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Revision as of 21:09, 22 September 2024
Negotiating with collectors will definitely help you to get rid of your unsecured debts. This will simply eliminate much less than 50% of your debt that you have and in case you bargained with the creditor for top deal, you might get up to 70% relief. But one very important thing is to remain in mind. If for example the forgiven debt could be more than $600, it will be counted as your taxable income. This can be due to the fact how the amount of money that you save is actually which were supposed to pay. Since you are not paying it, it will be counted as taxable income.
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In our software company there are two for you to build wealth and that is through intellectual property and maintenance paperwork. These two things used together will build transfer pricing a company that could be sold for 2-4X business earnings. Now to foster that investment with leverage, I exploit the "Infinite Banking Concept" to lend money into the business through "my own bank." The money the business pays me comes back as investment income and that means lower tax bill. The new revenue extra maintenance contracts bring foster new contracts. The next step would be use "good debt" to leverage our coverage and get more maintenance contract revenue with our software basis.
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