COVID-19 Service Modifications

Due to the current situation with COVID 19 we understand that many people may not want to come into the office with the unknown of germs, you may be home with your kiddos or you may be called into work (whatever the case may be) we FULLY understand the situations happening SO we are asking that you consider dropping off your documents to us and do not cancel or reschedule. Our accountants will work on your return during your scheduled time and call you to go over everything. With no extension of time announced we want to make sure everyone gets…

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Why is ‘Canceled Debt’ Taxable? (and what you can do about it)

Photo by rawpixel on Unsplash For a lot of people in the US, owning a credit card is a natural thing. So are credit card payments. Unfortunately, it is really easy to fall behind on those payments. If you fall far enough behind, you can negotiate with the credit card company and they may cancel some of the debt you owe. If they cancel some or all of your remaining debt, they will send you a 1099-C form in the mail. Then, when you go to get your taxes done for that year, your tax preparer adds that amount of canceled debt as…

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