In this episode of The Georgia Bankruptcy Podcast, we dive into the importance of filing your tax returns before declaring bankruptcy. Join us as we explore the written assets that can greatly impact your bankruptcy case.
Discover why it's crucial to have your tax returns up to date and how it can affect the outcome of your bankruptcy proceedings.
Don't miss out on this insightful episode that can help you navigate the complexities of bankruptcy law. Tune in now!
Transcripts
Episode 019
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Jeff Kelly: [:
Yes, there are other law firms who will, but your case is going to end up getting dismissed. You're wasting your time, you're wasting your money, and now you're going to end up having two bankruptcies on your history instead of just one because you're probably going to have to refile it.
It is so much better to just suck it up, get the returns filed before we file this case. In the past, I've had a lot of people tell me, don't worry, Jeff, I'll get them filed as just soon as you relieve this pressure from me. And they don't. They procrastinate, they don't do it, the case gets thrown out, it is a bad result.
ghts and practical advice on [:
Jeff Kelly: Hello, this is Jeff Kelly. And in this video, I want to talk to you about Getting Your Tax Returns Filed. We oftentimes run into clients who haven't filed in the last three years. By the way, this is a terrible idea, Always, always, always file your return, even if you owe money, go ahead and file it. You know, if you can't pay whatever it is, you owe the IRS, file the return anyway.
When you don't, all you're doing is burning up cash because you're going to have to pay interest, you're going to have to pay lay fees. A lot of things you can avoid if you file your returns on time.
attorney who tells you, Hey, [:
Yes, there are other law firms who will, but your case is going to end up getting dismissed. You're wasting your time, you're wasting your money, and now you're going to end up having two bankruptcies on your history instead of just one because you're probably going to have to refile it.
It is so much better to just suck it up, get the returns filed before we file this case. In the past, I've had a lot of people tell me, don't worry, Jeff, I'll get them filed as just soon as you relieve this pressure from me. And they don't. They procrastinate, they don't do it, the case gets thrown out, it is a bad result.
So personally, I'm not doing it, get the returns filed. If you got somebody you use like an HR block or somebody like that, great. Let's move, let's move quick get it done. What do you do when you just can't afford it? If you cannot afford to get your returns filed, you need to go to the IRS website and figure it out.
So [:
And yeah, you know, if you owe for past years or they're not going to let you do that kind of stuff online, you're going to have to get special forms or you're going to have to mail it in.
Now to satisfy, the trustee in your case, they want a signed copy of it. You know, if it's been mailed to the IRS, that's good enough. We may have to wait a few weeks for them to process it, but go ahead and do it, get us copies. I'll file your case if you get me signed copies, that's all you got to do. But let me show you another website here.
o let's jump over to another [:
And you can see when you click on here that website is, in case you need a link, it's irs.gov>/forms-pubs. And If you need the prior year, then it's going to be prior dash year.
So, you can get the:
etically, let's say you have [:
These forms are not rocket science.
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ff Kelly: So, you know what, [:
Let's see. No, that's a worksheet. There's your standard deduction worksheet. The actual form itself, it's only like two pages.
So I'm going to scroll down until I get there. Here we go. Nope, I keep thinking I got it. That's not it. Scroll down. Yeah, I mean they got a ton of information here. It's got your rights as a taxpayer. It's got an index at the very end. A lot of great information.
Okay. That must've been the instruction part. Let me go back here.
ctual form. I clicked on the [:
right here in this video for:
t dismissed anyway after the [:
Just get it done beforehand and try to use a professional if if you've got the money, you can afford it, if you can't go to the IRS website, download this stuff for free, print out the forms, fill them out, sign them, mail them to the IRS that's got your signature on it and you get us copies.
That's all we need. We need your tax returns filed for every single year that you can. If you've got any questions, give us a shout.
Thank you so much. Have a great evening.
Narrator: Thanks for joining us this week on the Bankruptcy Podcast. Make sure to visit our website, kellybankruptcy. com, where you can subscribe to the show in iTunes, Spotify, or via RSS. So you'll never miss a show. While you're at it, if you found value in this show, we'd appreciate a rating on iTunes. Or, if you'd simply tell a friend about the show, that would help us out too.
