The one video on tax credits you've all been waiting for! September 22, 2023

roll of those of you who have canceled debt, deaths that you have forgiven and you've done your 1099Cs and even if you've done a 1099-A and have not completed the 1099-C, you can now complete the 1099-C. after you do this remember the canceled debt for you is an automatic credit, how do you report this on your taxes? simple, you have to create a trust, if you already have a trust you transfer the taxes and the form of credits to the trust making the trust a special purpose vehicle for handling such a transaction. no it constitutes a capital gains for the trust, but because the funds were never materialize it also constitute a net operating loss. documenting the net operating loss will offset any taxes that are old on the amount. it doesn't cancel it out because they're both constituted as negatives when you're filing the taxes. tax credits are always written as a negative not as a positive and your net operating losses are written as a negative. you document this correctly and you will be able to document your tax credits correctly. you really must understand, your net operating losses are your best friends and using the schedule c along with the 1040 will help you to maintain your business position. however if you're going to use the trust itself then you're going to be using the 1041 and the same principles apply. this is a general synopsis of what is being done, you will be required to do the research, we will not do it for you .

also we discuss in this presentation how we will be providing tax documents for individuals for their particular financial situation as part of our program referencing tax credits. because there will be other features involved and not just the tax credits, this program will be roughly 1500 to $2,200 for individuals to have this documented. we will be creating the special purpose vehicle for the individuals i.e: a specific trust, in which to park the credits and also creating a bond specifically designed to hold the credits. we will explain briefly what is to be done with this however, you will be required to do your research in advance prior to us providing such a service .

those who have arbitration awards that they were never able to collect on, the arbitration award itself is a gain, but the fact that the moneys were never received respecting the arbitration award allows the award to operate as a net operating loss for which you simply do it 1099C. The net operating loss and the credits are both negatives on the tax filing because they were funds never materialized. so the income for the business will be negative, and when you write the credits, the credits receive this income will be positive thus it will offset any taxes that are owed, again you will have to do the research to understand how this works or talk to a tax professional. we will be providing a service where we will do this for individuals, but again that will occur sometime in December. technically just in time for tax season.