Sammy The Book Worm

  • Home
  • Accounting
  • Business
    • Economy
  • Money
    • Credit and Debit
    • Investing
  • Loans
  • Insurance

By Jess Esemmens

Know About Credit Card Utility And Your Credit Score

Know About Credit Card Utility And Your Credit Score

Recent times of economic crisis has seen a lot of people struggling with their finances and falling in the debt trap. This is because almost all of them have exposed themselves to several loans which are beyond their capacity to hold looking at their income. The situation led people to live their life from paycheck to paycheck. Any disruption in their salaries saw them striving to meet their expenses. Most of them were found to struggle with their debts and the repayment of the same became a huge burden for them. Such circumstances forced people into gaining knowledge about how their life really gets affected by the loans they take and what are the factors that affect their finances. [Read more…]

Filed Under: Credit and Debit

By Jess Esemmens Leave a Comment

IRS and debt reduction: Tax consequences on your forgiven loans

IRS and debt reduction: Tax consequences on your forgiven loans

The Internal Revenue Service (IRS) can consider a loan that has been written off or settled by your creditors as a taxable income. In other words, you are liable to pay taxes on the forgiven debt amount you owed to your creditors.

How forgiven debts are justified as taxable income

Generally, creditors write off debts after a certain period of time, say for instance, one, two or three years after you’ve defaulted on your loans. It is the creditors who then would stop all sorts of collection activities to get back their loan money, declare them as uncollectible and report about the same as lost income to the IRS. This the creditors do to minimize their tax burden.

[Read more…]

Filed Under: Credit and Debit

Find Us Here

  • Facebook
  • Twitter

IMPORTANT LINKS

  • Accounting
  • Business
  • Credit
  • Credit and Debit
  • Customer Services
  • Debit card
  • Economy
  • Finance
  • Insurance
  • Investing
  • Loans
  • Money

How Can Your Business Be Regulated With Resource Manager Tools?

… [Read More...]

Stylish Office Ideas For 2021

… [Read More...]

Why You Need Business Insurance Software

… [Read More...]

Don't Miss

  • The Best Way To Show Appreciation With Custom Gifts
  • To Lay Off Or Furlough – That Is The Question
  • How To Get Your Office Designed In An Outstanding Manner
  • How To Overcome Cultural Barriers For Doing Business In China?
  • Causes That Propel Your Organization to Apply for ISO 14001
  • Benefits Of Expanding A Business To A Foreign Country

POPULAR POSTS

  • Apply For FHA Home Loan: Check Out The Loan Limits!
  • How Can Your Business Be Regulated With Resource Manager Tools?
  • Ways by Which You Can Take Advantage of Delayed Flights
  • Stylish Office Ideas For 2021
  • Why You Need Business Insurance Software

BREAKING NEWS

According to them, it is uneasy about having a house. You will have many more years before you can save on buying a property. Unless if you can afford not to spend the whole year’s salary to buy a house and lot. But it can’t be possible. Of course, you don’t have to sacrifice not […]

  • Home
  • Accounting
  • Business
  • Money
  • Loans
  • Insurance

Copyright © 2021 Sammy The Bookworm