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Alexandra Tapp is the managing editor of an equine media company. She has worked in the publishing industry for more than 10 years and enjoys freelance writing and editing in her spare time. After graduating from Duke University with a degree in English, she settled in Lexington, Kentucky, where she currently resides with her husband, two English labs, and one Thoroughbred.
Debt consolidation involves taking out a loan that covers all your outstanding debts, paying them off, and then repaying that loan in the form of a single monthly payment.
You can consolidate just about any debt with this process, including most tax debt owed to the IRS.
The IRS offers its own options for tax debt repayment, including the offer in compromise debt relief program and installment plans, but not all taxpayers will qualify for these options.Debt consolidation is an option that can help you get your financial situation back on track, especially if you have multiple creditors trying to collect payment. One question that often comes up when looking into debt consolidation is whether you can consolidate the ...
If you qualify, you can get a personal loan to pay off your tax debt, but weigh the pros and cons of doing so first.
When getting a loan, compare interest rates among several lenders, and pay attention to fees and requirements before making your decision.
Other tax relief options include using a credit card, using a home equity line of credit, getting an offer in compromise, or paying it off in installments.When faced with a tax bill you can't afford, things can seem bleak. Tax debt isn't something you want to fall into. And if you don't pay off your taxes in a timely manner, the Internal Revenue Service (IRS) isn't very forgiving. Fortunately, you have options — one ...
All employers must fill out and submit Form 941 on a quarterly basis to report the federal income tax, Social Security tax, and Medicare tax they've withheld from their staff's paychecks.
Failure to pay employment taxes can result in the government placing a lien on your business, which can have serious repercussions for your company's credit, finances, and assets.
To release a tax lien on your business, you must pay all taxes owed, either in one lump sum or with the assistance of a discharge, withdrawal, or subordination.As a business owner, you're responsible for collecting payroll taxes from your employees using Form 941 and paying those taxes to the government. Failing to do so can result in the Internal ...
If you do not pay your taxes, the federal government can put a tax lien against your property that gives it legal rights to your assets over other creditors.
If you receive a call from the IRS claiming or threatening to put a lien on your property if you don't pay your taxes, it might be a scam that's reportable to the Treasury Inspector General for Tax Administration and the Federal Trade Commission.
If you do have tax debt, only trust communication from the IRS through the proper avenues, and work to pay off the amount owed as soon as possible.Getting a phone call from the Internal Revenue Service (IRS) can be concerning, particularly if it's regarding unpaid taxes ...
If you live or work in California and do not pay your state taxes on time and in full, the state can place a lien against your property or business, claiming legal rights to it until you've paid your debt.
Options for having a lien against you lifted, depending on the circumstances, include paying your tax debt entirely, paying in monthly installments, applying for an offer in compromise, or appealing the lien.
It's important to take care of liens as soon as possible to avoid paying more in the long run, damaging your credit, having your possessions seized, having your bank account frozen, or getting your wages withheld.California residents who do not pay their state taxes on time can ...
If you have unpaid state taxes in California, the state can issue a tax lien, which is a legal claim to your property to ensure you pay your tax debt.
It's important to have a California state tax lien removed to prevent your credit from suffering, allow you to sell or refinance your property, and ensure that you can get funding in the future.
Ways to remove a California state tax lien include playing your entire tax debt plus fees in one lump sum, setting up a monthly payment plan, applying for an offer in compromise, or proving the lien was filed in error.The state of California takes tax debt seriously. If you live or work in California and ...
If you're applying for an offer in compromise due to doubt as to collectibility or effective tax administration, you'll need to submit Form 433-A to the IRS.
Offer in compromise Form 433-A is an eight-page worksheet comprised of 10 sections and lots of documentation to prove your financial status.
You might want to hire a tax professional to help you complete the offer in compromise Form 433-A correctly for the best chance at getting approved.If you cannot pay off your tax debt for legitimate reasons, the Internal Revenue Service (IRS) might allow you to settle for less than the full amount. This is called an offer in compromise. While the end result is advantageous for those needing help paying ...
The IRS has stringent rules and requirements for qualifying for an offer in compromise, which allows taxpayers to pay less taxes than they owe.
In determining whether you are eligible for an offer in compromise, the IRS will calculate your reasonable collection potential or the amount it can legitimately expect you to pay in taxes.
You must adhere to offer in compromise regulations and make the agreed-upon payments properly so as not to default on your offer.Individuals who owe more in taxes than they can realistically afford to pay have several tax debt relief options available to them. One of those is an offer in compromise, in which the Internal Revenue Service (IRS) agrees to allow the taxpayer to ...
