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A Guide to Getting An Offer In Compromise Accepted


by Staff Writer on February 22, 2019  0 Comment

A Guide to Getting An Offer In Compromise Accepted
If you feel overwhelmed by tax debt, you can take steps to reduce your stress regarding your outstanding tax balance. An offer in compromise (OIC) is a beneficial strategy for tax relief. It requires a lengthy inquiry, extensive documentation, and IRS approval. Our Solvable team can help you contact tax professionals who can guide you through the offer in compromise application process. An offer in compromise can provide taxpayers with peace of mind and some relief from their tax concerns. Ultimately, the IRS has the final say as to whether your compromise will be accepted or rejected, but you can take several steps to ensure your application is complete and increase the chances of your OIC being accepted. Issues with ...

Tax Warrants: Don’t Fear Them, Get the Facts About Them


by Staff Writer on February 22, 2019  0 Comment

Tax Warrants: Don’t Fear Them, Get the Facts About Them
Tax warrants and tax liens aren't something you want to encounter in your financial life, but unfortunately, some taxpayers may face a tax warrant or tax lien. You can take steps to prevent a tax warrant or tax lien. Our team at Solvable is here to help you take control of your debt and help you move toward the financial future you desire. Taxpayers who do not pay their taxes on time can face tax warrants and tax liens. This guide will cover the basics of tax warrants and liens, the effects of tax warrants and liens, tips for how to prevent a tax warrant, alternative options for paying your taxes, and information on how Solvable can help with tax ...

Government Debt Relief Programs


by Staff Writer on February 05, 2019  0 Comment

Government Debt Relief Programs
Although government debt relief programs are rare, you may have some federally-sponsored options if you're struggling with a mortgage or student loan debt. The Home Affordable Refinance Program (HARP) This mortgage relief program was established by the Federal Housing Finance Agency (FHFA) to provide refinancing options for homeowners who have little or no equity in their homes. This program may allow you to access a lower monthly payment or interest rate. You can also shorten the term of your loan to decrease the total interest amount you will pay.  To qualify for HARP, you must: Be current on your monthly mortgage payments Have a mortgage loan that is backed or owned by either Freddie Mac or Fannie Mae Have a ...

Can I Get a Loan to Pay Off Tax Debt?


by Staff Writer on February 05, 2019  0 Comment

Can I Get a Loan to Pay Off Tax Debt?
Every year, many Americans find themselves owing the IRS more than they can afford to pay. Whether you owe back taxes after an audit or miscalculated when making estimated quarterly payments, those in trouble with the IRS often have the same question: Can I get a loan to pay off tax debt? The short answer is yes. Personal loans, in particular, are very versatile and can be used for almost any legitimate purpose. That includes paying your taxes. However, depending on your situation, getting a loan may not be wise or even feasible. To determine whether you can or should get a loan to pay off your tax debt, consider the following questions. How Much Do I Owe? Most personal ...

Debt Management Plans: What You Need to Know


by Staff Writer on February 05, 2019  0 Comment

Debt Management Plans: What You Need to Know
For those with significant debt problems, a debt management plan from a credit counseling agency can be a useful option for improving finances and becoming debt free. However, choosing a poorly run or unprofessional credit counseling agency for a debt management plan can be detrimental to your financial future and credit goals. Find out more about how to consolidate accounts using a debt management plan and how to choose the right agency for your needs. What Is a Debt Management Plan? A debt management plan consists of a payment schedule for you to use to pay off your debts. You agree to deposit funds with your credit counseling agency each month, which they use to pay your creditors. When you've ...

What Happens if You Get Audited by the IRS?


by Staff Writer on February 05, 2019  0 Comment

What Happens if You Get Audited by the IRS?
You can complete most audits by mail, but some require in-person interviews. An IRS tax audit can involve several years of tax returns. Ignoring an IRS audit can lead to substantial charges and penalties. If the idea of getting audited by the Internal Revenue Service (IRS) makes your heart race or your brow sweat, you might be surprised to learn that this process isn't usually as scary as it seems. You can respond to the majority of IRS audits by answering a few simple, straightforward questions. Find out what happens if you get audited by the IRS and how to make the process go as smoothly as possible. You May Have Been Randomly Selected When you receive an audit notice ...

The Pros and Cons of Debt Relief Programs


by Staff Writer on February 05, 2019  0 Comment

The Pros and Cons of Debt Relief Programs
Trying to get out from under debt can be very difficult, especially if you owe a large amount of money. If you're struggling to pay off your debt, and it seems like you're going to have to deal with creditors for the rest of your life, you should consider applying for a debt relief program. With the right program, you may be able to pay off your debt, get creditors off your back, and start enjoying your life again. Here are a few debt relief program pros and cons that you should consider if you're looking for a solution to get rid of your debt once and for all. Debt Relief Program Options When you're looking for a debt relief ...

Should You Pay Off Credit Card Debt with a 401(k) Loan


by Staff Writer on February 05, 2019  0 Comment

Should You Pay Off Credit Card Debt with a 401(k) Loan
If you're struggling to pay off credit card debt, then you're likely looking for any solution possible to get rid of this debt for good. Out of all the different options you could choose to help you pay off your debt, taking out a loan against your retirement plan is a solution that you should be cautious about choosing. While taking out such a loan can certainly help you get rid of your debt, it can also put your future in jeopardy if you're not careful. Here are some of the pros and cons of taking out a 401(k) loan to pay off credit card debt that you should consider before you choose this debt relief option. Do You Have ...

Making a Plan to Pay Off Credit Card Debt


by Staff Writer on February 05, 2019  0 Comment

Making a Plan to Pay Off Credit Card Debt
Living under a cloud of credit card debt can affect every aspect of your life. Whether you're trying to pay off one card or multiple cards, you need a plan in place to help you clear your debt so that you can start planning for your future. Explore the following tips to help you as you plan to pay off credit card debt. Prioritize Your Debt When you're making a plan to pay off your credit card debt, first consider how many cards you're trying to pay off. Obviously, the more cards you're dealing with, the harder clearing your debt will be. Fortunately, you can pay off debts for multiple credit cards as long as you take it one step ...

Florida’s Statute of Limitations for Credit Card Debt


by Staff Writer on February 05, 2019  0 Comment

Florida’s Statute of Limitations for Credit Card Debt
If you live in Florida and are dealing with credit card debt, one of the most important things to understand is exactly how long your creditors have to sue you for your debt. In Florida, as in most states, there's a statute of limitations (SOL) that applies to credit card debt. Once this time period has expired, creditors have a limited number of options to collect your debt, which is why this issue is so important. Here is some key information about the statute of limitations credit card debt in Florida that everyone who is living with debt should understand. Why is there a Statute of Limitations? Before we discuss how long Florida creditors have to pursue you for credit ...

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