Depending on your monetary situation, any financial savings you get from debt relief providers can be thought of revenue and taxable. Credit card companies and others might report settled debt to the IRS, which the IRS considers income, except you are "insolvent." Insolvency is when your whole debts are more than the honest market value of your total property. Talk to a tax professional if are not positive whether or not you qualify for this exception. Download our debt reduction worksheet…