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.

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

Let Us Help:

Which Tax Credits Do I Qualify For? A Guide For South bay Taxpayers

Key TakeawaysThe Child Tax Credit is up to $2,200 per child, with up to $1,700 available as a refundable payment even if you owe no taxes. Adoptive parents can now claim a credit of up to $17,280, with up to $5,000 of that amount now fully refundable. If you...

What Tax Changes Are Coming in 2026 For South bay Filers?

Key TakeawaysTax rates didn’t change, but brackets and deductions did. Inflation adjustments mean more income is taxed at lower rates. The SALT deduction cap jumped to $40,400, making itemizing relevant again for many households. New deductions for...

What Are Tax Planning Strategies South bay Taxpayers Should Use First In 2026?

Key TakeawaysGetting organized early helps prevent missing income documents and IRS matching issues later. January is the best time to check withholding and estimated tax payments for the year ahead. Contribution limits for retirement and...

How Can South bay Retirees Reduce Required Minimum Distribution Taxes?

Disclaimer: This content is provided for general educational purposes and does not constitute individualized tax advice. Tax planning strategies should be evaluated based on your specific circumstances in consultation with a qualified tax professional. Key...

What Does the IRS Math Act Mean For South bay Taxpayers?

Key TakeawaysIRS notices must now provide a clear, specific explanation of the exact error. Not generic language or guesswork. The IRS must prominently tell you about your 60-day right to request abatement, including the exact deadline date. Line numbers,...

What Are The Best Year-End Tax Moves South bay Taxpayers Can Make Last Minute?

Key TakeawaysYou can still make charitable gifts that count for this tax year, including donor-advised funds and stock donations. Depending on your income level, it may make sense to itemize deductions and repay a fourth-quarter state estimated tax payment...

What’s the South bay Gig Worker Solution to a Surprise Tax Bill?

Key TakeawaysEstimate your full 2025 tax liability now (including income tax and Self-Employment Tax) to avoid underpayment penalties before the January estimated tax deadline. Maximize year-end deductions such as mileage, home office, equipment purchases,...

IRA v Roth IRA v 401(k): Should South bay Taxpayers Convert Before 2026?

Key TakeawaysTraditional IRA gives you a tax break today and taxable withdrawals later. Roth IRA means tax-free growth and withdrawals later. 401(k) has larger limits with employer-based tax benefits. A Roth conversion adds income to...

A Moment to Give Thanks for My South bay Clients

As we’re entering Thanksgiving week, I’ve been thinking about how “interesting” this year has been. And I mean that in the polite way we describe things that are not exactly a joyride.The national noise was intense.- Inflation nearly made eggs feel like a...

How Do South bay Investors Avoid Capital Gains Taxes From Selling Investments Or Property?

Key TakeawaysHold for at least one year and a day to qualify for lower long-term capital gains rates. Use losses to offset gains through tax-loss harvesting (but beware the wash sale rule). Time your sale during a lower-income year to take advantage of...

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Bankruptcy Options

Bankruptcy Can Be The Beginning of Your Financial Restoration!

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

Let Us Help:

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