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Stating income for chapter 13?

Submitted by on Thu, 09/18/2008 - 15:31
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When you go to the lawyer for the first time and you have to show your income, is it before or after taxes? I am self employed and have a spread sheet that I made to keep up with my income. I want to look into filing Chapter 13 and I know I need to show, as truthfully as possible, as little extra money as I can. This year I have been unable to afford to pay my quarterly taxes, so I know I will have to pay next year AGAIN. But if I can deduct what I should have paid to taxes, that would help me. Also, I have another part time job but my husband gets that money for our house bills. My self employed money is what I have regularly. Any input will be helpful.
Thanks


We filed Chapter 7, but I would imagine that the information would be gathered in the same way . . .

I also had a spreadsheet which showed our gross self-employment receipts per month. It showed the business expenses per month (cost of goods sold, phone bills, insurance, etc.). Deducting the expenses from the gross receipts gave the net income amount. Based on that net income, I estimated the taxes that would be due, and that was recorded in the paperwork and deducted from the earnings (I don't remember the exact category; it might have been taxes or it might have been other business expenses or something like that).

We also had not paid any estimated taxes this year, but even though we hadn't paid them, we were allowed to count them as an expense (because obviously, like you, we know we WILL have to pay them).


Submitted by alias1958 on Thu, 09/18/2008 - 15:50

alias1958

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