Tag Archives: tax relief

Your Canceled Debt Could Be Taxable

canceled debtGenerally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your financial institution or credit union. Form 1099-C shows the amount of canceled or forgiven debt that was reported to the IRS. Creditors who forgive $600 or more of debt are required to issue this form. Continue reading

When Disaster Strikes

disaster city, apocalyptic scenery, illustration digital paintingSpecial tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. With hurricanes, floods, and other natural disasters impacting so many homeowners and businesses throughout the US this year, here is some useful information about disaster-related tax relief that taxpayers should know about: Continue reading