Educational Tax Tip: Can Bankruptcy Eliminate Tax Debt?

While most tax debts cannot be wiped out in bankruptcy, there are rare situations where certain income tax debts may qualify. To be discharged, the taxes must meet strict requirements—such as being tied to returns filed on time, being at least three years old, and having no fraud or evasion involved. Even then, payroll taxes and certain penalties remain non-dischargeable. If you’re considering bankruptcy as a way to manage overwhelming tax debt, it’s important to know whether your case qualifies before making that decision.

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