When it comes to debt negotiation, many people think they only have the option of working with credit card companies.  However, even the IRS is willing to go through debt negotiation with you!  Just like any other creditor, the IRS would prefer to get something rather than nothing.  And, if you show good faith in  … Read more

If you are finding yourself bogged down in tax debt, and are beginning to consider what debt negotiation options are available to you as you deal with the IRS, you need to know about the IRS new expansions in the “Fresh Start” initiative.  According to a recent press release, the initiative will “help struggling taxpayers  … Read more

Tax season is over, which means one of two things. You either received a tax refund check or you owe the IRS. Owing the IRS is more common than you might think, and not being prepared for that additional cost is also becoming more commonplace. The trouble with tax debt is that people are often  … Read more

Debt is tricky business, especially when tax time rolls around. Did you know that you might be liable for taxes on debts that were written off? Did you know that if someone owes you a debt it may be eligible to become a deduction? These are two very important aspects during tax season that could  … Read more

In 2007, the Mortgage Debt Forgiveness Relief Act was implemented allowing for homeowners to exempt forgiven debts from being taxable as income. This bill is set to expire at the end of 2012, which could pose some problems for future homeowners. However, there are a few ways to ensure that the possible expiration of the  … Read more

Anytime a debt is forgiven by a creditor, the IRS requires a 1099-C form. This form reports the amount of cancelled debt and generally implements the debtor in also claiming this amount as income on their tax return. Whether the debt is cancelled due to credit negotiations or a short sale, many debtors have found  … Read more

When working manage your debts, there are cases in which a lender may forgive certain debts. This is common in credit negotiations, mortgage loan modifications and short sales; whereby a lender may waive delinquency fees or deficiency balances associated with a loan. When this happens the debtor is relieved of their financial obligation over these  … Read more

So you owe the IRS money, no big deal right? Wrong. Owing back taxes to the IRS can be serious business that can land you in some steep consequences if the debts go unpaid for too long. However, just because you are dealing with the IRS does  not mean the experience has to be scary.  … Read more

One way people accumulate additional tax debts is by not claiming tax deductions and exemptions. While failing to claim these tax benefits won’t leave you with a large tax burden, it definitely costs you more than you would normally owe. With many of us facing other financial pressures, why not take advantage of any extra  … Read more

Managing tax debts is not easy. Just the act of getting a hold of an IRS agent in person is a challenge in itself. However, contacting the IRS directly to resolve your tax debts can be your best tool for managing unpaid taxes.     Be Polite The old saying “you can more flies with  … Read more