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Revision as of 17:45, 25 July 2026


One more week until Tax Daytime. Have you filed yours yet? I haven't (probably should get on that, actually), upkeep I read in USA Today that roughly 47% of Americans won't even have to worry about paying federal income taxes, I start to wonder if I will even bother. Oh sure, there's the threat of prison time for tax evasion, but really, exactly what is the point if half the damn country isn't going to pay up and leave scot-free?

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I've had clients ask me to to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) has the strength to do such a thing. Just like your employer is required to send a W-2 to you every year, a lender is instructed to send 1099 forms to every one of borrowers have got debt forgiven. That said, just because lenders must be present to send 1099s doesn't mean that you personally automatically will get hit by using a huge government tax bill. Why? In most cases, the borrower is really a corporate entity, and you might be just an individual guarantor. I know that some lenders only send 1099s to the borrower. The impact of the 1099 to your personal situation will vary depending on kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will able to to explain how a 1099 would manifest itself.

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If acquire a national muni bond fund your interest income will be free of federal taxation's (but not state income taxes). Prone to buy a state muni bond fund that owns bonds from home state this interest income will be "double-tax free" for both federal and state income irs.

Copyright 2010 by RioneX IP Group LLC. All rights shy. This material may be freely copied and distributed subject to inclusion of this copyright notice, author information and all of the hyperlinks are kept still in effect.

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