You can lower your tax debt by qualifying for an offer in compromise but must adhere to strict requirements to avoid default.
Understand that you won't receive any tax refund for the period during which the IRS is considering your offer, as well as in the following year
If you're not going to receive a few years' worth of tax refunds, plan accordingly by adjusting your budget, withholdings, deductions, and investments as needed.You've submitted an offer in compromise to the Internal Revenue Service (IRS), and it's been accepted. This means the IRS has agreed that you cannot reasonably pay off your entire tax debt and that it's in both your and their best interest to let you pay a ...
You might be able to pay fewer taxes than you owe through an offer in compromise with the IRS.
You might be eligible for an offer in compromise if you can prove there's a mistake on your taxes, you cannot feasibly pay the full amount you owe, or paying off the full amount would cause you significant financial hardship.
An offer in compromise attorney can help you through the process by properly handling all the necessary paperwork, communicating with the IRS, reducing the time and stress placed on you, and giving you guidance and peace of mind. Do you owe tax debt? Don't panic. The Internal Revenue Service (IRS) has options for individuals struggling to pay off their full ...
Solvable is a for-profit company that helps customers resolve their tax problems, but a free service for consumers. Partners cannot pay us to guarantee favorable editorial reviews or ratings. We do not publish favorable (or unfavorable) editorial reviews or assessments at the direction of an advertiser or partner. We always work to put consumers first and do our best to provide value in meaningful ways, but our reviews are subjective.
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We hope that you find Solvable helpful in your efforts to get a fresh start.
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Business Loans are those loans that are for commercial use and any property and/or proceeds from the proposed request will be used by the requestor for commercial purpose only and not for any personal, family or household purposes.
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Potential savings may vary based on the interest rates, balances and remaining repayment term of the loans you are seeking to refinance. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower. Variable rate options will fluctuate over the term of your loan with changes in the LIBOR (or other index utilized by the lender) rate, and will vary based on applicable terms and presence of a cosigner. Fixed interest rates may be based on applicable terms and presence of a co-signer. Additional terms and conditions, and rates are subject to change at any time without notice and may not be available in all states or for all types of current student loans. Such changes should only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Lenders are required to provide every potential borrower with disclosure information before they apply for a private student loan. The Lender you select is required to provide you with an Application Disclosure and an Approval Disclosure within the application process before you accept the terms and conditions of your loan. solvable is not a lender or creditor, it does not offer, extend or alter credit terms. Only participating lenders can perform the full application and deliver the required disclosures, please ask your lender about rates, terms, fees, and potential discounts that may be available for each product.
Certain federal and private student loans may not be eligible for consolidation/refinance.
Certain consolidation/refinance plans may result in higher monthly payments or negative consequences (i.e. prepayment penalties).
Consolidation/refinance may lead to other negative results, such as loss of grace periods.
Loans in default generally cannot be consolidated until completion of a repayment trial plan so tell your lender if you are in default and determine relevant options (be wary of those asking for upfront fees as well)
Other options or programs may fit your needs (i.e. personal loan, debt consolidation and/or debt relief). Consult your financial and/or tax advisor prior to making any decisions.
Solvable is not a creditor as it does not offer, extend or alter credit; rather it is an online market lead generator that allows consumers to shop and compare rates, terms and costs associated with financial products such as mortgages, auto loans, personal loans, student loans, etc. solvable does not originate or fund any product it markets; rather it has a network of lenders or Partners/affiliates. You may choose to speak with one or more of these lenders or Partners/affiliates to determine what your actual terms and savings may be. Only a lender can provide you with a formal application for credit, your inquiry form here is merely an expression of interest and/or intent to obtain credit or assistance. You must discuss your actual credit situation and fill out the lender’s required documents prior to obtaining an extension of credit. Network lenders may not have the best or the lowest rates so you are encouraged to continue to shop and compare additional lenders, credit unions, local financial institutions, etc. to ensure you are truly getting your best deal for your situation.
You should contact your tax professional or other financial advisor to determine if you can actually realize savings by refinancing when it can extend the life of your current loan. You should ask the lender about all terms, rates, fees and costs associated with each product and if you will realize a net tangible benefit from the same. All initial estimated savings is done by trying to calculate what your rate may be; however, solvable does not have that information and cannot guarantee potential savings or that lenders will approve you for such product that would warrant those savings. Rates are not guaranteed and change daily. Lenders/Brokers/Dealers/Partners that perform the actual underwriting will have to determine if you meet their underwriting criteria which is unknown to solvable at the time of matching/offer/quote delivery. All amounts are estimates and examples only and do not represent an actual offer.