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Saturday, January 29, 2011

Some Good Tips to Eliminate Your Tax Debt

It is often seen in television commercials that the offers the hope of eliminating tax debts are available in the market. But remember that this might not be as simple as it sounds, because in most cases, tax debts in bankruptcy can not be eliminated. You then have to endure until the end of the bankruptcy case to Chapter 7 or you may have to pay the total tax due under the Chapter 13 plan. So, here Chapter 7 bankruptcy is the best program for you if you really want to get rid of tax debt. But to do this, you need to qualify for Chapter 7 eligibility test.

1. Taxes should be imposed on income: All taxes are not income tax, can not be removed. Such as sanctions against fraud and payroll taxes can not be eliminated.

2. Must file a tax return two years ago: To eliminate the debt for which you have presented, must be submitted at least two years ago.

3. The tax debt should be at least three years old: Your tax return must be for a minimum of three years when it is filled with a bankruptcy to eliminate your tax debt.

4. You have to make sure that you have never been involved in any fraudulent case: If you have tried to avoid paying taxes or had ever submitted a fraudulent tax return, then you can not be helped due to such fraudulent attempts.

5. You must be qualified in Article 240 of the Day: The amount of income tax has to be evaluated at least 240 days before filing a bankruptcy petition by the IRS, or have not yet been evaluated. Despite this time limit may be extended by the IRS, in some cases.

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