Good vs. bad tax debt – What is the difference? Ever heard the expression “good debt” or “bad debt”? Chances are you might not understand the difference. Most of us just think of debt, and especially tax debt, as something that is bad for our finances. Still, we often choose to take on debt to expand a business or buy a home. As a New York Tax Attorney, I see businesses financing the operations with unpaid tax debt since a bank will not finance them. In some cases the tax debt is not an option, if you simply cant pay your taxes because other obligations (such as child support) use up the available money so it is not available. So, What is Good and Bad tax debt? Continue reading
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