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S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone who is in a high tax bracket to a person who is within a lower tax group. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't have any other taxable income. Normally, the other body's either your spouse or common-law spouse, but it can also be your children.

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Unfortunately, no lender (including the SBA) to enhance to do such an issue. Just like your employer is needed to send a W-2 to you every year, a lender is instructed to send 1099 forms to any or all borrowers in which have debt understood. That said, just because lenders are anticipated to send 1099s does not imply that you personally automatically will get hit using a huge goverment tax bill.

Why? In most cases, the borrower is a corporate entity, and tend to be just a personal guarantor.