Collection Letters On February 29, Collection letters are documents issued by collection agencies in order to extract unpaid debts from faulty debtors.
The Super Tax Genius Tax guides, tax advice, and tax news If you had canceled debt, you will find useful advice here. All of this written by the author of Everyday Taxes - the best tax book nobody buys ; Tuesday, October 1, Cancelled Debt and Insolvency If you like the blog, buy my book: This is available only to book buyers.
The book is a must for everyone, regardless of how they do their taxes. So you got a C, or were informed by someone you owe money to that they're canceling some of your debt. Maybe you were foreclosed on, had your car repossessed, or negotiated a settlement to pay a credit card less than what you owe.
If you haven't gotten a C yet, you will. Now is the time to get prepared. I wrote an earlier post on cancellation of debt in general, which you should read before continuing: Okay, so now let's talk about how to find out if you're insolvent. First look at the C, box 1 and note the date.
If you don't have the C, use the date the debt was forgiven you can call the lender to figure this out. You will use this date and figure out, as of that date, how much your assets were, and how much your liabilities were. Your assets are everything you own, your liabilities are everything you owe.
We'll start with liabilities first. Start with the debt that was canceled, the debt they canceled counts as a liability, so that's your first number.
Go to your credit cards, mortgages, car loans and any other money that you owe. Print out the first statement after the date in question. Now review the statement and determine what you owed as of our date.
You can do this by highlighting the beginning balance and any charges or payments up to our date. Add the balance and charges, subtract any payments, and write this number on the statement. Repeat for all of your debts, and then add them up to get a total amount of liabilities.
SAVE each of the statements! The IRS can ask you to prove how insolvent you were. Start with your bank accounts, brokerage statements, investments etc.
Print out each statement and highlight the value on the date in question. For checking accounts, they usually keep a running total.
For brokerages, they may only give you a monthly balance. If you can, go online and get the actual balance on our date.
Print the screen with this balance and keep it with the statement for that account. If you can't get an exact amount, use the balance closest to our date.
Now it gets harder. For any vehicles you have, go to kbb. You can use some judgment to get the best value lower is better but be reasonable.
It's also not a bad idea to take a picture of the odometer reading. Print the value you choose and highlight the value and attach it to any pictures you took. Now you have to value everything else you own. Big, valuable items, take pictures and try to get a value off the internet - print any pages with values you use.
For your general household, pictures and video can be useful to prove you don't have fancy, expensive furniture. Talk to a few people who know about values and try to get a good estimate.
I wouldn't do an appraisal unless you're really unsure, just make sure your values aren't ridiculous. For your house or houses get a real estate agent to run comps and give you a written value estimate for them.The following are four business proposal letter samples.
The first one is unsolicited and the next two are solicited proposal letters. The last letter is from a reader asking me to check the letter.
Oct 01, · If you like the blog, buy my book: Everyday Taxes both the kindle and print versions have detailed information on this topic, and links to an excel spreadsheet version of the INSOLVENCY WORKSHEET.
This is available only to book buyers. The book is a must for everyone, regardless of how they do their taxes. Collection letters are documents issued by collection agencies in order to extract unpaid debts from faulty debtors.
They can also be issued by banks and credit card companies in order to send a warning to defaulters and to apprise them of the stern steps that the institution shall be forced to take in case of further non-payment and delay.
When you are trying to come up with a spring lawn care marketing letter, a member of the Gopher Lawn Care Business Forum made some great points on topics you should cover. He suggested in your you should. send letters to last year clients, with letterhead.
The MABS Self Help Tool will allow you to assess your debts, make out a budget and show you how to take the first steps in dealing with your creditors. A well-crafted Business Proposal can help you gain new business and investor confidence.
Using our Business Proposal template, you can quickly make a professional Business Proposal Letter that can help your company gain market share and increase revenue.