3 Aspects Taxes For Online Businesspeople: Difference between revisions

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Revision as of 13:23, 31 October 2024

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I've had clients ask me to attempt to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is able to do such one thing. Just like your employer ought to be required to send a W-2 to you every year, a lender is needs to send 1099 forms to all or any borrowers who've debt forgiven. That said, just because lenders are anticipated to send 1099s does not that you personally automatically will get hit having a huge goverment tax bill. Why? In most cases, the borrower is a corporate entity, and you are just a personal guarantor. I realize that some lenders only send 1099s to the borrower. The impact of the 1099 pertaining to your personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the option to let you know that a 1099 would manifest itself.

The great part could be the county is receiving their tax money give us with roads, fire and police departments, et cetera. Whether they use domestic or foreign investor dollars, most of us win!

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