Tips For Filing Your Taxes After Bankruptcy

People filing for bankruptcy must still pay their taxes. Whether they file for chapter 7, chapter 11 or chapter 13 bankruptcy, tax forms must include both individual returns and bankruptcy estate returns. Here are a few helpful suggestions for bankruptcy filers who want to know how to pay their taxes:

Filers May Need to Ask Their Attorney for Assistance

Since most people filing for bankruptcy file via the help of an attorney, their lawyer typically files tax forms for the client’s bankruptcy estate. This estate is created to pay back creditors with nonexempt assets. The person who files for bankruptcy, or the person’s trustee, file the necessary tax forms. Bankruptcy filers neglecting to pay their taxes by the deadline may find that their cases are dismissed.

Bankruptcy Filers Must Pay their Taxes

Taxes after filing for bankruptcy are viewed as new debts. Debtors are not permitted to have brand new debts. A debt includes any money owed to the Internal Revenue Service (IRS). Asking a bankruptcy attorney for assistance involves providing the lawyer with previous tax records. Additionally, a client should tell their bankruptcy attorney about any tax refund check.

Chapter 7 Tax Form

A person filing for Chapter 7 bankruptcy needs to file an individual Form 1040 tax form. A chapter 7 bankruptcy is not viewed as a debt. However, the trustee still needs to file Form 1041 for the bankruptcy estate.

Chapter 11 Tax Form

Filing for chapter 11 bankruptcy means that the filer controls their assets and does not need a trustee. Instead, the filer is the bankruptcy trustee and files an individual Form 1040 and Form 1041.

Chapter 7 and Chapter 11 Bankruptcy Require Two Tax Forms

Although there is a difference as to which person is viewed as the trustee, chapter 7 and chapter 11 bankruptcy filings require submitting Form 1040 and Form 1041. Unfortunately, many people filing for bankruptcy do not know they need to file both tax forms.

Chapter 13 Bankruptcy and Taxes

People filing for chapter 13 bankruptcy still need to file Form 1041. The difference is that chapter 13 filers must give all tax returns to their trustee who then furnishes the tax refund to creditors.

This article was originally published on HenryComteVelasquez.com

Surviving A Windfall

Receiving a financial windfall sounds like a great thing, and it can be. However, many people who receive inheritances, insurance settlements or lucrative bonuses find that the windfalls can slip through their hands quickly. The good news is, there are ways to protect a lump-sum settlement or other financial windfalls.

Experts recommend getting tax advice before finalizing the terms of a settlement. Knowing how much of a tax hit will come with the money means being able to negotiate with a clearer head. Most settlements are subject to federal taxes, if not also state and local ones. Financial advisors are good sources for information about the tax rate for different types of settlements.

The first step anyone should take after receiving a windfall is to pay down bad debts. Everyone agrees on this. High-interest debt like payday loans or credit cards will continue to accrue lots of interest. Spending a settlement, or putting it in a low-interest savings account, means that the pace of the debt will continue to outstrip any earnings. That means that the settlement won’t have a positive impact on someone’s financed that it otherwise could. Occasionally, there are some more nuanced takes on this advice. For example, some student loans carry a very low interest of 1-2%, so people may still make timed payments on those while earning higher interest on an investment. But generally, it’s a better idea to pay debts down and wipe the slate clean.

After a financial windfall, it can be a good time for the recipient to take stock of what’s missing in their life. For example, if someone rents, it can be a good time to invest in a home. If someone is trapped in low-paying work, it may be a good idea to pursue a new career qualification through education. Some people also decide to start their own businesses or invest in their family and friends’ businesses. It’s a good idea to vet these ideas in a clear-headed way with help from a professional. The best investment decisions are made with dollars and cents, not relationships, in mind.

Finally, charitable deductions not only make settlement recipients feel good about giving. They’re also tax-deductible. Charitable donations should be part of any financial plan, too.

This article was originally published on HenryComteVelasquez.net

Leadership Conferences To Check Out In 2020

Career development is essential to active professional and personal growth. If you are interested in exploring new depths, then you should attend a couple of conferences in 2020 that focus on leadership by creating a positive, interactive learning experience. By attending conferences, you will not only be allowed to expand your current network, but you will also gain the opportunity to develop more skills and prioritize your own advancement. From tech to women-focused, there is a wide range of leadership conferences that can add great value to your life.

Women with Wings Leadership Seminar, Portland, Oregon (January 9-12, 2020)

This conference costs $695. Its main focus is on building leadership traits, confidence, and compassion, enabling new and seasoned leaders to strengthen their skills in order to carry out their vision. This women-focused conference has a seminar format, which is structured for a small group. Its women focus helps build rapport among the attendees, allowing them to network among other female professionals from management and IT to community service positions.

MozCon, Seattle, Washington (July 6-8, 2020)

This conference costs between $999 and $1,499. If you own a business, are a content creator or work on a marketing team, you will learn a great deal from these workshops. During the conference, you will learn how to search for terms that your customers use in addition to maximizing your site for mobile use and marketing purposes. Even though this conference is heavy with technology talk, there will also be inspiring speeches with speakers like Orbit Media’s co-founder, Andy Crestondia. Join the conference, and you will find out the best way to scale your business, how to stay relevant and tips on supporting your team to be the best that they can be.

Forbes 30 Under 30 Summit, Detroit, Michigan (October 27-30, 2020)

This conference costs $995. This event takes place every year, providing its attendees with a chance to learn how to become innovative, effective and successful entrepreneurs and business leaders. At the conference, you will participate in interactive sessions, such as the Startup Hub. This event is more than your average conference; it has the feel of a music and food festival with its many offerings. If you are interested in purchasing an executive program, you can enroll but at a higher fee.

This article was originally published on HenryComteVelasquez.org

How Leaders Can Show Appreciation

Workers oftentimes have their contribution taken for granted. It can make employees feel underappreciated or as though their company doesn’t value their efforts. This may translate to a tense work environment or a decrease in worker productivity.

A quit mindset may even persist if employees aren’t feeling appreciated. A simple expression of appreciation to workers can be enough to make their day and even change their lives. A token of gratitude could be as simple as sharing a personal thank you. Employees will see that their hard work is being noticed. Although people have a job to do, they are still human and do benefit from praise so that they can give their best at all times. Here are other ways that leaders can show their appreciation:

Annual Awards

Musicians, entertainers, and athletes all have award ceremonies for doing their job. Why shouldn’t other people be awarded for doing good at their jobs? A leader can create a yearly award ceremony and give away medals, trophies, certificates to workers with upstanding work. Each employee will have their own moment of acknowledgment and feel equally meaningful to their team.

Milestone Celebrations

Leaders can provide gift baskets to their employees for reaching certain milestones. For instance, employees could be treated to dinner or presented a gift card for their achievements. Promotions and successful projects can be celebrated by the team as this will make one feel good about their success and aim to achieve higher goals.

Give High-profile Work

High profile projects can be given to show a leader’s confidence in their employee. By giving someone a more “serious” task, it will communicate to them that their employer trusts in their abilities and talents to complete the task successfully.

Referrals

Leaders can show their appreciation by giving their teammates their “moment to shine” and “set their people up for success”. One can show their employees their appreciation even if employees are relocating. A gesture to display gratitude to employees is to provide them with other job leads and referrals if they are moving away or plan on transferring jobs. This shows employers care more about a person’s success even if it isn’t with their company.

This article was originally published on HenryComteVelasquez.org