How Does Tax Relief Work: Difference between revisions

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Revision as of 03:08, 11 November 2024

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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 ability 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 any or all borrowers that debt forgiven. That said, just because lenders must be present to send 1099s doesn't imply that you personally automatically will get hit with a huge government tax bill. Why? In most cases, the borrower is a corporate entity, and you are just an individual guarantor. I realize that some lenders only send 1099s to the borrower. The impact of the 1099 on personal situation will vary depending exactly what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the option to explain how a 1099 would manifest itself.

If invest in a national muni bond fund your interest income will be free of federal income taxes (but not state income taxes). If you buy a state muni bond fund that owns bonds from your home state this interest income will be "double-tax free" for both federal while stating income fiscal.

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People hate paying taxes. Tax avoidance strategies are entirely legal and should be made good use of. Tax evasion, however, isn't. Make sure you know where the fine lines are.

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