| Do I have to pay taxes on any negotiated amount? |
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Once a debt is settled, the amount saved can be reported as income to the IRS. If you are relieved of more than $600 when your debt is settled, the savings may be reported buy your creditor to the IRS as “Discharge of Indebtedness” income. For more information on tax ramifications, please consult a tax preparer, CPA or tax attorney. Or, you may refer to IRS publication 908, “bankruptcy Tax Guide” and IRS Form 982, “Reduction of Tax Attributes Due to Discharge of Indebtedness,” which are available on the IRS website. |
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Benefits of Negotiation
* Avoid the embarrassment of bankruptcy and long term debt consolidation loans.* Reduce your personal, business and medical debt.
* Our clients have saved thousands of dollars with our debt negotiation program.
* One of the quickest and most sensible ways to reduce unsecured debt compared to other debt management options.
* Helps to reduce annoying collection calls.
* Credit Report analysis.
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Financial Quick Tip
| Dress the part. There are clothes to wear to work, to wear to church, and then there are clothes to wear when you shop. You want to be comfortable and you do not want to appear to have money. You can be far more effective if you look like the price you offer is truly all you can afford. |
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*Percentage is a reflection of savings at the time of settlement and illustrate the average amount saved on settled accounts only; savings vary on an individual basis and do not include any service fees. U.S. Financial Management cannot guarantee that a creditor will accept a settlement offer. Time period based on individual circumstances. Results may vary.
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Copyright © 2005 - 2008 US Financial Management, Inc.U.S. Financial Management is a pioneer in the debt settlement industry, helping others like you with debt negotiation since 2005.
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