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 […]
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Income Tax IRS Tax Day Taxes Uncategorized
Filing for Chapter 7 or Chapter 13 bankruptcy can feel overwhelming, but you’re not alone. At Robert J. Adams & Associates, we’re here to help guide you through this challenging time and get you back on track to financial stability. Below is a helpful guide to what you’ll need when preparing for bankruptcy, designed to
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Bankruptcy Debt Taxes
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
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IRS Tax Day Taxes Video
The IRS requires creditors to issue a 1099-C form to individuals who have had their debts forgiven or settled for less than the amount owed. It applies to debts in excess of $600. www.irs.gov I don’t owe the money but now the IRS is sending me a huge tax bill!! What’s going on and what can
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1099-C Taxes Video
There are possible tax deductions in your Chapter 13 The most common: GO BACK TO PRIOR TAX YEARS Tax returns are generally amendable for 3 years. Disclaimer: Robert J Adams & Associates concentrate our practice in bankruptcy law. We are neither accountants nor income tax experts. Defer to your income tax professional. If you or a
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Chapter 13 Taxes VideoELIMINATING TAX DEBT IN BANKRUPTCY The following set out the rules to discharge an IRS debt in Bankruptcy: You can get your IRS transcripts by going to Get Transcript FAQs When I explain the above mentioned rules to clients they look at me glassy eyed. I don’t blame them. The rules are legalistic and confusing. For
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IRS Taxes VideoCan Personal Income tax be discharged in Bankruptcy: Chapter 7 or Chapter 13? The answer is “Yes” based on certain rules: CHAPER 13 The same rules apply to both Chapter 7 and Chapter 13. If you file Chapter 13 the IRS debts that can be discharged receive a dividend like other unsecured debts. The dividend
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IRS Taxes Video
IRS debts can often be discharged in a Chapter 7. IRS debts in a Chapter 13 can often be paid a dividend of less than 100% The following set out the rules to discharge an IRS debt in Bankruptcy When I explain the above-mentioned rules to clients they frequently look at me glassy-eyed. I don’t
Can I Discharge Taxes in Bankruptcy? Read Post »
Bankruptcy Taxes