2020 Tax Deadline Extension: What You Should Know

2020 Tax Deadline Extension: What You Should Know

The COVID-19 pandemic has brought almost the whole universe into a standstill. Almost every sector of the economy has been shaken. Millions of Americans have filed for unemployment claims as most companies scaled down or shut operations completely. Consequently, the...
How to Erase Tax Debts

How to Erase Tax Debts

Are you buried under tax debt? Do you owe back taxes? Back taxes are known as taxes that you’re required to pay after the year they were due. If you let another year go by without paying the IRS, that’s when it’s referred to as back taxes. Those back...
Bankruptcy and Taxes

Bankruptcy and Taxes

The anticipation of the holiday season is often followed by the dread of tax season. If you plan to file bankruptcy, whether Chapter 7 or Chapter 13, the timing of your filing could have a drastic impact on how much of your income tax return you get to keep and how...
Taxes and Bankruptcy

Taxes and Bankruptcy

Taxes & Bankruptcy are complex and a nuanced area of law. Some back taxes owed to the IRS are dischargeable (erased) through bankruptcy, while others are not. Before filing for bankruptcy it is important for you to understand how you will be affected by filing,...
Bankruptcy & Taxes: New Tax Debts Cannot Be Erased

Bankruptcy & Taxes: New Tax Debts Cannot Be Erased

People who are struggling with overwhelming credit card debt often are also struggling to pay back taxes, too. If you’re struggling with overwhelming debt, it may be time to explore if bankruptcy is the right solution to your debt problems. Filing for bankruptcy...
Income Tax Debts―How Chapter 13 Can Help

Income Tax Debts―How Chapter 13 Can Help

Bankruptcy is a complex area of law and getting rid of income tax debt in bankruptcy is complicated. To understand your specific situation it will be important for you to meet with an experienced bankruptcy attorney to discuss your potential case. Dischargeable Income...
Forgiven Debt and IRS Taxes

Forgiven Debt and IRS Taxes

Generally speaking, the Internal Revenue Service (IRS) considers forgiven debt as income. For example, in debt settlement, the difference between the amount you owed and the amount you paid in the settlement is income and is supposed to be reported on your tax return...
Old Tax Debts Can Be Erased with Bankruptcy

Old Tax Debts Can Be Erased with Bankruptcy

Even after 35+ years practicing bankruptcy law, we never cease to be amazed by how much misinformation about bankruptcy people believe. Many people erroneously believe that tax debts cannot be erased in bankruptcy. The truth is that certain back income taxes can be...

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