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2. Debt Consolidation vs. Debt Settlement: Which Is Best for You ...

   www.aol.com/debt-consolidation-vs-debt...

   Debt settlement could cost more in fees and taxes, as settled debt is taxable. Timeframe : Paying off consolidated debt might take several years, depending on your balance. The debt settlement ...

3. Tax debt relief: How to resolve your debt with the IRS

   www.aol.com/finance/tax-debt-relief-resolve-debt...

   Key takeaways. From due date extensions to settlements, the IRS offers several tax debt relief options that can make your bill more manageable. Exploring income-increasing opportunities, borrowing ...

4. Debt relief: Pros and cons - AOL

   www.aol.com/finance/debt-relief-pros-cons...

   Debt consolidation may help you save money on interest, pay down debt faster or both. Cons of debt consolidation The 0 percent APR periods on balance transfer cards don’t last forever and will ...

5. Debt settlement - Wikipedia

   en.wikipedia.org/wiki/Debt_settlement

   Tax consequences — Another common objection to debt settlement is that debtors whose debts are partially canceled outside the bankruptcy system will need to report the canceled portion of the debt as taxable income. (IRS Publication Form 982) The Internal Revenue Service (IRS) considers any amount of forgiven debt as taxable income. Under the ...

6. Charge-off - Wikipedia

   en.wikipedia.org/wiki/Charge-off

   The purpose of making such a declaration is to help support a tax deduction for bad debts under Section 166 of the Internal Revenue Code. In that respect it is a form of write-off. Bad debts and even fraud are simply part of the cost of doing business. The charge-off, though, does not free the debtor of having to pay the debt.

7. Offer in compromise - Wikipedia

   en.wikipedia.org/wiki/Offer_in_compromise

   The Offer in Compromise (OIC) program, in the United States, is an Internal Revenue Service (IRS) program under 26 U.S.C. § 7122, which allows qualified individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt. A taxpayer uses the checklist in the Form 656, OIC package to determine if ...

8. I Went Through a Lawsuit Settlement Recently. How Can I ... - AOL

   www.aol.com/avoid-paying-taxes-lawsuit...

   Contingency fees may be taxable: If your settlement is non-taxable, legal fees won't affect your taxable income. Accident and personal injury cases, like a slip-and-fall or worker's compensation ...

9. These are the best debt relief options — which is ... - AOL

   www.aol.com/finance/different-debt-relief...

   The debt settlement company will tell you to stop paying your creditors to give it negotiation leverage. You can expect your score to take a massive hit when working with a settlement company.