Should I Inform My Tax Preparer About My Bankruptcy Case?
When filing taxes, it is important to be honest and transparent with your tax preparer. This includes discussing any current or past bankruptcy cases. Filing for bankruptcy can have many repercussions on your taxes, so it is essential to inform your tax preparer if you have a pending case.
Bankruptcy can affect the amount of taxable income for both individuals and businesses. It may also impact other factors such as deductions and credits that may be available to you. In some cases, debts discharged through a bankruptcy case may still need to be reported as income on tax returns. Your tax preparer will need this information in order to accurately assess your return and ensure that all applicable rules are followed correctly.
It can be intimidating to tell someone about a difficult financial situation like bankruptcy, but it is necessary in order for them to provide the best advice possible when filing taxes.
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