Tax Issues In Bankruptcy

Listing all creditors is vital to the success of a bankruptcy case.  So is filing all required tax returns on time.  If you fail to file a tax return you might not be aware you owe the IRS money, so it would be easy to mistakenly omit that creditor from your bankruptcy case.  Even debt that will not be discharged should be listed, including certain tax debt, so that a claim can share in any distribution paid to creditors by the bankruptcy estate.

It’s tax time and the hunt goes on for tax deductions to lower your income tax hit.

Tax deductions lurk in the most unlikely places.