Hiring your children that are under the age of 18 can…
…also make your tax planning easier, as you can get an income tax deduction.
If you buy your parents’ home and rent it back to them…
…you can create a nice tax break.
Insurance, Make Your Retirement Planning More Stable.
On April 28th
There are a few things that you can do to…
This is a Bonus Tip to the “3 Tips To Help You Sit Pretty In Retirement” eBook.
…make your retirement planning more stable!
Over the past few weeks I’ve given you some valuable insight in regards to how the IRS will treat your short sale or foreclosure when you file your income taxes. In case you haven’t read this information, you can download it for FREE from my eBook library. Or simply click “read more” where I’ll give you a summation of my posts on debt forgiveness.
#7 – Filing Your Foreclosure/Short Sale Taxes
On April 7th
This is the seventh tip in our series 7 Things You Should Know About the Tax Consequences of Debt Forgiveness which is also available as a free eBook from your Fort Myers Accounting Firm.
It is possible for you to receive multiple tax forms (1099A & 1099C) in the same year. This is based on a variety of scenarios, depending on how you file your 1040 in the case of foreclosure taxes or short sale taxes.
Now that you are past the 1st quarter of 2011 and your small business tax strategies should be off to a great start…
…it’s time to consider your 2nd quarter tax strategies! Let’s take a look…
This is the sixth tip in our series 7 Things You Should Know About the Tax Consequences of Debt Forgiveness which is also available as a free eBook from your Naples Accounting Firm.
If your home has been foreclosed on by the bank, you will typically receive another one of the 1099 IRS Forms. This one is IRS Form 1099- A and it will come from your lender. This will contain several components of relevant information. You will need the information on Form 1099-A to report the foreclosure properly on your tax return.
Here is some important information to know about a foreclosure as it relates to your taxes:
This is the fifth tip in our series 7 Things You Should Know About the Tax Consequences of Debt Forgiveness which is also available as a free eBook from your Fort Myers Accounting Firm.
The 1099 IRS Forms are used by various entities to report income that they have perceived you have earned.
For example: A bank issues you a credit card. You charge $1,000 and never make payments. After some time, the bank will issue a Form 1099-C to you. They are also reporting the $1,000 as income you have earned, to the IRS.
#4 – IRS Form 982 – Insolvency
On March 17th
This is the fourth tip in our series 7 Things You Should Know About the Tax Consequences of Debt Forgiveness which is also available as a free eBook from your Naples Accounting Firm.
IRS Form 982 generally says that “the amount by which you benefit from the discharge of indebtedness is included in your gross income. However, under certain circumstances described in section 108, you may exclude the amount of discharged indebtedness from your gross income.” The specific instructions are contained in section 108 of the Internal Revenue Code.
#3 – The Emergency Economic Stabilization Act of 2008
On March 10th
This is the third tip in our series 7 Things You Should Know About the Tax Consequences of Debt Forgiveness which is also available as a free eBook from your Fort Myers Accounting Firm.
The Emergency Economic Stabilization Act of 2008, is most commonly referred to as “the bailout” of the U.S. financial system. As most people are aware, it provided up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that were clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit.
However, there were other components of this Act that you, as a taxpayer, should be aware of. Basically, the Emergency Economic Stabilization Act of 2008 focused on these 3 components:
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