Tax

When Is Cancelled Debt Considered Income?

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When Is Cancelled Debt Considered Income?

If you owe money to someone and are unable to pay, your creditor may cancel, or forgive, the money you owe. In many instances, the Internal Revenue Service treats this cancelled debt as taxable income. In fact, if the value of the debt is $600 or more, you will receive Form 1099-C from the creditor. […]

Tax

When Can I Deduct Business Expenses

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When Can I Deduct Business Expenses

For business owners, the question of tax write-off is usually a murky and confusing one. Depending on what proportion income your business brings in, there are potentially thousands or many dollars in savings if you recognize which deductions to require . However, you do not want to require deductions that are not allowed because you […]