As tax season approaches, tax pros need a basic understanding of bankruptcy to serve clients well. Tax preparers stand a good chance of encountering clients who either have filed bankruptcy, or who may benefit from a bankruptcy filing. Here’s my list of bankruptcy nuggets that a good tax professional should have at hand. 1. Debts […]
Discharge Taxes in Bankruptcy: Move Beyond the Myth
Myths about discharging taxes in bankruptcy are as common as myths about fire-breathing dragons. Central to the bankruptcy tax myth is the claim that taxes can’t be discharged in bankruptcy. Not so. Bankruptcy can wipe out many kinds of taxes. And that discharge can restore order to a family’s economy. Which ones are dischargeable? Let’s see. […]
Got Tax Trouble? Don’t File Bankruptcy In December
Bankruptcy can provide tax relief, if your timing is right. Tax troubles are at the heart of so many bankruptcy filings. It makes sense: bankruptcy is a powerful and predictable tool to get out of tax debt. But filing bankruptcy before the end of the year may fix only a part of your tax problems. […]
Deal With Your Taxes After Bankruptcy
When you’ve still got taxes after bankruptcy, things can get complicated. That’s because some taxes got discharged in bankruptcy, while others may live on. The taxes that live on get an extension on their life span. And liens after Chapter 7 just keep on chugging. So let’s make sense of taxes after bankruptcy. Which taxes […]
How to fight back against EDD’s Form 1099G
By William Purdy Got an EDD tax form 1099G but no benefits? At this moment, POTENTIALLY hundreds of thousands of California taxpayers are enjoying the ghastly experience of receiving a Form 1099G courtesy of the California EDD for unemployment benefits the taxpayer never received. ABC News reported the EDD has admitted to paying as much […]
When Is Individual Business Owner Liable for California Sales Tax
Even when corporate retailers collect California sales taxes from customers, the individuals running the entity face liability for that debt. That’s because, , if the business doesn’t pay, state law allows collection from the business owners themselves The rules are complicated and the results can be harsh if the business falls behind. So business people […]
Find The Hidden Mortgage Interest Tax Deduction In Bankruptcy
Is your Chapter 13 plan paying back mortgage payments that were delinquent when you filed bankruptcy? If so, a mortgage interest tax deduction lurks, unclaimed, in the trustee’s records. Track down that tax deduction, add it to your tax return, and you reduce your federal income tax burden. But it’s difficult because, for reasons I […]
Tax Deductions Hidden In Chapter 13
Don’t miss the tax deductions hiding in your Chapter 13 bankruptcy. The same, very important debts that your Chapter 13 plan pays are often tax deductible. And you are still the person who’s paying, even if the trustee writes the check. Don’t miss out on those deductions. Tax deductions in bankruptcy Let’s look at some […]
Bankruptcy Busts Taxes If The Timing Is Right
Got unpaid taxes for 2019? Three tax discharge timing rules control when those taxes can be wiped out in bankruptcy. On April 15, 2023 those taxes reached the end of the line as priority claims in bankruptcy. Or, the magic date may be October 15, 2023, if you got an extension to file the return. […]
Cut Tax Penalties In Bankruptcy
Get in tax trouble and the tax penalties often grow huge. What starts as a manageable problem can soon tower over you. Breathe deep; there is a solution. Chapter 13 bankruptcy can cut tax penalties down to size. All tax penalties discharged in 13 Old or new, large or small, Chapter 13 discharges all unsecured […]
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