Dealing With Tax Problems: Easy As Pie: Difference between revisions
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Revision as of 15:02, 14 September 2026
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Lowering your taxable income cuts down on amount of tax you will pay. I've had clients ask me try to to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) to enhance to do such what. Just like your employer is usually recommended to send a W-2 to you every year, a lender is were required to send 1099 forms to all borrowers that debt pardoned. That said, just because lenders will need to send 1099s does not that you personally automatically will get hit along with a huge goverment tax bill.
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