Skip to main content

Are there any way of paying down my tax dues and emerging debt free?

Any kind of debt can become a burden on a person’s life, whether credit card debt, auto loan debt or eve n IRS tax debt. The IRS owes tax from everyone and when a person fails to pay the required taxes on time, he gets indebted to the IRS. Such taxes accrue to form a huge amount and you end up drowning in an ocean of tax debt. Most people wonder whether or not there are options to seek tax debt relief just as there are ways to get rid of your credit card debts. Now, both tax debt solutions and credit card debt solutions are almost similar to one another as both options help you eliminate your debt burden. Have a look at some tax debt relief options that you may resort to in order to emerge debt free.

Guaranteed installment agreement option

If your tax debts amount to something less than $10,000 to the IRS, you can easily resort to the guaranteed installment agreement option. Apart from these aforementioned criteria, you also have to make sure that you repay your taxes and file them regularly in the coming years. The Internal Revenue Service will not accept this particular installment options if they see that you’ve been paying through other installment agreement options for the last 5 years.
Streamlined installment agreement

If you choose this particular option, you don’t require filling out 433-F Form that the IRS asks you to fill up in order to analyze your present financial scenario. However, if you want to make payments through this particular option, you cannot owe an amount of debt that is more than $25,000 and you also need to promise them to repay the amount within a period of maximum 60 months.
Partial payment installment agreement

If you don’t get desirable results from the above mentioned installment agreements, you can opt for this option where you can make minimum payments according to your present financial situation. However, the IRS will keep on evaluating your present financial state and change the terms and conditions on this agreement with your changed affordability.

Whichever tax debt solution you choose, make sure you stay true to your words so that you start repaying the amount once you sign up with the IRS. If you still default on the payments even after seeking tax debt relief, the IRS may take some other steps against you. Manage your personal finances to avoid this and live a debt free life.


Popular posts from this blog

Why it’s important to save for retirement

While retirement may seem far off in the distance for some, financial experts say you’re never too young to begin saving.  In fact, the earlier you calculate your retirement needs and start building your nest egg, the easier it will be to create a viable plan for the future. Many experts advise you begin saving a percentage of your income for retirement as soon as possible, no matter how little the contribution may be, as it’s possible the Social Security benefits millions of people currently depend on may be in jeopardy.

Low interest credit cards - how to make them work for you

Credit cards are borrowing instruments, unlike debit cards where you already have the money. Banks are there to make money too. Just like high street stores, they hope to maximise their profits within the rules. So it’s important to understand the basics and find a credit card that’s right for you – you can compare low APR credit cards here . Now you know the rules, let’s find out how to play the game. The financial services industry charges interest on the money that it lends out. Let us assume you borrow £100 on your credit card and keep it for exactly one year before you pay it back. For the purposes of this article, we will assume your loan attracts 8% interest per year, which is the Annual Percentage Rate, or APR for that particular transaction. Practical example

Brief Overview of Credit Card Machines

The world has witnessed so much of modernization eliminating the cash transactions from businesses. These days we have all sorts of online transaction which is popularized by the help of credit card machines. This is a device that can do transactions with a debit card or a credit card. Credit card machines securely transmit funds from one account to another. It is a Point of Sale terminal that can do transaction with a credit / debit card. This machine allows a merchant to insert, swipe, or key in manually the required credit card information and transmit such data to the merchant service provider for consent and then later on the transfer the fund to the merchant. It is used by merchants to directly capture card information instead of manually entering it in card details. Credit card machines are efficient enough to provide the benefit of decreased transaction processing times.

Four Things to Know About the Housing Market in 2021

Due to the Covid-19 pandemic, the increase in the number of people working from home as well as the initial ban on property transactions in the first lockdown, the housing market in the UK was majorly affected. After the first lockdown, the housing market restarted in the UK and was allowed during the second and third lockdown. The government introduced the stamp duty holiday which definitely helped boost the housing market as well as the buyer's confidence, and due to its overwhelming success, this scheme has been extended till July 2021. Even though the demand for homes increased, the average price of property rose in certain areas and government schemes worked like a charm, the housing market was nowhere close to where it was before the pre-Covid era. While no experts can predict with any amount of certainty the future of the housing industry in the UK, here are the four things that you need to know about the housing market in the UK in 2021. Increase in demand for properties in

Peer-to-peer Lending Oprions for Students

Is peer-to-peer lending safe? Going to college is necessary in this day and age if you hope to get a good paying job. However, finding the money to do so isn’t always easy. One method of getting money for college is to take out a student loan from the government. Another is to go a private lending institution, such as a bank or credit union. A third method, and one that is becoming more and more popular, is to get a loan from a private individual. This type of loan is usually called peer-to-peer (P2P) lending. Following are a few options for students who are seeking a peer-to-peer loan. What Is Peer-to-Peer Lending? Peer-to-peer lending is essentially a financial agreement that takes place between individuals. One party, you, borrows money from someone else. It works the same way as a traditional loan because unlike a scholarship, grant, or gift, you will be expected to pay the money back, on time, and with interest tacked on. You and the lender agree on how much will be paid back wit

Responsibilities a Property Management Company Needs to Handle

When you are considering investing in a residential or commercial property, you need to plan a number of things. At such times, getting help from the right professionals may be of immense help. You may consider opting for property management companies for handling the responsibilities. Understanding the tasks, before and after the purchase, these companies handle is necessary before you employ them.

Why comparing ISA rates is a necessity?

Investment is not about the capital you put in an account, it is your ability to judge risk and return trade-off. Unless you weigh your decision carefully you may end up making no profit. Choosing the best ISA provider therefore could be a difficult task. If you are investing in cash ISAs you must have few hundreds of options to test the best. One should compare ISA rates for the bigger return. But who can help you on this? How do you know which Cash ISAs is giving better interest rate? What are the terms and conditions? Who are the account providers? Are these accounts easily accessible? What others are talking about those ISA accounts?  How advantageous cash ISAs could be in terms of risk coverage?