Bankruptcy

Storm Preparation: Over Withholding

By Bill McLeod, Esq.

Many people over withhold taxes on their paychecks. In other words, they have more taken out so that come April 15, they will expect a nice refund rather than having to pay more to Uncle Sam. But over withholding can make preparing for a bankruptcy filing a little difficult. First, over withholding is not a good idea to begin with. And secondly, the money you?re withholding (and will ultimately get back) must be considered as part of your monthly income.

Full post as published by McLeod Law Offices on August 06, 2008 (boomark / email).