Is a Bail Bond Tax Deductible?

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Is a Bail Bond Tax Deductible?

It is only natural to wish that bail money would be something that is deductible on an annual tax return. However, even though technically it is money that is paid to a government entity, it isn’t a “tax” at all. Rather, it is a type of fine and a guarantee that the individual will show up for their assigned court date. So even if the bailiff uses the term “bail tax,” it will not be deductible.

 

What Is The Bail Money For?

 

If you have been arrested and jailed and want to get out of jail to go live at home and spend time not behind jail bars until your court date you can post what is called “bail money” to do so. This money is seen as a guarantee that you will show up for your scheduled court date.

 

Posting Bail Yourself VS Using a Bond Agent

 

If the jailed individual has the money on hand and can pay the full amount themselves, then they can leave and go home as soon as all the bail and release paperwork has been processed.

If you choose to pay cash bail to either get yourself out of jail or a loved one, you will get your money back at the close of the trial as long as the arrested person (be it you or the other person) goes to trial when the judge orders. Also, any additional court-ordered obligations must be fulfilled without error.

Bail bonds are ideal when a person is unable to front all the money for bail himself or herself. Bail bond companies exist to help individuals post bail so they can get out of jail. That person, or someone on their behalf, will pay a 10% fee to the agency, and the rest is easily taken care of through collateral. The fee is not refunded, but collateral is as long as the person who the bail bond is for goes to court when he or she is ordered to.

Bail bonds are generally more affordable than paying the full amount yourself, which is why so many people choose to hire a professional bail agent.

Again, all court-ordered obligations must be met and you must go to trial when you are expected. The main thing you will want to remember is that the 10% you paid is not refunded to you.

 

This is a general article for example purposes.  As always, please contact us at 979-821-2663 regarding your specific case.

By | 2017-02-01T19:12:13+00:00 February 1st, 2017|Categories: Bail Bond FAQ, Bail Bonds|0 Comments

About the Author:

Gage Gandy Bail Bonds has been in business since 1996. The founder and owner Gage Gandy is a graduate of Texas A&M University and a life long native of Bryan-College Station. Gage has years of experience in helping families with bailing their loved ones out of jail very fast. He takes his bail bonds business very seriously, and it is without a doubt one of the biggest priorities in his life.

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