Tax Reminder As 2015 Comes To An End

Tax Reminder As 2015 Comes To An End

November 3, 2022

If you or anyone you know is contemplating bankruptcy, December 31st  is an important date. If your bankruptcy case is filed before the year  ends, you can keep your income tax refund. Once the year is over,  however, the IRS or the student loan collector are allowed to take the  refund to apply it to the various governmental debts. Refunds are often  thousands of dollars that could be taken if you don’t act before 2015  comes to an end.

April 15, 2016 is  another important date. Once that day passes, taxes owed for 2012 become  dischargeable in bankruptcy cases. The most recent 3 years of income  taxes do not get discharged. Once 3 years have passed since the time the  tax came due, that tax year becomes subject to discharge assuming other  criteria are met. So, 2012 taxes first came due April 15, 2013. 3 years  after that then makes that year dischargeable.

These  tax pointers should help as you decide whether you need to file a case.  If you are considering dealing with personal income tax debts through a  Bankruptcy please call us. We are here to help and our consultation is  Complimentary.

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