Tax Rates Reflect Way Of Life: Difference between revisions
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Revision as of 10:23, 7 January 2025
One more week until Tax Night out. Have you filed yours yet? I haven't (probably should get on that, actually), any time I read in USA Today that roughly 47% of Americans won't even need to worry about paying federal income taxes, I start to wonder if I would even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what is the point if half the damn country isn't going fork out up and leave scot-free?
In previously mentioned scenario, you just saved $7,500, but the government considers it income. Generally if the amount has concluded $600, after that your creditor has to send you' form 1099-C. How could it be income? The internal revenue service considers "debt forgiveness" as income. So how can you obtain out of skyrocketing your taxable income base by $7,500 that settlement?
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