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7 Tax Forms That Can Accidentally Increase Your Tax Bill

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The upcoming blizzard of little 1099 tax forms (which report various sources of "income" to the IRS) brings two key dangers:

1. Losing one that contains key information that needs to go on your tax return, and

2. Thinking you have to include every dime reported on the 1099s to the IRS. Lots of the dollars reported on 1099s are tax-free.

The IRS gets a copy of every 1099 information return, so it's important to get this right. Set up a file right now to collect the forms as they arrive in the mail. And, read on to protect yourself from accidentally increasing your tax bill by being misled by a member of the 1099 family.

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