Tax season is here. As we are all looking for ways for get the biggest refund possible here’s one deduction that may help. Fees paid for debt settlement services are tax deductible starting this year, 2013. The decision came from a 2012 United States Tax Court Case.
In the case, the petitioner wanted to write off fees paid to a debt settlement company whose services resulted in the successful reduction of credit card debt. The court found that because the debt settlement company’s efforts directly resulted in a $6,753 reduction of debt, their fees of $2,343 qualified as a miscellaneous itemized deduction.
If you are in debt contact a qualified debt settlement attorney. A qualified debt settlement attorney can successfully negotiate large reductions in the balance of a debt. In addition, their fees are now tax deductible further helping consumers get out of debt faster. It’s a win-win situation.
Latest posts by Kevin Fallon McCarthy (see all)
- Private Student Loan Debt Affect Holiday Shopping - November 30, 2017
- Problems With Debt Settlement Companies: Freedom Debt Relief - November 21, 2017
- Sticking to a Budget Doesn’t Have to Be Hard - June 27, 2017