If you’ve had to file bankruptcy (or are considering it), you probably have a lot of questions about other financial matters, including filing taxes. The bankruptcy lawyers in Vidalia, GA at the Law Office of Tipton-Downie want to share some tips that will help:
- Contact a bankruptcy attorney – Talk to local bankruptcy lawyers in Vidalia, GA. Once you locate an attorney, share with them your tax history. For example, have you filed your taxes consistently for the last three years? Ask them about the steps you need to take now based on your specific situation.
- Consider filing your taxes first – Your lawyer might suggest that you file your taxes before filing for bankruptcy, and that you do so as soon as you can after the beginning of the new year.
- Give your attorney all of your tax forms – Hand over all of your tax forms to your lawyer. Let them guide you through the process, especially when it comes to the 1040 and 1041 forms.
- Make note of how you use your refund – Your trustee will want to know how you use any tax refunds that are received. If you file bankruptcy after you do your taxes, do not use your refund to pay for bills. Doing so could make the bankruptcy process take longer.
- File your taxes on time – Do not miss the tax filing deadlines. The IRS will charge you penalties for any failure to file or pay.