One of the most important things for people that have recently filed for bankruptcy to keep in mind is that taxes still need to be paid after filing for chapter 7 or 13. It can be confusing determining when and how much to pay in taxes, especially if you have to file taxes for individual returns and your bankruptcy estate. If you are unsure of what you need to do in order to pay all necessary taxes, here are some helpful tips to guide you in the right direction to getting your finances back on track.
Two Different Tax Forms
When filing taxes following bankruptcy, one of the trickiest and most confusing things to deal with are the different tax forms you will have to file. Since you will likely be paying a qualified Las Vegas bankruptcy attorney to handle your finances, you or your trustee will have to file taxes for your estate. This means that you will be required to fill out two different tax forms, one for your individual taxes and the other for your estate. If both of these are not paid on time, your bankruptcy case can be dismissed.
Under the terms of a bankruptcy, a debtor can’t acquire any new fees or delinquent balances. Since taxes can be considered a new debt if left unpaid, your bankruptcy case can be dropped or dismissed if you do not stay current with your taxes. That is why it is vital to fully understand exactly what you need to do in order to properly pay all taxes on time.
Important Tips to Keep in Mind
The most important thing to have in order to ensure your taxes are properly paid is a reliable bankruptcy attorney handling your case. Explain your financial situation and history of paying taxes to your attorney and they can guide you in the right direction. If you have received a tax refund check, keep your lawyer up to date on how you used that money. Additionally, set a hard deadline of April 1st as the last day to file taxes to make sure they are into the IRS before April 15th.
Hopefully these tips will help you get a better handle on your current tax situation. Although we did not specifically mention, it’s also critical that you have an experienced bankruptcy attorney, such as Anthony Deluca, handling your case. If you are still worried about when and how to pay your taxes after bankruptcy, contact Deluca and Associates today to speak with an attorney with years of experience advising clients on monetary issues. Call us today at 702-252-4673 for more information.