Hidden Tax Deductions In Chapter 13
Robert J. Adams & Associates

Hidden Tax Deductions In Chapter 13

March 20, 2020

There are possible tax deductions in your Chapter 13

The most common:

  1. Mortgage interest. If you are paying mortgage arrears through your Chapter 13 plan.
  2. Real Estate taxes. Even if one has an escrowed account with their mortgage lender it deductible. Also, some individuals are paying back real estate taxes: what is paid through Chapter 13 is likely deductible.
  3. Business Expenses. This includes Ride Share drivers as well has clients who are operating traditional businesses.
Go Back To Prior Tax Years.

Tax returns are generally amendable for 3 years.

Disclaimer: ROBERT J ADAMS & ASSOCIATES concentrate our practice in bankruptcy law. We are neither accountants nor income tax experts. Defer to your income tax professional.

If you or a friend has debt problems, call our office. Our consultation is always free and confidential. For more information call (312) 724-5650 today.

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Robert J. Adams & Associates is a full-service law firm where attorneys with their extensive experience provide effective representation in Bankruptcy cases in Illinois.