It is that time again in a year when tax relief firms besiege our radios and TVs with promises of settling your past taxes for pennies on the dollar. You may even know some of the popular jingles. But are these services really helping or just a lot of fluff?

Tax abatement refers to the reduction of amounts people or firms are obligated to pay in terms of federal, state or local taxes. This decrease may be seen through reduced tax bills, refunds or even reduction of penalties in case it emerges that there was less taxable income than expected.

If you are required by law to file an annual tax return, then the Schedule 1 tax form is a mandatory part of it. This form is used for recording such income and adjustments that have not been reported under the basic 1040 Form. Although this document may not be necessary for many taxpayers, they should be familiar with situations when it becomes important.

Credit card debt is a huge concern in America, with an average of $5,700 owed by the typical American which increases each month due to interest. Fortunately, merging this debt into a personal loan at a lower interest rate can give one a way out toward financial independence.