Bankruptcy Tax Returns in Glendale, AZ
If you have filed for bankruptcy, you may wonder what you should do with your income tax. Usually, bankruptcy discharges many debts, but tax obligations are not among them. If you are not sure what you need to do in order to pay all your taxes correctly, here are some useful tips that will guide you through this complicated process:
You cannot discharge tax debt
Your other debts can be discharged, while your tax debt remains on your records. Therefore, it is important to stay current on your taxes. If you are behind on paying the taxes, it is recommended to consult a bankruptcy attorney who will help you set up a payment plan with taxation authorities.
You must file an extension request
According to IRS Publication 908, those debtors who do not file for an extension will have their cases dismissed. For this reason, it is important to take care of this. An extension will not relieve your tax debt, but it will notify the IRS that you are aware that you must file a return.
Do not miss filing dates
Even though the general Tax Day is April 15th, there are other deadlines for small businesses and business owners. Be sure to know your filing dates. You can find all the necessary information on the IRS website.
Contact Us
If you need professional help with filing taxes after bankruptcy, you should contact Empire Bookkeeping & Taxes. Our team of professionals has years of experience helping business owners through bankruptcy proceedings. Feel free to contact us for more detailed information.