Tax filing deadline approaches, so I thought we’d gather up tax tips and little known tax strategies, especially useful if you’ve filed bankruptcy.
If you are paying mortgage interest, state taxes, back support, or business debt through a Chapter 13 plan, those payments made by the trustee may be deductible to you. Just because the trustee cuts the check, doesn’t mean you aren’t the payor.
Proving to the IRS that you are insolvent is one way out of paying taxes on the canceled debt. But watch out, the IRS’s definition of insolvent is different from most.
The IRS provides free, commercial tax prep software for those with an income of $62,000 or less. And they partner with volunteers to provide free help with returns through VITA.
You’ve got challenges when the creditor sends you a dead wrong 1099. The IRS got the same, erroneous info. What to do to avoid the tax consequence of someone’s mistake.
It’s a myth that filing a timely return without a check to pay the tax you owe makes you instantly exposed to collection. Instead, here are four reasons to file the return whether or not you can pay right now.
Stolen identities and stolen tax refunds are just two of the consequences of falling for the fake call from the “IRS”. Here’s what to watch for to stay safe during tax season.
Hiding your bankruptcy discharge from your tax preparer can be an expensive mistake. The bankruptcy discharge trumps (if we can still use the word) the tax on canceled debt.
You can get rid of tax debt in bankruptcy. Walk through the rules that control when a tax is dischargeable without payment. Also, help filing a return when you have no records.
What to do when you get a 1099 form for benefits you never received.
More tax tips on Income Taxes in Bankruptcy on our sister site.