questions they aren’t sure how to answer or a myriad of other reasons, sometimes taxpayers find that the April deadline simply isn’t going to make the cut. So what to do? While there are differences in opinion among professionals, the easiest solution, especially for an individual, is simply to file for an extension with Internal Revenue Service (IRS) form 4648. On one side of […]

A New Law Revives an Old Program

Lexington Tax Attorney

As the result of new federal regulations passed by Congress last December, the Internal Revenue Service (IRS) has announced they are bringing back a program discontinued several years ago amidst claims it was ineffective. As a means of collecting overdue taxes, the IRS has contracted four private collection agencies, two in New York, one in California and one in Iowa, to collect federal debts. New Law An IRS statement on their website explains the decision to return to the old program. It explains that the agencies will work on accounts where “taxpayers owe money, but […]

Protecting Your Firearms During Bankruptcy

If you are faced with a bankruptcy in the state of Kentucky, there are a few items that are allowed to be kept during this time. One of these items is firearms. Although guns must be listed as assets in bankruptcy, gun collections are usually exempted under the Wildcard exemption, so you might be able to keep your collection depending on its value. Most people believe they can just transfer their guns to someone else to avoid listing them in the bankruptcy petition, but this is a bad idea. If there have been any transfers […]

Tax Filing Deadline is Fast Approaching

When you see just as many ads for tax preparers as car dealers, you know it must be that time again. One of life’s two certainties, taxes are required contributions levied by the government. Income tax is the single biggest revenue source for the U.S. federal government and was first used to fund the Civil War. Today’s system has its basis in 1913’s Sixteenth Amendment to the Constitution. All but seven states also impose an income tax on salaries, interest, royalties, unemployment compensation, dividends, and more. For perspective, Kentucky’s 2014 tax revenue per capita was $2,516, […]

Little Bundle, Big Bills

Having a baby is an extraordinary and exciting time. The energetic buzz surrounding a new family member can put a person on cloud nine. The snuggles, the giggles, and each precious moment fills your heart with a kind of warmth that’s hard to describe. It’s also very exhausting to have a new baby and it can be a difficult adjustment, especially if you’re already on a tight budget. According to the U.S. Department of Agriculture, a middle income family can expect to pay more than $233,000 over the first 18 years of the child’s life, […]

Bankruptcy and Income Tax Refunds: What You Need to Know

This year, both the Easter Bunny and the Tax Man will make their rounds after the traditional April 15 tax filing deadline. The date can’t be on a weekend, and Emancipation Day is observed in Washington, D.C., on April 17. These circumstances push the cutoff to Tuesday, April 18, giving taxpayers three days more than usual to submit their income taxes. If you have recently filed for bankruptcy or are contemplating it in the near future, you may have questions about how it affects your taxes. Let’s take a brief look. Tax Refunds Post-Bankruptcy Bankruptcy […]