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 […]

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 […]

Identify and Avoid Stimulus Act Scams

With talk of stimulus plans ruling the news, it is no surprise a new round of stimulus scams are afoot. Here’s how it goes: An email, online ad, or website says you’re eligible to get an economic stimulus payment. You just have to send back a form or submit one online to get it. The […]