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Showing posts from November, 2020
  Did You Know You Might Owe Taxes On Debt That's Forgiven? Here’s How It Works.   When you owe creditors money that you can't afford to repay, sometimes you may be able to get the debt forgiven or otherwise canceled. When this happens, you no longer owe your creditors the money that you used to owe them.   The IRS, however, usually treats such canceled debt as income that you've received. Income that you could owe taxes on . If you fail to report it or fail to pay your taxes on the cancelled debt, you’ll end up owing penalties and interest and over time, that could be just as big of a hassle as your original debt.   Note : If you have any tax trouble or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of what’s owed. Go back to our home website to learn more about how we can help you.   When Do I Not