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Get debt help to avoid IRS wage garnishment

Don’t expect the government to let you get away with not paying your tax bill. As many high-profile cases involving celebrities such as Wesley Snipes and Al Pacino and have shown, the Internal Revenue Service (IRS) expects to get paid no matter what your sob story may be. If you don’t set up some type of payment plan with Uncle Sam, don’t be surprised if the situation escalates into an IRS wage garnishment.

What is wage garnishment?

The government can legally deduct a portion of your wages–up to 25 percent–to pay back what you owe. A wage garnishment usually results after repeated warnings and letters about unpaid tax debt. The IRS would rather work with you to set up some other type of agreement for paying your tax bill, so do whatever you can to avoid having a levy placed on your paychecks.

The biggest problem with wage garnishment is that you are likely to struggle even more to pay household bills and other expenses. If you ar

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Medicaid Eligibility

Medicaid supplies medical assistances for specific types of low-income individuals. Medicaid pays medical bills with funds from federal, state, and local taxes. Patients with Medicaid may sometimes be responsible for making a small co-payment for services, but they don’t often have to pay anything for services.

Medicaid assistance is sometimes confused with Medicare, but the two are different programs. Medicare is a type of health insurance for individuals over 65 and those under 65 with certain disabilities. The eligibility requirements for Medicaid and Medicare vary.

Having a low income is not the only requirement for receiving Medicaid assistance. There are a lot of people who are poor, with incomes below the poverty level, who do not meet Medicaid requirements because they do not fit within the designated eligibility groups.

Generally these groups of people can receive Medicaid assistance: Pregnant women and children under 6 with family income at or below 133% of the federal poverty level. Read full article…

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Setting up a private family foundation

Setting up a private family foundation is not just for millionaires. It can be a great way to legally circumvent hefty estate taxes while contributing towards worthy causes. Depending on the amount of assets within your estate plan, it may be beneficial to consider the merits of setting up a private family foundation as part of your estate plan.

Private foundations offer many benefits including tax breaks, as well as the ability to control your gifts and share the causes you value with future generations. They allow you the flexibility of determining where your charity funds will be distributed as well as which causes you are choosing to focus on. The contributions needed to maintain a private foundation are not excessive and can one can be established with a minimum of $25,000 a year. These contributions can be sourced from outside donations, charitable gifts and endowments.

The funds deposited into a private foundation can be tax deductible by up to 30% of the donor’s adjusted gross income. I

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Bankruptcy: What You Need to Know

Filing personal bankruptcy is becoming more common, especially in this tough economy. Some of the stigma associated with bankruptcy has disappeared over time. People use it to wipe out debts, stave off foreclosure or just start over. Still, while it’s nothing to be ashamed of if you feel it’s your best option, you need to be aware of the ramifications of filing. It affects your credit report for 7-10 years and can negatively impact interest rates on credit cards and loans and even insurance premiums. Bankruptcy can negatively influence prospective employers. It also usually won’t eliminate child support, most student loans or taxes owed.

Bankruptcy is a Serious Undertaking

Something this important to your financial future should not be taken lightly, and one of the biggest players in this undertaking will be your bankruptcy attorney. According to the US Trustee Program, which supervises bankruptcy cases, bankruptcy mills are a growing problem. All b

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Pinnacle Financial Collections for Pascack Valley Hospital Debts- Don’t Just Pay Up!

Debt collectors from Pinnacle Financial Group have been contacting former patients about alleged hospital bills/debt from the former Pascack Valley Hospital, which is now out of business. Consumers should be aware that in some instances Pinnacle Financial may be calling about a debt that is incorrect, invalid or outside of the statute of limitations.

If you have received a letter or call from Pinnacle regarding a Pascack Valley Hospital debt that you allegedly owe, you must contact them in writing within 30 days of receipt of the letter or it will be assumed the debt is valid. Any communication to a debt collector should be sent certified mail so you can confirm that you did indeed send the response and that it was received by Pinnacle. If the debt is over 6 years old, it could be outside of the New Jersey Debt Collection Statute of Limitations, that information should be included in your letter as well.

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