Category Archives: Taxes

Writing the IRS in Response to Increase in Income due to 1099-C – Five Rules when Replying to the IRS

Writing the IRS in Response to Increase in Income due to 1099-C – Five Rules when Replying to the IRS

As I previously posted about, I learned that, Cancellation of Debt is Taxable Income, when my brother received notice that a creditor he had settled with 2 years ago filed a 1099-C for a deduction for Cancellation of Debt.  Luckily he has a brother who is nice and is willing to do research for him.

Cancellation of Debt May be Taxable Income

Cancellation of Debt May be Taxable Income

I learned a very interesting lesson today that I thought I’d share with everyone.  It is not a new lesson in fact I remember it from Federal Income Tax class but haven’t heard about it in years.  It was years, until my brother grabbed me in between my 8th and 9th beer on the 4th

Tax Mechanics of Intra-Family Loans

This post was inspired by a post titled, “Lending Money to Family and Friends” on a great blog fivecentnickel.   What are the Tax Mechanics of an Intra-Family Loan? Let me say this first: This is not a post about whether one should make loans between family members or friends, as such you may find it

Credits, Deductions, Oh My! Summary of Recent Income Tax Changes

Credits, Deductions, Oh My! Summary of Recent Income Tax Changes

I was doing research on the recent changes in income taxes for one of the planners at my office, and I came across one of the coolest sites summarizing the changes (that is if you can describe any kind of tax stuff as “cool”).   I am only going to highlight those income tax changes in 2008

Meeting my CPA Tomorrow What Should You Bring when Meeting to do Your Taxes

Meeting my CPA Tomorrow What Should You Bring when Meeting to do Your Taxes

Well technically, since I am writing this post-12am on Sunday night/Monday morning it is today, but lets ignore that for now.  Weather permitting (anyone else out there on “the island” getting nailed by snow?), the Wife and I are meeting with our accountant/CPA that was recommended by a co-worker, and I need to figure out

The Government may owe YOU Money – Be careful when doing your 2009 Taxes

While reviewing The Wall Street Journal’s Personal Finance Site, I came across a great article written by Tom Herman titled, “Early Filers Piles on Errors.”  Mr. Herman highlights Most people who got a payment last year won’t qualify for an additional credit on their 2008 return. But millions of people who didn’t get anything, or