Careful! An incorrect 1099 that overstates your income is a problem that can lead to a painful tax audit. What can cause errors? One huge cause of incorrect 1099s is a misunderstanding of what 1099 income really is. Another cause of problems is correcting your 1099 the wrong way. But don’t worry. We’ll clear up the confusion when you read our brand new article titled Tax … [Read more...]
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Get your independent contractor’s tax status right
Do you work with independent contractors? If you do, it’s vitally important to get their tax status right from day one. Why? Because if you get the contractor’s status wrong, and they are considered by the IRS to be “employees,” you could suffer major penalties. That’s why it’s so important to read my latest article titled Tax Tips: Tax Lawyer Is an Employee, Not an … [Read more...]
Bank foreclosure auction
A foreclosure is always a sad event. But did you know that when the bank forecloses on a home, tax law comes into play in some surprising and often beneficial ways… especially this year? The fact is, tax law treats recourse and nonrecourse mortgages in completely different ways. If you want to learn how tax law treats recourse and nonrecourse home mortgages in a foreclosure, … [Read more...]
Income tax on debt relief
If you are personally liable for a debt, and that debt is canceled or forgiven, you must include the canceled debt as taxable income on your income tax return. Will you have to pay taxes on this income? You’ll find answers to this and other important questions when you read my new article titled Tax Tips: Income Tax on Debt Relief. Three ways our fact-filled article can help … [Read more...]