With these 5 steps, you can discharge (legally and permanently write off) more of the income taxes you now owe. Your Goal Use the bankruptcy rules to take appropriate action before you file bankruptcy. Then when you do file you can discharge more taxes, which otherwise you would have had to ... Read More »
Including Current-Year Income Taxes in Your Chapter 13 Case
If you expect to owe taxes for 2015, either wait until after the end of the year or do a partial-year tax return now and file Chapter 13. The Concern If you owe income taxes for last year—2015—you may again owe for 2016. You may again have not been able afford to have enough taxes ... Read More »
Close Your Business While Resolving Your Tax Debts though Bankruptcy
If you’ve struggled to keep a business open but have now decided to close it, and you owe taxes, here’s how to deal with them. The Two Bankruptcy Options Let’s assume that you have closed or are about to close a business because it was just not succeeding financially. As ... Read More »
Continue Operating Your Business by Gaining Control over Tax Debts
If you own a small business and are way behind on taxes to the IRS/state, Chapter 13 protects you and your business. Have a Sole Proprietorship? Do you operate your own small business and are seriously behind on income and/or withholding taxes? Is your business in your own name or operated ... Read More »
The “Automatic Stay” Stops the IRS
The IRS is just another creditor when it comes to stopping its collection action by filing bankruptcy. There ARE some sensible exceptions. The “Automatic Stay” When you file a bankruptcy case, doing so triggers one of the most powerful tools of bankruptcy—the ... Read More »
Chapter 13 Advantages for Resolving Income Tax Debts
If Chapter 7 doesn’t discharge your income taxes or let you pay or settle them reasonably, Chapter 13 is often easier, cheaper, and safer. The Chapter 7 Options The last few blog posts have covered the following ways of dealing with income tax debts with a Chapter 7 “straight ... Read More »
Your Income Tax Debt Paid through an “Asset Chapter 7 Case”
Have your Chapter 7 trustee pay your income taxes out of the proceeds of sale of assets that you don’t need. Here’s an unusual way of paying your income tax debt. The circumstances don’t line up very often, but when they do this procedure can work very nicely. Turning Lemons ... Read More »
Chapter 7 Helps with Income Tax Debt Even Without Writing off Any of It
Are your income taxes are too new to be written off with a Chapter 7 bankruptcy? Nevertheless sometimes Chapter 7 is still your best option. The last blog post was about the conditions an income tax debt must meet to be discharged (legally written-off). What if none of the income taxes you ... Read More »
Writing Off Income Taxes through Chapter 7
If your tax debt can meet 4 conditions, you can usually write it off with bankruptcy forever. Two Myths Two myths about bankruptcy and taxes persist because there’s a bit of truth behind them. First myth: You can’t discharge (legally write off) income taxes in ... Read More »
What Happens to Income Taxes in Bankruptcy
The two rather unpleasant-sounding topics—taxes and bankruptcy—can actually turn into a pretty good combination. If you got an extension to file 2016 tax returns, it’s now only three weeks until the extended October 17 deadline. So it’s a good time to look at the many ... Read More »
- 1
- 2
- 3
- …
- 8
- Next Page »
