High Income and Bankrupting Income Taxes

Taxpayers in higher income brackets whom find themselves in a tax crisis almost always ask if they will be allowed to discharge their taxes if they legitimately can not pay them. Taxpayers whose income falls in between 100 and 500 thousand dollars a year actually can. While the IRS won't publicly admit this nor give persons operating dishonestly any ideas a good tax attorney can help persons in this income bracket protect their income and their belongings.

The Devil's In The Details

While many higher income persons may jump with excitement when they learn that they can discharge their tax debts with a chapter 7, there is some fine print taxpayers need to be aware of. Most importantly discharged taxes must be actual income and not payroll trust fund taxes. The amount of tax debt must exceed the amount of debt. Persons whom meet these requirements will almost always, assuming there is no fraud, be allowed to discharge their income.

The Right Tax Attorney

Persons in this higher income bracket who are considering a bankruptcy for the purposes of tax debt relief will need a very good tax attorney at their back and their side. The IRS and state tax agencies will often use intimidation to get away with unlawful and unethical practices. Lesser and/or inexperienced tax attorneys will often fall prey to these tactics just as taxpayers do so it's vital that individuals in this scenario seek out the very best using the internet, reviews, and even speaking with past clientele.