How can I pay the taxes for the “income” shown on my 1099-C?
The 1099-C form reports cancellation of debt income and can be difficult to understand. But understanding how to pay the taxes associated with this form is essential for any taxpayer.
There are several ways to pay the taxes due on a 1099-C form. The most common way is to pay it directly from your current income tax return, but there are other options available depending on your financial situation. You may be able to spread out the payment over multiple tax years, which will help ease the burden of a large one-time payment. You also have the option of making an estimated tax payment or acquiring an installment agreement through the IRS if you cannot make full payments immediately.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your absolutely free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706