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If you're struggling with debt, one option you may have is debt settlement. When you settle your debt, you convince your creditor to accept a portion of what you owe and forgive the rest.

As part of the changes that came with the passage of the Tax Cuts and Jobs Act (TCJA), congress created a category for “Pass-Through Income” that would be taxed at a lower rate. Congress created this tax break for pass-through income due to the benefits provided to corporate earnings under the TCJA.

First, I will qualify my answer by indicating that anyone reading this response should seek individualized estate planning advice which matches your individual goals and objectives. As a little background on the topic, congress recently worked to pass Tax Cuts and Jobs Act (TCJA) into law a few years ago.

If you are a citizen of the United States (U.S.), then you are required to file a tax return regardless of where you live in the world and regardless of where you have earned your income. For example, let's say person X has been a U.S. citizen all their lives.