Hey, what's up everybody? Steven Williams here with The Credit Fair Comms. In today's video, we're going to talk about 1099-Cs and statements of the amount we need to watch out for. Specifically, we'll be discussing predatory lenders, especially mortgage companies, and opportunities to consider investing in. It looks like the tide is about to turn and we'll have the chance to make some heavy investments, at least over the next few years. First, let's start off with the topic of 1099-Cs. I had a question on YouTube about it today, and I've also been hearing about this from some other clients. So, what is it exactly? The 1099-C form is sent by creditors when they decide to forgive a debt. They will send this form to both you and the IRS. The amount listed on the form will be considered as income by the IRS. For example, if you charged $10,000 on your credit card and didn't pay it, and the creditor forgave the debt, they will send you a 1099-C stating that you received $10,000 worth of income from the credit card and that they forgave the debt. However, there's a problem that we're seeing right now. It seems that some creditors are overstating the amounts on the 1099-Cs. One person left a comment on YouTube, stating that they only remembered charging around $3,000, but received a 1099-C for $9,000. They either didn't remember charging that amount or knew they didn't charge up to that amount. A lot of the overstated amount consists of fees, but they are not allowed to include these fees on the form. They should only report the actual amount that you charged. If you find yourself in this situation, you will need to request all the charges from the original creditor and then contact the...
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How to fight a 1099 c Form: What You Should Know
The What Is Form 1099-C, and How Do I Report It? 1099. This one is pretty simple. First off, you'll need to create an account with the IRS. Then, once you are “registered” with the IRS, you can use the form to report canceled debt for federal tax purposes. For more information, including a downloadable form, visit the IRS website. How Do I Get My Taxes Covered? There are some steps you can take to get your federal taxes covered if you are having a creditor foreclose on your home, or if you are a tax attorney. Get Your Tax Issues Covered There are three things to do to get your taxes covered if you are having some type of tax issue or have a lawyer, accountant or other professional trying to help you solve a tax conflict. Register with IRS Now that you are registered with the IRS, you can submit to the IRS for review, correction, or a payment of your taxes. It gets even simpler when you can submit your payment using the IRS Online Payment System. That's right, you can now electronically file your taxes online using our secure online system! Use Payment Options to Pay Taxes Online Most likely, you will not have to pay taxes in person. However, there are some situations where you still have to have someone come out to take your taxes — and many states require that you take them on the spot in person. The following options are available to you if you simply do not want to wait: Pay in person and get your taxes corrected You can make an appointment through the IRS to have your taxes corrected. You will be provided with the amount you owe, and you will be required to make your payment using a certified check, money order, or money order from an agent of the bank or other financial institution doing the refund. If approved, your taxes will be corrected automatically. If it is at least the third time you have to correct your taxes, you must have your taxes corrected within the time that you're allowed. If you do not have the correct amount of taxes on your tax return, your tax return will be held for correction. You may get a refund if you have overpaid, and if you qualify. Note: The IRS can accept cash and certain prepaid credit cards for tax payments. However, these payments are not accepted for the filing of a personal income tax return.
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