Most people dread tax season. It’s the time of year where most adults have to collect every financial detail from the past year and see what they owe to the government. Some people are lucky enough to receive refunds, but it’s not always the case. Many times, the...
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Bankruptcy And The IRS
Avoiding tax issues during Chapter 13 bankruptcy
Chapter 13 bankruptcy allows individuals to repay some or all their debt in a few years. While this is a great option for some, it’s important to stay current on expenses and stick with the payment plan. Problems with taxes oftentimes occur while individuals are...
How Chapter 12 bankruptcy affects taxes
Before filing for any bankruptcy chapter, it is important that you understand the implications that the particular chapter will have on your finances. Each bankruptcy chapter has its own set of eligibility guidelines, benefits and requirements. Therefore, you should...
What does the IRS say about taxes and Chapter 11?
When approaching Chapter 11 bankruptcy, it is very important to consider the tax implications. Fortunately, the Internal Revenue Service (IRS) knows the challenges that businesses face, and it offers direct advice regarding this process. Below are a few common...
Do you get a tax refund if you filed for bankruptcy?
The last year hasn't gone as well as you'd hoped, financially speaking, and you've decided to file for bankruptcy. However, you're still hoping that you'll at least get a nice tax return when you file. Are you still eligible for the return if you're working your way...
Tax obligations while your bankruptcy is pending or discharged
Bankruptcy can change how you go about filing your taxes. One of the worst mistakes you can make is assuming that the way you've filed them at other stages in your life is the same approach you'll use when your bankruptcy is still pending or recently wrapped up....