All Forum Posts by: Rebecka Melson

I assume you are talking about an existing tax liability, if this is the case then you can request an Installment Agreement with the IRS.

To protect yourself against future tax liability you need to make quarterly estimated tax payments.

Hi, welcome to the forum!

Welcome to BP! It's a great forum, you'll find lots of information here.

Welcome to the BP!! :clap:

I've heard some good things about this book from multiple sources. I'm looking forward to reading it.

You would not use a 1099-C for this purpose, this form is for financial institutions and gov't agencies.

If you are a cash basis taxpayer, you do not report uncollected rent. Because you do not include it in your income, you cannot deduct it. If you use an accrual method, you report your income when you earn it, therefore you can take a deduction on your tax return.

You do not report the debtor to the IRS on form 1099.

I would suggest going to irs[dot]gov and reading these IRS publications before sending out 1099 forms:

Publication 535
Publication 527
Instructions for 1099A & 1099C

I would include the links, but I'm not able to do so yet.

Thanks for posting this article. You're right there is definitely some fluff, but overall a very helpful article.

I drive a 2003 Suzuki Aerio. I'm not much of a car person. I'd rather spend the money furnishing my house.

OK, now I understand. You have an 800# plus an answering service. It's the answering service saving you time, not the 800#.

It's unclear to me how having an 800# vs a regular # saves time and screens out time wasters. What is the theory here?