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Tax debt relief is a legitimate need, but the industry is rife with scams that prey on vulnerable taxpayers. Identifying the warning signs of a scam can help protect against financial harm.
In 2023, a TikTokker named Angela went viral for her efforts to get debt-free. On May 3, Angela achieved her goal, paying off over $30,000 in debt on her salary as a baker. What started as a "no ...
Debt settlement, sometimes called debt relief, is a strategy in which you and a creditor agree to settle the amount on your card or loan for less than the amount you owe. To make this work, you ...
The Mortgage Forgiveness Debt Relief Act of 2007 was introduced in the United States Congress on September 25, 2007, and signed into law by President George W. Bush on December 20, 2007. This act offers relief to homeowners who would have owed taxes on forgiven mortgage debt after facing foreclosure. The act extends such relief for three years ...
The three have applied for the city’s 12-year multifamily tax exemption, which calls for 20 percent of the units to be affordable at 70 percent of Pierce County area median income ($49,882 for a ...
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
While millions of Americans owe the IRS money in back taxes, some unfortunately owe a lot more than others. Take this 33-year-old California man, for example.