Posts under ‘settle tax debt’

Hello,
I owe about $19000 on a credit card, but I have never been late or missed a payment. The bank recently changed the minimum payment from 2% to 5% and that will make it hard for me to meet the minimum payment. My credit score is in the low 700’s
I called the bank and complained [...]

No. Unlike a bankruptcy or credit card charge off, an Offer in Compromise does not get reported to the credit reporting agencies. An Offer in Compromise will not negatively affect your credit score. However, ignoring the problem will cause the IRS to file a notice of federal Tax Lien, with your county recorder, which WILL [...]

Get the Facts:
–Key Housing Provisions in the American Recovery and Reinvestment Act
–How Illinois residents can benefit from this legislation
Learn more about the $8,000 first-time homebuyer tax credit
and FHA loan limits in Illinois and energy-efficient housing tax credits available.
Duration : 0:7:9

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I have about $5000 in credit card debt (between 4 cards). How do I go about settling with each debtor for a % of the total amount owed on each card. Since it is tax time I just want to get rid of this debt and start fresh. Would settling bring up my credit score [...]

if i have settled a $1500 credit card debt directly with the bank for only $454.79, what is the purpose of having me fill out a IRS tax form 1099-c? and how will this negatively or positively affect my taxes and/or credit?
(i owed $1500, they said i could pay $454.79 and i will be forgiven [...]

Do you have unpaid UK tax bills, is the tax man knocking on your door and you don.t know where to turn, if so then take a look at this video
Duration : 0:3:6

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Technorati Tags: advice, debt, [...]

The IRS wants to tax me on 4000 of a 10000 debt I settled for 6000 in 2004. If so, how about I add up my monthly car payments and subtract that from my earned income.
Because that option is not available in the IRS codes.
However, any deduction that you consider legitimate based on your personal [...]

I owe $5500 to the IRS from a 2005 return. I did an Offer in Compromise for this debt to find out that they will take my tax return for the next 5 years until it is paid in full. What is the point in settling a debt if they are going to [...]

I settled a debt in July of 2007 but didn’t receive a 1099C until today (02/02/2009) for tax year 2008. Shouldn’t the 1099C have been filed for tax year 2007 since the settlement occurred in July of 2007? What should I do?
Your best bet here it to consult a tax professional, but you [...]

This year I paid a LARGE sum of money to settle a state tax debt for controlled substance tax. Is there any way to deduct that payment to the Department of Revenue on my income taxes?
How large is large? State taxes can be deductible if you itemize your deductions on your federal return. [...]