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Happy New Year to all!
I used one of those online tools to see if I would owe taxes this year, even thought my withholding are at 0, and I believe I will. What happens since I am in active BK13?
Any and all guidance is appreciated.
@AnonymousI used one of those online tools to see if I would owe taxes this year, even thought my withholding are at 0, and I believe I will. What happens since I am in active BK13?
Depending upon the amount:
1. Pay it when you file the return.
2. Enter into an installment agreement with the taxing agency when you file the return.
3. Discuss with your attorney waiving a few Plan payments so that you can pay it. Plan payments will have to be made up.
4. Discuss with your attorney adding the tax to the Plan as a "1305 claim".
If the amount owed is under a $1000 my recommendation is to figure out, between now and April 15th, how you will pay it when you file the return - start saving. All other options will cost you in interest and probably legal fees.
Des.
@Anonymous wrote:Happy New Year to all!
I used one of those online tools to see if I would owe taxes this year, even thought my withholding are at 0, and I believe I will. What happens since I am in active BK13?
Any and all guidance is appreciated.
During the bankrupcy process the IRS and State tax authorities cant ask you to pay any taxes. however after discharge they can come after you like gangbusters. Both the IRS and most states are pretty friendly if you contact them by phone and will set up a payment plan with you.