Tax Consequences of Debt Relief Services

Part 5 of How to Choose a Credit Counselor. Depending on your financial condition, the amount of any savings you obtain from debt relief services can be considered income and taxable. Credit card companies and others may report settled debt to the IRS, and the IRS considers it income, unless you are “insolvent.” You are […]


Debt Settlement Programs

Part 4 of How to Choose a Credit Counselor. Debt settlement differs greatly from credit counseling and Debt Management Plans. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why the FTC and many states have laws or rules […]


Factsheet: Low-Income Housing Tax Credit Program

What is the Low-Income Housing Tax Credit program? The Low-Income Housing Tax Credit (LIHTC) program was established by the Tax Reform Act of 1986 (Internal Revenue Code Section 42) to create market incentives for the acquisition and development or rehabilitation of affordable rental housing.  During the last two decades, this program has become an important […]