You might need to report the canceled amount as income on your tax return if you could get a debt write-off or forgiveness. You should know what to expect so you don't end up with...
Posted by Jim McClaflin, EA, NTPI Fellow on 09/20/2021
While one can avoid many things in life, tax payment is not one of them. Millions of Americans owe Uncle Sam their taxes, while others are slammed with penalties every year. However,...
Posted by Income Taxes and Bookkeeping LLC on 09/10/2021
Divorce comes with a series of surging emotions and the last thing on people’s mind, most times is finances. However, you will make several decisions that might directly or indirectly...
Posted by Karen Munoz, EA on 09/09/2021
Including Forgiven Debts With Income Almost everyone who gets a debt forgiven will get a Form 1099-C (Cancellation of Debt) from the lender, which reveals the amount of debt cancelled....
Posted by Income Taxes and Bookkeeping LLC on 09/03/2021
Winning the lottery is a two-way thing. While receiving a massive sum of money might solve your entire financial problems, you might be faced with new opportunities that could leave...
Posted by Tiffany Gaskin on 08/24/2021
These are probably two words you want to see in the same sentence: Bankruptcy and tax returns. Some people panic at the idea of filing tax returns for bankruptcy, but it doesn’t...
Posted by KLSM CPA Firm PLLC on 08/15/2021
Uncle Sam will not come against you with its host if you file your tax after the tax day. However, you can reduce your penalty by getting it right and avoiding errors, especially when...
Posted by Tiffany Gaskin on 08/06/2021
Bankruptcy may make sense if you cannot pay off your debts by covering retirement, food, and shelter obligations.Bankruptcy is definitely not the end of the world. It could be good...
Posted by Income Taxes and Bookkeeping LLC on 07/31/2021
Forgiveness of debts, also known as debt cancellation, is a relief to anyone who has been in debt. But what happens afterward with the taxes? When your debt is canceled or forgiven,...
Posted by CORE PERFORMANCE on 07/31/2021
