Tax Attorney In Oregon Or Washington; Does Your Corporation Have Some: Difference between revisions
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Revision as of 15:32, 21 September 2024
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Debt forgiveness, you see, is treated as taxable income. Why? In a nutshell, an individual gives serious cash and take a look . pay it back, it's taxable. Relates to have to fund taxes on wages coming from a job. System of the reason that debt forgiveness is taxable is they otherwise, it create a large loophole in the tax laws. In theory, your boss could "lend" you money every 2 weeks, perhaps the end of the year just passed they could forgive it and none of it taxable.
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