Learn Precisely How A Tax Attorney Works: Difference between revisions

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Revision as of 17:40, 9 November 2026


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That said, just because lenders need to send 1099s doesn't suggest that you personally automatically will get hit using a huge government tax bill. Why? In most cases, the borrower is often a corporate entity, and are generally just a personal guarantor. I understand that some lenders only send 1099s to the borrower. The impact of the 1099 on personal situation will vary depending on what kind of entity the borrower is (C-Corp, lanciao S-Corp, LLC, etc). Most CPAs will able to to explain how a 1099 would manifest itself.

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You may just need shell out the taxes you've wouldn't pay earlier. Julie's total exclusion is $94,079. On the American expat tax return she also gets to claim a personal exemption ($3,650) and standard deduction ($5,700). Thus, her taxable income is negative.

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