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Charles Alexander Naegele

Charles Naegele’s Legal Guides

11 total


  • How Filing for Bankruptcy can Save Your House

    Help! My Loan Modification did not go through and Im in Foreclosure, what can I do next? Many people are facing an unprecedented wave where theyve fallen behind on mortgage payments, their loan modification is not going through, and their house is under water with no equity in it...

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  • Report of Foreign Bank and Financial Accounts (FBARs)

    Did you know you have to report foreign bank accounts with an excess of $10,000 USD in them? That is exactly what the IRS is requiring you to do. Starting a few years ago, the IRS began to crack down on hiding money in foreign countries, most notably Switzerland, without paying t...

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  • What to expect in a Loan Modification

    This guide covers the basic loan modification process and what to expect during the process. Falling Behind on Payments The typical loan modification case starts where you are having trouble making your monthly payments on your home. This can be due to a change in employment stat...

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  • What is Cancellation of Debt Income?

    Normally, when a creditor cancels your debt, as in the foregiveness of a mortgage if your house is underwater, you must pay tax on the difference between the loan amount and the fair market value of the house. This is referred to a "cancellation of debt" income (COD Income) and y...

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  • Exceptions to Cancellation of Debt Income

    When a bank or other finanical institution sends you a 1099-C, normally you have to report this amount on your tax return as income. However, there are many exceptions to this, outlined below. Exceptions vs. Exclusions Exceptions generally allow you to not include the amount at ...

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  • An Overview of the IRS Process

    This guide gives you an overview of the different stages of IRS controversy and what you can do in each stage to maximize your likelyhood of success with your case. The Audit The Audit is the initial stage where an IRS Revenue Agent contacts you to discuss your financials. Audits...

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  • Why Being a Disregarded Entity can simplify your Taxes

    If you are a single member LLC or single member S Corporation, you are what's called a "Disregarded Entity" under the tax law. This basically means that the IRS does not see your S Corporation or LLC as a separate entity for tax purposes, despite the fact that entity still provid...

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  • How to Apply for an EIN

    Most businesses require an EIN to do business and identify themselves to the IRS on all tax documents. This guide explains how to apply for one, and details the individual steps in doing so.

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  • How to form an S corporation

    This guide walks you through the process of forming an S Corporation, from incorporation to the S election form.

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  • How to Start Your Business: Corporation or LLC

    Find the Secretary of State in your State Each state has a different corporation so you must first pick which state you want to form a corporation in. Usually, it will be the state you live in unles

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