M & M Accounting & Tax Services
“I’ve used B & B Tax Services for several years and had an overall decent experience, but I want to share something important for others to be aware of.
If you have canceled or forgiven debt (like credit cards or loans), make sure to ask about the insolvency exclusion (Form 982). I recently learned that if your debts were greater than your assets at the time, you may not have to pay taxes on that forgiven amount.
In my case, this option was never discussed, and I later found out I may have overpaid in taxes because of it.
I’m not leaving this review to complain, but to help others ask the right questions and make sure all options are being considered. It’s definitely worth double-checking, especially if you were going through a difficult financial time.”