Can filing a bankruptcy petition write off your back taxes? If you are asking that question, you’ve come to the right place. The short answer is “yes”. But there’s obviously more to it than that, otherwise every Tom, Dick and Harry would file for bankruptcy just to avoid paying back taxes. The fact is, personal income taxes are the only tax debts that may be discharged in bankruptcy. Tax debt from unpaid payroll taxes and federal excise taxes or "trust" taxes that are collected by employers on behalf of the IRS cannot be discharged.

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The IRS has many ways to collect taxes from you if you do not pay up. One of these methods is through asset or property seizure, also known as a tax levy. According to the Inland Revenue Code, the IRS can seize your property to pay off your tax debts without going to court. The IR Code gives the IRS the authority to issue a levy that "includes the power of distraint and seizure by any means". But what assets or properties can the IRS levy? And are there any that the IRS cannot seize?

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Yesterday, I mentioned a few legal tax havens. Of course, I’m not telling you names of countries where you can stash your cash overseas to avoid paying taxes. That would not be legal. I’m telling you about legal tax havens right here in the United States. These are ways to save on your taxes the legal way, without opening an offshore bank account. So here’s what we covered yesterday:

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Since Fathers’ Day is around the corner, I want to give you some good news (especially if you’re a tax-paying dad). I will share with you some IRS-approved legal tax havens. You never thought ‘legal tax haven’ and ‘IRS’ could be said with the same breath, did you? See? I told you this is good news. In fact, not only are these tax havens legal (for a change) they are open to almost every taxpayer to easily take advantage of. Here are the legal tax havens.

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The most famous (or infamous) Ponzi scheme in recent years was the Bernard Madoff scandal where Madoff lost an estimated $65 billion in investor funds. But there are hundreds of other less known Ponzi schemes that continue to victimize innocent taxpayers just looking for investment opportunities. If you have lost money on a Ponzi scheme, there’s something you should know. You can enjoy some tax breaks to lessen your tax liability. The IRS states that you can write off your losses as ordinary losses instead of capital losses.

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