May 07
If you own a home, theres one expense that you cannot escape paying and thats property taxes. While no one likes to pay taxes, property taxes are necessary for keeping local city, state and town municipalities functioning. Many communities pay for essential services like fire fighting, road repairs and schools with the help of home property taxes. As a homeowner, most likely you pay these taxes through your mortgage company, who keeps track of the amount due and adds them into your monthly mortgage payments.
The recent economic downturn has hit many local communities hard, and as a result, a lot of homes have decreased in value. In fact, in many instances, whole neighborhoods have seen reductions in home valuation over the past few years. As a result of this news, many homeowners assume that just because their home isnt worth what it once was, this means that they will automatically be paying less in property taxes.
Unfortunately, this is not what is happening.
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Tags: Property Taxes, Taxes
Mar 23
People often ask me if there are any taxes that bankruptcy can help with.
Here’s the rule. You can discharge income taxes if they were due more than three years ago, if you filed them close to on time, and if the tax has been assessed for more than 270 days.
Bankruptcy can discharge taxes three years after they were due… But they have to have been filed almost on time.
When are your taxes due? April 15 usually. Later, if you got an extension. (Virginia state taxes are due May 1.) So, your 2007 Federal income taxes were due April 15, 2008. Three years after that is April 15, 2011. That’s the three year rule. (Unless you got an extension.)
Filed almost on time. The law says they have to have been filed for at least two years, but you can’t always count on that. For example, suppose you filed your 2002 taxes in April 2009. Could you discharge those taxes in bankruptcy filed April 18, 2011? No! You meet the three year a
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Tags: Income Taxes, Taxes
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