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Dawn Allot is a full-time freelance writer and content marketing expert specializing in finance, real estate, and technology. In addition to her work at Solvable.com, Dawn regularly writes for The Motley Fool’s Millionacres website, LoopNet, and Bankrate.
With more than 20 years editorial experience, her work has appeared on prestigious sites that include Forbes, LendingTree, Money.com, and the award-winning Chase News & Stories website. A former trade magazine editor, Dawn specializes in taking complex topics like taxes and technology and simplifying them for today’s internet readers. She lives on Long Island with her husband, two kids, two cats, and two lizards.
In late December 2020, Congress and the president approved a $900 billion COVID-19 relief program, which included a second round of funding under the Paycheck Protection Program. First passed last spring, the original round of PPP funding included more than 5 million loans, each for an average of approximately $100,729. The total loans added up to more than $525 billion when the first round of funding closed in August.PPP loans are partially or fully forgivable, depending on the organization’s income and what the money was used for. As of November 22, 2020, the SBA received more than 595,000 loan forgiveness applications worth a total of $83 billion. Of that money, $38 billion was forgiven.
Who Received PPP Loans?
The gig economy, which encompasses freelancers, self-employed individuals, and solo entrepreneurs, is growing three times faster than traditional jobs. In 2018, freelancers contributed $1.28 trillion to the U.S. economy – and 35% of that was from self-employed women. From content writers to Etsy sellers and even direct sales representatives, independent contractors and freelancers make up a growing percentage of the workforce.One key to keeping a freelance business running is having the right bookkeeping software to send invoices, track income, and understand what income and expenses to report on your taxes.Self-employment and freelancer taxes aren’t easy. That’s why we recommend hiring one of the best tax preparation companies to help you.But you can make their jobs easier, and ...
If you don’t have exceptionally complex tax returns, but the thought of doing math to file your taxes makes you cringe, tax software provides a low-cost, convenient solution. Additionally, using one of the best tax software platforms makes it easy to e-file without navigating the IRS website. Many tax preparation companies, including the biggest in the country like H&R Block, offer online tax software solutions for customers who prefer to do it themselves. We looked at some of the top-rated tax software programs to help you find the best for your needs. We evaluated their prices, offerings, options, ease-of-use, and customer service availability from a tax professional if you need a helping hand.
H&R Block, a leader in ...
If you have a complex tax return, many deductions, or receive 1099s forms as an independent contractor, you may want to enlist the help of a tax prep company for filing your taxes.Companies like H&R Block, Liberty Tax Service, Jackson Hewitt, and PWC offer tax prep services for anyone. We researched tax prep services to compare their offerings. Keep reading to see our reviews of the top four tax prep services in the U.S.
Choosing the Best Tax Prep Companies: The Solvable Process
We evaluated consumer reviews, the services offered, the companies’ overall reputation, certifications and education required for the tax preparers, pricing, availability, special programs like rapid refund services, and each company’s longevity to compare the top tax ...
Case study reports are not necessarily representative of typical results that consumers may achieve. Individual results vary based on circumstances. Please read the important disclaimer at the end of this document.
Making the right phone call turned Nick’s life and finances around
“You’ve gotta help me! “They’re threatening to take my whole paycheck! I’m a truck driver and I can’t afford to pay them all that money right now!”With these words – and one very smart phone call – Nick set himself on a path that would preserve his livelihood and settle his tax debt.It was the evening of March 14, 2014. A night Nick will remember forever. He shut his P.O. box, hands trembling with anger and ...
An LT11 form is a final warning from the IRS that they can issue a levy against your assets and file a Notice of Federal Tax Lien against your property if you don’t pay your tax debt.
Chances are, you’ve received several IRS notices before the LT11 notice lands in your hands.
If you cannot pay your delinquent tax debt, do not ignore the notices; contact a tax professional to assist you with tax debt relief.Unpaid tax debt is no joke and it’s not something you want to ignore. If you don’t respond to the IRS by paying your tax bill or calling to negotiate a payment plan when you receive your first tax bills for unpaid taxes, the ...
If you miss a payment on your IRS installment agreement, you’ll receive form CP523 – Intent to Levy & Intent to Terminate Your Installment agreement.
It’s important to address this notice by making a payment by the deadline printed on the letter, usually within 30 days from when you received the letter.
If you can’t make the payment, contact the IRS. You may be able to negotiate to have your installment agreement reinstated to avoid further collections action.The IRS often provides installment agreements or payment plans for taxpayers in arrears. You can pay off your tax debt in manageable monthly payments, based on your income and expenses.But sometimes, financial difficulties arise and you can’t make the monthly payment ...
A CP501 Standard IRS Bill is the first notice of unpaid tax debt.
It's essential to pay your bill by the due date listed on the CP501, otherwise your tax debt will continue accruing interest and penalties and you’ll receive a CP502 Balance Due Reminder.
If you can’t afford to pay your bill by the due date, contact a tax professional to help you negotiate a viable payment plan with the IRS. If you have a federal tax bill you have forgotten to pay, you owe taxes that you can’t afford to pay, or you have unpaid federal taxes for any reason, you may receive a CP501 – Standard IRS Bill (1st Notice). The IRS usually sends these bills ...
