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Grant Tax Services

 For you, your family, your business! 

The "not so" fine print

Our tax tips are just that... Tips.  They're not intended as legal or tax advice but simply some things to think about before certain key decisions are made that could effect your tax liability.

If you need any advice about any of the tips mentioned on this page or for any other tax matters then please feel free to get in touch with us.

Debt Cancellation

Thinking about cancelling debt?  

Debt cancellation can be a good vehicle to sort out your finances but just be aware that the IRS treats certain types of cancelled debt as taxable income.

For example, if you decide to cancel $9000 of debt you could end up owing taxes not only on your normal taxable income but also on the amount of cancelled debt.

So before you go through the process, speak to a tax advisor to get an idea of what your tax liability could be for the following tax season.