“So, it's pretty crazy. Look, we're bailing out Wall Street, we're bailing out banks, we're bailing out car companies. In fact, did you know there's a special box on your tax form this year you can check if you want a portion of your taxes to actually go to running the government?” IfsKnowsWantYearsLooksFactsGovernmentRunningFormCompanyCrazyStreetsSpecialCarWallTaxesBoxesChecksPortionsDid You KnowBailing Out Author:Jay Leno
“Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.” PeopleIfsKnowsWayLooksSometimesAmountProveTaxesResponsibleDebtSettlingGoodsAssetsPortionsForgivenLiabilityIrsGoods And Services Author:Jean Chatzky