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 […]
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 […]
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 […]
Unfiled Tax Returns Are A Life Sentence
Unfiled tax returns upset all the normal rules about discharging taxes in bankruptcy. This story tells you why. Two clients, each with $200,000 in tax debt, came to my office this week. One can escape it all now; the other is facing several years before bankruptcy will do anything for him. What’s the difference? Filed […]
How To Make Mortgage Lender ‘Fess Up
What have they been doing with my mortgage payments? 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 a new […]
Avoid Paying Taxes On That 1099 Form, Legally
It’s tax time and the mails are full of IRS form 1099. If you managed a short sale of your property; suffered a foreclosure; filed bankruptcy; or settled your debt for less than you owed, you probably got a 1099. But that’s not the end of the tax story. Receipt of the form does not […]
10 Things Tax Professionals Need To Know About Bankruptcy
Tax season approaches. 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. Debts discharged in bankruptcy don’t trigger cancellation of debt income– One of bankruptcy’s compelling features […]
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 […]
Tax Liens Live On After Bankruptcy, Unless….
You mean the tax liens won’t go away when I get a bankruptcy discharge? The client was startled that the lien would live on beyond his bankruptcy. So, if all my debt doesn’t go away, what do I get from the bankruptcy discharge? he asked. I thought the tax debt went away when I filed. […]
Bankruptcy Discharge Slays IRS Form 1099
In a duel between a tax Form 1099 and a bankruptcy discharge, bankruptcy wins every time. The prize? no tax on debt discharged in bankruptcy. So, if you’ve already gotten your discharge, the creditor’s 1099, with your social security number on it, is no threat. But you do need to file another form to secure […]
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