Know Your Money
Forbes aimed these tips at millennials, but we think they are worth a read across generations. Thanks in part to the growing on-demand and online elements of the economy, more folks than ever are getting their side hustle on and collecting 1099s.
Regardless of your forms, we hope this article lends some fresh perspective for a bigger refund, a new job… or a better accountant.
If you loan money to a friend and they don’t repay you, that may be deductible as ‘bad debt’ expense, assuming you attempted to collect. This also works in reverse, you may have to recognize income on your tax return when debt you owed is canceled in your favor.
If tax time is truly a nightmare and you’re seeking financial wellness year-round, here’s a tool that might be worth the investment: Dave Ramsey’s Financial Peace University Audio Library (Financial Peace University)