I want to know if I can go bankrupt on taxes owed to the IRS?

Certain taxes owed to the IRS can be discharged in a bankruptcy. Although the Bankruptcy Code sets out what taxes can be discharged, the...

My Fiance Tried To E-file And Was Rejected Due To Someone Claiming His EIC?

Your fiance should immediately contact the IRS and report the issue. The IRS should issue him an ID number which will be used to file tax returns...

Can I amend past tax returns from Married Filing Jointly to Married Filing Seperately?

Once a return has been filed as married filing jointly, it cannot be amended to married filing separately.

Can I use my solar tax credit on back taxes owed?

If your 2018 tax return shows that you are owed a refund the full amount of the refund will be used to offset taxes owed in 2017. If the 2018...

You can open up a new business but it is very important that you do not transfer assets from old business to new business or make distributions to...

In filing tax return for 2018, do I need proof of health insurance?

The mandate for health insurance has been repealed. However, it does not take effect until this year (2019). There is a requirement of coverage in...

Do I have to claim in my taxes a cancellation of debt?

The general rule is that cancellation of debt is taxable income. However, if the debt was discharged as a result of a bankruptcy then it is not...

Is SSA 1099 considered as an income?

You really should ask this question of your immigration attorney as what constitutes income for tax purposes may or may not be what is considered...

I filed chapter 7 in NJ but case dismissed due to not making meeting, living in Florida past 3 years, can I refile for chapter 7

Yes, you can refile since you did not get a discharge in the previous Chapter 7 case. Yes, you can file in Florida since you have been living...

Generally debts that are forgiven by the creditor are considered taxable income. However, there is an exception for debts discharged in the...