Difference between revisions of "Dealing With Tax Problems: Easy As Pie"

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Revision as of 21:55, 10 November 2024

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Note: The article author is not CPA or tax professional. This article is for general information purposes, and really should not be construed as tax advice. Readers are strongly inspired to consult their tax professional regarding their personal tax situation.

Debt forgiveness, you see, is treated as taxable income. Why? Within a nutshell, if you want to gives you money and website pay it back, it's taxable. Like you have spend taxes on wages from one job. Some of the reason that debt forgiveness is taxable is mainly because otherwise, it create an enormous loophole in the tax discount code. In theory, your boss could "lend" cash every 2 weeks, and at the end of the year just passed they could forgive it and none of it would be taxable.

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