Bankruptcy & Tax Issues
With the complicated nature of the tax code, you may have rights or obligations that you are not even aware of. Especially if you are facing serious debt and considering bankruptcy as a possible option, you should look at all of the angles comprehensively with an attorney who is experienced with the intersection of bankruptcy and taxation.
With more than 35 combined years of legal experience, the attorneys of the Law Offices of Farnsworth Mortensen, PLLC, can help you through the maze of complexity that comes from tax and bankruptcy issues. Every member of our legal team shares our firm's commitment to finding debt-relief solutions that are personally tailored to each client's personalized needs.
More than 10,000 bankruptcies filed
Tax issues involve a great deal of complexity, even for those who are experts in the field. There are a wide variety of issues that arise in the context of taxes:
- Income taxes: Obviously, personal income taxes need to be considered for individuals filing for personal bankruptcy. Before filing for bankruptcy, the four previous tax returns must be filed.
- Business taxes: For individuals filing bankruptcy who own businesses, the 941 quarterly tax returns and other business taxes
- 941-type taxes: Business's quarterly returns are an essential consideration when considering bankruptcy.
- Trust-fund taxes: Substantial penalties come with late payments on your employee's trust fund taxes.
- Timing: The time when to file bankruptcy in relation to taking actions on the tax side is a critical issue to consider in your bankruptcy planning.
- Tax debt relief: In some cases, it is possible to find a tax-debt liquidation solution through Chapter 7 bankruptcy or a tax debt-repayment solution through Chapter 13 bankruptcy.
Get the Help You Need ∙ Call Our Arizona Tax Debt Relief Lawyers
We offer free consultations. You can sit down with one of our attorneys and discuss your rights and the range of options available to you. When you are buried in debt and dealing with the extraordinarily confusing tax laws, this type of confidential discussion with a lawyer can be a great weight off of your shoulders as you take the first step to regaining control of your financial future. Call 480-820-3600 in Phoenix, 520-298-3300 in Tucson, 888-634-0000 toll-free, or contact us online to schedule your free initial consultation.
