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Can you file bankruptcy when you debt is federal and state income taxes?
Wiki User
∙ 11y ago
You can file bankruptcy at any time you like, but I will tell you that bankruptcy court does not have the authority to drop the taxes. The IRS or State may allow a payment plan instead of allowing them to begin confiscating property. You will still have to pay the taxes due and it may be to your benefit to work out a payment plan directly with tax department and not have to pay the legal and court fees involved with the bankruptcy.
Wiki User
∙ 11y ago
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Which bankruptcy removes federal taxes?
Federal income tax can sometimes be discharged in a bankruptcy, but there are several rules that apply. Only one example is, federal taxes must be at least three years in arrears before qualifying for bankruptcy discharge.
Can you file banruptcy on federal taxes?
You can't. Bankruptcy does not forgive you for federal taxes.
What are the main sources of state revenue?
sales taxesindividual income taxescorporate income taxes
Will IRS still take your income taxes after filing chapter 13 bankruptcy?
If you still owe federal income taxes, they will. But if they don't take it, the chapter 13 trustee gets the tax refund. You should have listed any income taxes that were dischargeable (due more that 3 years prior to the filing date).
Largest source of revenue for the federal government?
The largest source of revenue for the federal government has been individual income taxes and payroll taxes. These taxes account for 82% of all federal government income.
Which bankruptcy removes federal taxes?
Federal income tax can sometimes be discharged in a bankruptcy, but there are several rules that apply. Only one example is, federal taxes must be at least three years in arrears before qualifying for bankruptcy discharge.
Does Texas have state income taxes?
No Texas does not have a state income tax.
Can you file tax debt on a chapter 7 bankruptcy State and federal?
No on state taxes, yes on federal income taxes if the filing date or the date on which the IRS determined the tax due is more than 3 years prior to filing.
Can you file bankruptcy on the IRS in Washington state?
No. Federal taxes may not be discharged regardless of which state the bankruptcy is filed.
When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
Do you send a copy of your Calif state taxes with federal taxes?
No you do not send a copy of the state income tax return with the federal income tax return.
What level of government may income taxes be assessed?
Income taxes may be assessed at both the federal level and the state level. The federal government has the authority to levy income taxes on individuals and corporations across the country, while state governments have the power to impose their own income taxes within their respective jurisdictions.
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
Which payroll taxes are paid by the employer only?
Federal & State Income taxes
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
Does TurboTax do all federal state AND local taxes?
Yes, TurboTax has the capabilities of doing both federal and state income taxes. If you choose the free version for the federal taxes you will have to pay a fee to complete the state taxes.
Can federal taxes withheld be tax deductible?
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
