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Tuesday, July 8, 2008

About Taxes: Dealing with Debt and Taxes

About.com   Taxes
In the Spotlight | More Topics |
  from William Perez
During the summer, I often work with clients who are struggling to pay off taxes they owe the IRS. There's several strategies for handling the IRS, including asking for more time to come up with the tax money, setting up a payment plan, or even trying to settle for less than what is owed. There's similar strategies for handling non-tax debts as well.

 
In the Spotlight
Taxes on Forgiven Debts
You might be on the hook for paying taxes if a lender cancels or forgives your debt. There's three ways to turn forgiven debts into a non-taxable event. This will make gathering your financial records and figuring your tax an important step in any debt management strategy.

 
         More Topics
Managing Tax Debts
There's five basic ways to deal with taxes owed to the IRS or a state tax department. One of the easiest ways is to set up a monthly payment plan. But there are other options too, including asking for extra time to come up with the balance owed.

 
Get out of Debt Guide
Debts of all kinds can create financial stress. Jeremy Vohwinkle, About.com's Guide to Financial Planning, offers tips for managing your credit and making a plan to get out of debt.
- About Financial Planning Guide Jeremy Vohwinkle
 
 
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