By STEVEN LONG With the tax deadline behind us, there’s a wave of people with new tax debt and there are folks receiving large tax refunds. Unsurprisingly, bankruptcy law cares a fair deal about taxes in either direction. The interaction between bankruptcy and taxes is complicated enough that not all bankruptcy lawyers will know all eight of these tidbits: Bankruptcy CAN eliminate tax debt. If the tax debt is old enough and the tax returns were filed long enough ago – a Chapter 7 or Chapter 13 bankruptcy can help erase tax debt. Bankruptcy CAN help resolve tax debt. If the tax debt is too new, the bankruptcy will not be able to delete the debt, but a Chapter 13 bankruptcy can help create a forced payment plan to resolve the tax debt. Bankruptcy CAN help resolve tax liens. If the taxing entity has filed for a lien, the tax…
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We have good news if you still have to file taxes for 2019. If you meet the necessary eligibility requirements, you can still file your taxes for free until October 15. The IRS partners with multiple tax filing services that offer free filing options. Free file services that are partnered with the IRS were enormously popular in 2020. In fact, usage of free filing services increased by 50% since 2019. Below, we discuss what to know about the services and their various eligibility requirements. IRS Free File Eligibility If you made $69,000 or less in 2019, then you can visit the IRS’ website to choose from one of the various free filing services. TurboTax, TaxSlayer and H&R Block are some of the more well-known free file services currently partnered with the IRS. Many services are available in English and Spanish. You can receive a more comprehensive list by clicking this…
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Tax season is finally upon us. If you are getting ready to file your taxes without assistance, then you should be aware of several options that allow you to file for free. You could use the IRS’ Free File program if you have an adjusted gross income of $69,000 or less. Several years ago, the IRS partnered with multiple businesses who offer free digital filing services for certain people. Depending on whether you qualify, you could use free software that helps you file your taxes. Filing Your Taxes With Free Software You can go to the IRS website to find a list of companies who offer free filing services. Keep in mind, each company has different eligibility requirements. Some of the options require that you make $36,000 a year or less. There could be additional requirements, so be sure to carefully research your options. You might have several…
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