The Tax Implications of Debt Settlement and Why Chances Are You Shouldnt Care
(The author of this article is not a tax attorney, CPA, or enrolled agent, and this is not to be considered tax advice. If you need tax advice, you should consult someone who is certified in this arena.
Did you hear about Bill Gates? He decided to give away all his shares of Microsoft and start working at a car wash in Seattle. When Larry King asked him why he decided to do it, Gates admitted that he was losing too much money on the taxes. You see—by making $7 an hour, he would be in the lowest tax bracket, and if he could manage to make less than $19,000 a year, then he would not have to pay any taxes at all! Back when he was making a $1 billion annually, he was left with $500 million after taxes every year. So Gates thinks he can make more money this way.
As preposterous as the above example sounds, its exactly the same logic employed by consumers who fear the tax implications of debt settlement. For one, most people enrolled in debt negotiation programs dont have to pay taxes on their savings as is (more on this later). Secondly, why in the world would it ever...
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