What have they been doing with my payments on mortgage loan? The client has been making a mortgage payment according to the HAMP formula for almost 18 months of her Chapter 13. Yet without a 1098 form, her very capable tax preparer told her she couldn’t deduct mortgage interest on her tax return. Never fear. We have […]
Stop Making Quarterly Tax Payments
Uncle Sam expects a quarterly tax payment from the self employed. Since you don’t get a paycheck with regular tax withholding, the burden’s on you. Lighten the burden. Make this the last quarterly tax payment you pay. Seriously. Don’t make any quarterly payments for this coming year. Think I’m advocating tax resistance? No way. The tax collectors […]
4 Compelling Reasons To File The Tax Return Even If You Can’t Pay
Should you file the tax return if you can’t pay the tax? You got to the bottom of your tax return and the amount you owe is bigger than your checkbook balance. Nope. It doesn’t work that way. The IRS does not start harassing nonpayers for money immediately after a return is filed. Or even […]
Planning For Bankruptcy: Keep Your Tax Refund
Getting a tax refund check from the government is usually a great thing. Or at least, if you ignore that the government is returning YOUR money as a tax refund. You’ve struggled without the money for a year while Uncle Sam used it without interest. But if you’ve filed bankruptcy during the tax year, the […]
Skip Bankruptcy’s Means Test
The couple was despondent when another bankruptcy attorney told them that, despite $100,000 in old taxes, they couldn’t file Chapter 7. This fine fellow told them that the means test showed they had $3000 of disposable income per month. A Chapter 7 would be an abuse of bankruptcy under the law. Only Chapter 13 was […]
Pay No Tax On Debt Discharged In Bankruptcy
Debt discharged in bankruptcy is tax free, even if you get a 1099 claiming otherwise. It’s unnerving when you get a 1099 after you thought the debt, and all its complications, were gone. But for bankruptcy clients, the answer is simple: Debt discharged in bankruptcy is not taxable. Tax on cancelled debt The tax code […]
Take Credit For The Tax Deductions That Hide In Chapter 13
It’s tax time: don’t overlook tax deductions in Chapter 13 bankruptcy case. Tax deductions lurk in the most unlikely places. If your Chapter 13 plan is catching up home loan arrears, there’s a deduction hiding in the trustee’s disbursement records. Most likely, the lender’s filed proof of claim in the bankruptcy case is full of […]
Your Tax Refund Is Exposed In Bankruptcy, Unless…
The prospect of a tax refund makes most of us light up even when we haven’t even calculated what the refund might be. But if you’re thinking of filing bankruptcy before you actually see Uncle Sam’s check, take a minute to plan. Your right to that refund is property of your bankruptcy estate even if […]
Time Runs Out For Claiming A Tax Refund
Did you know there’s a deadline for claiming a tax refund. If you are entitled to a tax refund for an old tax year but haven’t filed the return yet, time’s running out. If you are more than three years late in filing your tax return, you forfeit any tax refund that you would otherwise […]
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