It’s tax season, and most people don’t know that you may be able to eliminate past-due income taxes through bankruptcy.
Many believe tax debt is untouchable—but that’s not necessarily true. If your income taxes for 2021 or earlier meet certain conditions, they may be completely discharged in bankruptcy.
Can Your Tax Debt Be Erased?
Here are the basic rules for discharging income taxes in bankruptcy:
- The tax debt is for a return due at least three years ago (for example, 2021 taxes become eligible after April 15, 2024).
- You filed the tax return yourself (or through a tax preparer).
- The return was filed more than two years ago.
- Any IRS tax assessment was made at least 240 days ago.
- No “tolling” events delayed the discharge period (such as written agreements with the IRS).
Find Out If You Qualify
You can check your IRS transcripts to see if your tax debt meets these conditions. Visit the IRS website to request your transcript: Get Transcript
We Can Help
Understanding these rules can be complicated. At Robert J. Adams & Associates, we help people find real financial relief—including discharging eligible tax debts.
Call us now at 312-804-1944 for a free consultation or reply to this email to schedule a time to talk.
Let’s see if we can help you eliminate your tax debt and get a fresh start.
Sincerely,
Robert J. Adams – 312-804-1944
Tina Adams – 847-912-3657