In some instances, personal income tax liabilities may be wiped out by filing Chapter 7 bankruptcy. Bankruptcy code section 11 U.S.C. 507 (a)(8)(A) deals with eliminating income taxes. It reads as follows: (8) Eighth, allowed unsecured claims of governmental units, only to the extent; that such claims are for – (A) a tax on or [...]
Posts Tagged ‘Taxes’
Can You Wipe Out Your Income Taxes In A Chapter 7 Bankruptcy Case?
September 4th, 2010 
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Posted in tax return extension interest 
Tags: Bankruptcy, Case, Chapter, Income, Taxes, Wipe 
No Comments »Taxes, Investment Costs And Investment Returns
September 2nd, 2010 admin High before tax returns may not be best ⦠If you accept the often repeated warning that past investment returns do not provide a guide to future performance, you would be smart enough to not select a fund manager based simply on their recent results. But what if you knew for certain (which you couldn’t) [...]
Preparing Taxes At The Last Minute?
August 30th, 2010 admin There is probably more procrastination that occurs because of taxes than anything else known to man. Every year when we finally get our taxes filed, we always say that we will not wait until the last minute next year. Then next year comes and we end up being even later getting it done than the [...]
Recover Casino Taxes You Didn’t Owe-Get The Irs Tax On Gambling Back
August 30th, 2010 admin The IRS tax on gambling winnings is 30 percent of your winnings, which is immediately imposed upon winnings of $1200 or more within any legal gambling entity within the US. When you receive your winnings, less the taxes if applicable, you will also receive a winning slip that will mark the date and time, as [...]
Posted in tax return extension online Tags: Back, Casino, Didn't, Gambling, OweGet, Recover, Taxes No Comments »The Outlook for Taxes in 2010
August 29th, 2010 admin As we celebrate leaving 2009 behind, we necessarily turn towards 2010 and start considering what the future holds. For instance, what does the year hold on the tax front? 2009 was a unique year when it came to personal finance because of the unheard of tax relief given to taxpayers. There were obvious government efforts [...]