Category Archives: Taxes and Bankruptcy
Using Bankruptcy for Tax Relief
When people think of filing bankruptcy, they think of eliminating or wiping away all of the debts they’ve incurred through the years. However, wiping debts away is not as simple as it seems and truthfully, bankruptcy does not eliminate all debts. Many commercials offer to erase tax debts in bankruptcy. Our tax and bankruptcy… Read More »
Discharging Tax Debt in Bankruptcy
There’s a common misconception that tax debt is never eligible for discharge through bankruptcy. While there are specific elements that must met in order to discharge tax debt, it’s not an impossibility. First and foremost, in order to qualify for the discharge of tax debt, the debtor must meet the following conditions: The debtor… Read More »
Estate and gift tax limits set to rise again in 2016
Inflation has triggered substantial increases in the federal estate and gift tax limit since the early 2000s. Once again the limit is projected to experience another hike in 2016. Since 2001, the estate tax limit has risen from $675,000 to $5.43 million, an astounding increment that has made avoiding taxes that much easier for… Read More »
Newly signed ABLE Act aims to better financially assist those with disabilities
Governor Rick Scott’s recent signing of the ABLE Act is certainly a step in the right direction. This new act states that a disabled individual, along with his family and friends, can deposit up to $100,000 in a tax-exempt account to be used towards future needs. Though a monumental step up from the previous… Read More »
