Bankruptcy Options

Bankruptcy Can Be The Beginning of Your Financial Restoration!
If you are contemplating filing for bankruptcy to wipe out tax debt, interest and penalties, have a professional thoroughly review your situation prior to filing. In some cases, filing for bankruptcy will leave you with the clean slate necessary to start over. If you don’t qualify to eliminate tax debt through bankruptcy, however, you may find that when all is said and done, you still have a massive tax liability left to deal with.

As you may be aware, there are different types of bankruptcy that you can file for. Each one has a different purpose, outcome, and long-term effect. Determining which type of bankruptcy will be the best for your situation (if any) demands a close examination of your financial situation, assets, debts, and history from every angle. The opportunity of a second chance that bankruptcy offers could be just what you need, but you need to make sure that you have the best chance of success and nothing comes back to haunt you.

Contact us for pre-bankruptcy counseling to help you determine if bankruptcy is the best answer for you.

Before Filing for Bankruptcy, let us review your options with you.

Let Us Help:

 

What Taxes Do You Pay in Retirement That Most New York/New Jersey Metro Retirees Overlook?

Quick Answer: The most frequently overlooked retirement tax traps are taxable Social Security benefits, Medicare IRMAA surcharges, and forced Required Minimum Distribution (RMD) tax pileups. These hidden costs occur when mandatory RMDs and uncoordinated pre-tax...
Read More

Last Minute Tips for New York/New Jersey Metro Taxpayers to File By Extended Tax Day

Quick Answer: To meet the October 15 deadline, pull missing tax records directly from your IRS Online Account and verify your identity using your prior-year AGI or IP PIN. Submitting your e-file before midnight locks in your official timestamp and stops late-filing...
Read More

How Much Do Independent Contractors Pay In Taxes? Lillian’s Professional Services LLC’s Tax Strategies for 1099 Contractors

Quick Answer: How much do independent contractors pay in taxes? Independent contractors typically pay between 25% and 35% of their net profit in total taxes, covering federal and state income brackets alongside the mandatory 15.3% self-employment tax. Because 1099...
Read More

Do You Have to Pay Taxes on PayPal, Venmo, or Cash App Payments For Your New York/New Jersey Metro Side Hustle?

Quick Answer: You have to pay income tax on any net profit earned through PayPal, Venmo, or Cash App, regardless of whether the platform issues you an official Form 1099-K. However, the IRS only taxes true financial gain, meaning personal bill splits, gift...
Read More

What’s the Best Time for New York/New Jersey Metro Retirees To Execute Retirement Planning Tax Strategies?

Quick Answer: Retirees should execute retirement planning tax strategies during their gap years, which are the temporary low-income window after you stop full-time work but before Social Security benefits and Required Minimum Distributions (RMDs) begin. This...
Read More

What Is the Tax Extension Date For New York/New Jersey Metro Extended Filers?

Quick Answer: For individual taxpayers, the federal deadline to file your extended tax return (Form 1040) is October 15. Or September 15, if you're waiting on a business Schedule K-1. Just remember that an extension grants extra time to file your paperwork, not...
Read More

What Are the IRS Rules on Claiming Dependents After Divorce For New York/New Jersey Metro Parents?

Quick Answer:  The IRS automatically gives the dependent tax claim to the parent the child slept under the same roof with for at least 183 nights. A noncustodial parent can only claim the child if the custodial parent officially signs IRS Form 8332 to pass over...
Read More

How Does the SALT Deduction Work For New York/New Jersey Metro High Earners?

Quick Answer: In 2026, the State and Local Tax (SALT) deduction allows you to write off up to $40,400 on Schedule A, but a Modified Adjusted Gross Income (MAGI) over $505,000 triggers a 30% phaseout that reduces the cap down to a $10,000 floor. To legally bypass...
Read More

How 529 Plans Are Taxed for New York/New Jersey Metro Families

Quick Answer: Contributions to a 529 plan are made with post-tax dollars, allowing your investment to compound shielded from federal and state capital gains taxes during the growth phase. Withdrawals are 100% tax-free when used for qualified education expenses,...
Read More

How Does the Lifetime Learning Credit Work for New York/New Jersey Metro Students, Parents, and Professionals?

Quick Answer: The Lifetime Learning Credit (LLC) is a non-refundable federal tax credit worth up to $2,000 per tax return. It’s calculated as 20% of the first $10,000 in qualifying higher education tuition and fees, with no limit on the number of tax years it can...
Read More

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!

Contact Us