How To Handle With Tax Preparation: Difference between revisions
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Latest revision as of 10:47, 3 March 2025
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If you add a C-Corporation into the business structure you can reduce your taxable income and therefore be qualified for some of those deductions for which your current income is too high. Remember, a C-Corporation is its very own individual individual.
I've had clients ask me to try to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is actually able to do such anything. Just like your employer ought to be required to send a W-2 to you every year, a lender is were required to send 1099 forms to all or any borrowers have got debt pardoned. That said, just because lenders needed to send 1099s does not imply that you personally automatically will get hit having a huge tax bill. Why? In most cases, the borrower is really a corporate entity, and the just a personal guarantor. I understand that some lenders only send 1099s to the borrower. Effect of the 1099 in the personal situation will vary depending precisely what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be able to let you know that a 1099 would manifest itself.
The increased foreign earned income exclusion, increased tax bracket income levels, and continuation of Bush era lower tax rates are excellent news for all your American expats. Tax rules for expats are complex. Get the a specialist you have a need to file your return correctly and minimize your U.S. tax.