Did you know that you can discharge some of the taxes you owe the IRS when you file for bankruptcy under Chapter 7? However, there are certain conditions that have to be met before you do this. These conditions can be easily met. Since this deals with the law you should consult a bankruptcy attorney about this matter.
The conditions are
You have filed yours tax returns for the year or those years in which you owe the government back taxes.
For at least 240 days before you have filed your bankruptcy case, you should not be assessed for tax liability by the IRS.
These back taxes must be at least three years old when you file for bankruptcy.
The back taxes you owe the IRS should b for tax returns you have filed at least two years before you decide to file for bankruptcy.
The last condition that you should meet is that the IRS should not be able to prove that you have willfully avoided paying your income tax.
You can use this information to your advantage, but how? Even when you cant pay your income taxes, you should have filed your tax returns. Second you should take care of the time period that surrounds your income tax debt. The reason for this is that if you are not careful the IRS will get you on technical grounds. Last of all you should be aware of your tax situation. That is you should have accurate information about it. You can get a free tax transcript from the IRS if you ask them.
Thats not all. Sometime the tax lien placed on you by the IRS or the state taxing authority can be cleanly erased from the books if you efile for bankruptcy under Chapter 7. This means that both your bank account and wages are safe from the IRS, meaning they can not plunder or garnish them so that you back taxes are paid. That does not mean you can sell your property with a clear title before paying the IRS.
As mentioned above you need to consult a bankruptcy lawyer before deciding to file for bankruptcy under Chapter 7. The reason for this is that the best solution to the problem may not be filing for bankruptcy. You may have other options through which you can pay back your taxes. These options include installment agreement. To learn more about these options and to find what will be in your best interest, you should consult a tax professional.
If you yet to file your online taxes you can get them done by rapid refund.
The conditions are
You have filed yours tax returns for the year or those years in which you owe the government back taxes.
For at least 240 days before you have filed your bankruptcy case, you should not be assessed for tax liability by the IRS.
These back taxes must be at least three years old when you file for bankruptcy.
The back taxes you owe the IRS should b for tax returns you have filed at least two years before you decide to file for bankruptcy.
The last condition that you should meet is that the IRS should not be able to prove that you have willfully avoided paying your income tax.
You can use this information to your advantage, but how? Even when you cant pay your income taxes, you should have filed your tax returns. Second you should take care of the time period that surrounds your income tax debt. The reason for this is that if you are not careful the IRS will get you on technical grounds. Last of all you should be aware of your tax situation. That is you should have accurate information about it. You can get a free tax transcript from the IRS if you ask them.
Thats not all. Sometime the tax lien placed on you by the IRS or the state taxing authority can be cleanly erased from the books if you efile for bankruptcy under Chapter 7. This means that both your bank account and wages are safe from the IRS, meaning they can not plunder or garnish them so that you back taxes are paid. That does not mean you can sell your property with a clear title before paying the IRS.
As mentioned above you need to consult a bankruptcy lawyer before deciding to file for bankruptcy under Chapter 7. The reason for this is that the best solution to the problem may not be filing for bankruptcy. You may have other options through which you can pay back your taxes. These options include installment agreement. To learn more about these options and to find what will be in your best interest, you should consult a tax professional.
If you yet to file your online taxes you can get them done by rapid refund.
| If you yet to file your online taxes you can get them done by rapid refund. |
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