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The prospect of a creditor forgiving a portion of debt may seem like cause for celebration for the debtor. Unfortunately, the IRS may also celebrate.

Credit Card Debt

If a credit card carrier accumulates a large amount of debt, a credit card company may be willing to negotiate accepting a lower payment to settle the entire debt. Unfortunately, tax consequences often attach to this form of debt cancellation.

Mortgage Deficiencies

Generally, mortgage deficiency forgiveness does not result in tax consequences. The IRS, under The Mortgage Forgiveness Debt Relief Act of 2007, allows exclusion of up to two million dollars of debt forgiveness on a principal residence. Full Post…

One of the ways that many try to save money is to do it yourself. There are a number of posts around the Internet offering advice on DIY. From DIY home repairs, to DIY health and beauty supplies, to DIY cleaners, there are a number of opportunities for you to save money by taking care of things on your own.

However, its not always best to do it yourself. While you can save money with creativity and elbow grease, doing it yourself isnt always the preferred method of getting things done.

When You Shouldnt DIY

There are times when you really shouldnt DIY. Before you decide to tackle that project, where are some things to consider:

Before you do it yourself, consider the consequences.

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An agreement that could result in substantial principal reductions for some 850,000 underwater homeowners has reportedly been reached among state attorneys general and the nation’s largest mortgage servicers.

The agreement was announced Monday night by Iowa Attorney General Tom Miller, who has been leading the effort by state and federal officials to negotiate a settlement over the improper foreclosure practices that gave rise to the robo-signing scandal. 

Would fund principal write-offs

  The $25 billion settlement would reportedly be used to fund principal reductions averaging $20,000 each for some 850,000 homeowners in financial difficulty. Som Full Post…

I started organizing all of my tax documents, and while I was gathering all of my 1099s, I realized there are several accounts I am no longer using and which I should close. One of those happens to be my SmartyPig account. When SmartyPig burst onto the scene a couple years ago, they promised to revolutionize the savings industry. And in a way, they did. For awhile, anyway.

SmartyPig added a social element to saving, and turned it into something of a game. To top it off, they added some of the best interest rates in the nation (at the time), and the opportunity to save toward a goal at high interest rates, then redeem your money for discounted gift cards, which in effect, would increase your savings even more.

Eventually, the depressed interest rates caught up with SmartyPig, and they had to continually lower their interest rates.

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Robert Miller with the main City and business news as many Asia markets are shut for the Chinese New Year Europe’s bourses hope for a speedy resolution of the terms for an orderly Greek sovereign debt default; the week-end attacks in Nigeria that claimed 200 lives have not yet affected the price of crude oil, despite the fact that the country is Africa’s largest crude exporter; the founder and largest shareholder in EasyJet, Sir Stelios Haji-Ioannou, tells the Sunday Telegraph he will vote against the senior directors’ pay awards and UK dividends hit a record in 2011 and could top £75bn this year.