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Revision as of 10:36, 22 August 2026
Not too long ago, this concept was the brainchild of a group under investigation from IRS and named in a Congressional Testimony detailing the kinds of fraud relating to taxes and teaching people how to reduce their taxes through beginning a home based business. Today, this group has merged with the MLM company that sells paid legal health insurance policies on an almost door to door basis. This article explains how they get their foot in the door to sway someone who is on a gate about joining their organization by when using the "Reduce Your W2 Taxes Immediately" plan, and what the government will do to those kontol who use these schemes to avoid taxation.
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In the above scenario, you just saved $7,500, but the internal revenue service considers it income. If for example the amount is now over $600, then this creditor should send a form 1099-C. How is it income? The government considers "debt forgiveness" as income. Exactly how can you out of increasing your taxable income base by $7,500 this particular particular settlement?
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