Category: Taxes

Your Path to Financial Freedom: A Friendly Guide to Filing for Bankruptcy

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 […]

Your Path to Financial Freedom: A Friendly Guide to Filing for Bankruptcy Read Post »

robertadamslaw September 25, 2024

Tax Reminder As 2015 Comes To An End

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

Tax Reminder As 2015 Comes To An End Read Post »

IRS Tax Day Taxes Video

robertadamslaw April 12, 2023

1099-C: Tax Consequences of Forgiven or Settled Debts

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

1099-C: Tax Consequences of Forgiven or Settled Debts Read Post »

1099-C Taxes Video

robertadamslaw April 12, 2023

Hidden Tax Deductions in Chapter 13

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

Hidden Tax Deductions in Chapter 13 Read Post »

Chapter 13 Taxes Video

robertadamslaw April 7, 2023

Can I Discharge IRS Taxes In Bankruptcy?

ELIMINATING 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

Can I Discharge IRS Taxes In Bankruptcy? Read Post »

IRS Taxes Video

robertadamslaw April 6, 2023

Discharging Personal Income Tax (IRS) in Bankruptcy

Can 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

robertadamslaw April 6, 2023

Can I Discharge Taxes in Bankruptcy?

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

robertadamslaw April 6, 2023

Your Path to Financial Freedom: A Friendly Guide to Filing for Bankruptcy

Tax Reminder As 2015 Comes To An End

1099-C: Tax Consequences of Forgiven or Settled Debts

Hidden Tax Deductions in Chapter 13

Can I Discharge IRS Taxes In Bankruptcy?

Discharging Personal Income Tax (IRS) in Bankruptcy

Can I Discharge Taxes in Bankruptcy?

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