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Latest revision as of 01:03, 2 April 2025

One more week until Tax Day. Have you filed yours yet? I haven't (probably should get on that, actually), also using the 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 would 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 log off scot-free?

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I've had clients ask me try to to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) has the strength to do such one thing. Just like your employer is to send a W-2 to you every year, a lender is required to send 1099 forms to any or all borrowers who've debt pardoned. That said, just because lenders will be required to send 1099s does not that you personally automatically will get hit using a huge tax bill. Why? In most cases, the borrower is really a corporate entity, and tend to be just a personal guarantor. I realize that some lenders only send 1099s to the borrower. The impact of the 1099 on your personal situation will vary depending on kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be capable of to explain how a 1099 would manifest itself.

My personal choice I believe has been given herein. An S Corporation pays the smallest amount of amount of taxes. In addition, forming an S Corp in Nevada avoids any state income tax as it not enjoy life. If you want more information, feel free to contact me via my website.