Pursuing certain types of credit card debt relief could have a big impact on your taxes. Here's what you need to know.

The process of negotiating with the IRS to pay less on your tax debt can be tricky — but these strategies can help.

If your debt becomes unmanageable, you may benefit from working with a debt relief or debt settlement company. These firms reach out to lenders and collections agencies on your behalf and try to ...

See how expert tax resolution strategies provide life-changing relief for individuals facing overwhelming IRS debt. IRVINE, CA / ACCESS Newswire ...

so you may not know about the tax issue. If you used a debt settlement company to negotiate the balance, it should inform you that the forgiven amount will be considered taxable income.

How Clear Start Tax Resolved Conrad's IRS Debt IRVINE, CA / ACCESS Newswire / April 2, 2025 / Facing a mounting tax burden and an IRS wage garnishment, Conrad Mendosa turned to Clear Start Tax for ...

While debt settlement companies can negotiate with your creditors, though, most don't work with tax debt. Tax relief companies will sit down with the IRS or your state revenue department to reduce ...

While debt settlement does affect your credit, for those who are already behind on their payments and struggling to manage their finances, it could provide invaluable relief. If successful, you could ...

Use your settlement money to pay off credit card and other debts first. Budget any remaining funds for savings, retirement or ...

Debt settlement companies will include their fees ... You should also factor in these possible expenses: Taxes: You may owe income taxes on the forgiven balances. Legal fees: Creditors can sue ...

Edward William Rennick III settled a Federal Trade Commission lawsuit in 2016. If he's convicted of wire fraud now, he could ...

Often, that includes paying off debt, which can improve your credit ... but said that punitive damages and interest on settlements are taxable as income. Payments for emotional distress or ...