The IRS has a specific process if they are trying to collect unpaid tax debt from business owners or individual taxpayers. The CP504 – Intent to Levy State Tax Refund or Other Property should be the fourth notice you receive regarding delinquent taxes.Before you receive a CP504 notice, the IRS will send a:CP501 – IRS Standard Tax Bill (First Notice)
CP502 – Balance Due Reminder Notice
CP503 – Second Reminder About Unpaid TaxesThe IRS delivers all correspondence via registered mail with a signature required.If you somehow missed all these notices, decided to ignore them, or just don’t have the money to pay your tax debt and are now in a panic, don’t worry. Yes, a CP504 ...
If you have unpaid federal taxes and you did not respond to IRS notice CP501, your first notice about past due taxes, you will receive CP503 – Second Reminder About Unpaid Taxes.
To avoid further IRS action, you should take care of the CP503 within 10 days.
If you can’t pay your delinquent taxes, consider consulting a tax professional to negotiate a payment plan or reduce your tax debt.What is IRS Notice CP503?
If you receive a CP503 – Second Reminder About Unpaid Taxes from the IRS, it’s imperative you address the tax bill immediately.A CP503 is a letter the IRS sends via certified mail to inform you that you have an unpaid tax debt. The year from ...
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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Solvable is compensated by some of the companies seen on our website. Most often, Solvable receives fees when one of our readers clicks, fills out a form, applies for, or receives a financial product from one of our partners. We also earn fees for capturing consumer stories and writing about them, displaying advertising, having our partners sponsor certain parts of the site, and writing content that may be relevant to our partner and their audience. This compensation may impact where products appear on this site, including article pages, comparison listings, the order in which they appear or if they will even appear on a given page, and our matching recommendations. Solvable has not written about, reviewed, or rated all financial products available to consumers.
In addition, we may be compensated in the following ways:
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Marketing tax resolution, tax preparation, tax audit help and general tax assistance.
Referrals to services that help consumers with tax resolution, tax preparation, tax audit help and other tax issues.
We do recommend that you shop around and compare services and costs with other companies while performing your own due diligence, especially since people’s experiences with companies can change over time.
Free Solvable Services
The offers that you are matched up with are from companies or attorneys/law firms that we may receive compensation from. Based on our initial review of such companies or individuals, we feel comfortable introducing them to our readers. We won’t recommend something just because we’re offered payment to endorse or promote it. However, we do recommend that you shop around and compare services and costs with other companies while performing you own due diligence, especially since people’s experiences with companies can change over time.
We are not attorneys and we don’t provide legal advice. As always, we encourage you to do your homework and check out individuals and companies before you hire them. If you are already working with an attorney, we urge you to ask them your questions. After all, they will be familiar with your situation and the laws in your state.
We hope that you find Solvable helpful in your efforts to get a fresh start.
Personal Loans Advertiser Disclosure
The Personal Loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all Personal Loan companies or all types of offers available in the marketplace.
Personal Loan Providers determine the underwriting criteria necessary for approval. You should review each Provider’s terms and conditions to determine which loan works best for you and your own personal financial situation. All reasonable efforts are made to provide and maintain accurate information. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Provider’s or affiliates discretion. There is never a guarantee you will be approved for credit or that upon approval you will qualify for the advertised rates, fees, or terms that were shown.
Be sure to speak with your representative about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask up front about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $35,000 may be available through participating lenders or affiliates; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. In some cases, lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Ask your representative for details.
Credit Card Advertiser Disclosure
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Credit Card Providers determine the underwriting criteria necessary for approval. You should review each Provider’s terms and conditions to determine which card works for you and your personal financial situation. Information is provided by the Credit Card Providers and is not a guarantee of approval.
All credit card rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Provider’s discretion. All reasonable efforts are made to provide and maintain accurate information. There is no guarantee you will be approved for credit or that upon approval you will qualify for the advertised rates, fees, or terms shown.
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Business Loans Advertiser Disclosure
Business Loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all Business Loan companies or all types of offers available in the marketplace.
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.
Most of our Business Funding Partners or affiliates, do not require collateral for business loans; however, please note that it is possible to be offered another product by the lender depending on your needs and if the underwriting requirements dictate the same. Traditional bank and SBA loans generally are known for collateral requirements.
There is no one-size fits all business loan. Rather there are several types that will likely be offered and or discussed with you upon completing your request. Business Funding Partners determine the underwriting criteria necessary for approval, you should review each Partner’s terms and conditions to determine which business funding option works for your business’s financial situation. All reasonable efforts are made to provide and maintain accurate information. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Partner’s discretion. There is never a guarantee your business will be approved for credit or that upon approval your business will qualify for the advertised rates, fees, or terms shown. Lender terms and conditions will apply and all products may not be available in all states. Ask your loan representative for details.
Student Loan Refinancing Advertiser Disclosure
Student loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all student loan companies or all types of offers available in the marketplace.
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.