Solvable COVID-19 Study: How Effective Was Federal Aid During Coronavirus?


by Sonali Patel on September 09, 2020  0 Comment

Solvable COVID-19 Study: How Effective Was Federal Aid During Coronavirus?
Solvable, in collaboration with GOBankingRates, surveyed 1,229 Americans on their experience receiving government aid during COVID-19. The survey was broken down by employment type, and the makeup of responses is representative of the U.S. population, with responses from small business owners (14%), freelancers (10%), W-2 workers (65%) and retirees (11%). The results of the Solvable COVID-19 Study show that federal aid funds significantly helped people during the crisis. In fact, 83% of small business owners felt that federal funding was necessary to help them get through this time. More highlights from the study: Seventy-two percent of small businesses applied for help and of that, 77% received the requested funding. Fifty-four percent of freelancers applied for federal programs and of that, ...

What Profession Owes the Most Back Taxes?


by Sonali Patel on August 17, 2020  0 Comment

What Profession Owes the Most Back Taxes?
While U.S. credit card debt and student loans tend to garner publicity, tax debt continues to be a massive problem that is overlooked. Although the Internal Revenue Service (IRS) collects more than $3 trillion annually in taxes, penalties, interest and fees, approximately 16.4% of all federal taxes owed go unpaid. That may not sound like a high percentage. But it equates to $441 billion in lost revenue for the IRS. The IRS calls this the “average gross tax gap.” Factoring in late payments and successful collection efforts, the net tax gap, or total tax debt owed, drops to $381 billion. So, who owes all these taxes? Our latest State by State Tax Debt Industry Report reveals some eye-opening truths. Taxpayers ...

Solvable’s Debt-Free Scholarship


by Sonali Patel on July 27, 2020  0 Comment

In 2019, Solvable launched the Solvable Debt-Free Scholarship, to help the next generation of taxpayers start their journey of financial independence and freedom. To apply, students had to write an essay about what personal financial freedom meant to them, and received over 450 applications from students all over the country! Our team of essay readers were blown away by the  Some wrote about budgeting, some about investing and some about how their financial struggles growing up have led them to prioritize and pursue financial independence. After a lot of contemplation, one entry stood out as exemplifying the values of Solvable - taking charge of your financial situation and helping others to do the same. The winner of the 2019 Scholarship ...

What is IRS Form 8949?


by Sonali Patel on April 08, 2020  0 Comment

What is IRS Form 8949?
IRS Form 8949 is used to report capital gains and losses. This form is for use by individuals, corporations, partnerships. Form 8949 is used in conjunction with Schedule D on 1040 forms. If you purchased or sold any assets with capital value (think stocks, businesses, artwork, property etc.) you must report these transactions to the IRS on your federal tax return via IRS Form 8949 - Sales and Other Dispositions of Capital Assets. Use this form to report both short-term and long-term transactions. Separate your capital gains and losses according to how long you held or owned the property. The holding period for short-term gains or losses is usually 1 year or less. Short-term holdings are reported on Part 1 ...

COVID-19: Solvable’s Guide for Business Owners & Independent Contractors


by Sonali Patel on March 25, 2020  0 Comment

COVID-19: Solvable’s Guide for Business Owners & Independent Contractors
We will be updating this page weekly with new information and resources to help freelancers & business owners get through this time. Check back for more information or reach out to us if you have a specific question.   You Can Get Support in Time of COVID-19 Nearly everyone is facing some sort of hardship during the COVID-19 pandemic. Those on the front lines, such as healthcare workers, may be quarantined from their families to avoid transmitting the virus. Small businesses have closed. Independent contractors have lost anchor clients. Entire industries have shut down. The government has stepped in with a financial aid package, the Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2 trillion package is designed to help ...

COVID-19: Solvable’s Guide for Taxpayers


by Sonali Patel on March 25, 2020  0 Comment

COVID-19: Solvable’s Guide for Taxpayers
We will be updating this page daily with new information and resources to help you through this time. Check back for more information or reach out to us if you have a specific question.  You Can Get Support in Time of COVID-19 Nearly everyone is facing some sort of hardship during the COVID-19 pandemic. Those on the front lines, such as healthcare workers, may be quarantined from their families to avoid transmitting the virus. Small businesses have closed. Independent contractors have lost anchor clients. Entire industries have shut down. The government has stepped in with a financial aid package, the Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2 trillion package is designed to help small and large businesses, ...

Jen’s Paid off $42,000 of Overall Debt – And She’s Still Going!


by Sonali Patel on January 23, 2020  0 Comment

Jen’s Paid off $42,000 of Overall Debt – And She’s Still Going!
https://www.youtube.com/watch?v=xjvL15vfvu4 At FinCon19 we spoke to Jen from The Budget Bounce about her experience paying off her debt. Here's what she shared - We have paid off $42,000 so far, to the end of August.  We paid off medical bills, we paid off auto loans, we paid off a few credit cards and in there, partial payments to a family loan, back child support. We have not paid anything on student loans yet, that is coming next year.  We really were forced into it. We are the statistic of the family that had a lot of income but was not managing any of it. We did not have a budget for 9 years, and we were slowly moving towards the ...

How Bernadette Crushed $300,000 of Student Loan & Mortgage Debt


by Sonali Patel on January 23, 2020  0 Comment

How Bernadette Crushed $300,000 of Student Loan & Mortgage Debt
https://www.youtube.com/watch?v=QWmSXer7wCg Bernadette Joy of Crush This Debt sat down with Solvable to share her debt-free journey. Here's how she crushed $300,000 of debt - My husband and I have paid $300,000 in debt in 3 years. It was made up of a lot of stupid decisions. But if you’re asking money wise, it was $75,000 of student loans, when I decided to go back and get my MBA, and not one, but two, mortgages because I thought I was going to be the next HGTV star.  Something I needed to get over was creating a new mindset around money. I actually grew up in a household with a father who was an accountant, a mother who was an accountant and ...

Wendy Valencia Paid off $200,000 of Debt – Find Out How!


by Sonali Patel on January 23, 2020  0 Comment

Wendy Valencia Paid off $200,000 of Debt – Find Out How!
https://www.youtube.com/watch?v=cqmtwOE-L44 Wendy Valencia took the time to speak with Solvable at FinCon19 about how she crushed her $200,000 in debt. Find out her strategies - To date we've paid over $200,000 worth of debt. My husband and I were never really behind on our debt, or anything but having that much debt really complicated our lives. We weren’t able to do the things we really wanted to do. We lived in the Washington DC suburbs and we wanted to buy a house and they’re over a million dollars in this area. We couldn’t do it because all of our money was tied in paying this bill or that bill so we decided it was time to just cut it off ...

How ‘Extravagantly Broke’ Paid off $150,000 of Debt


by Sonali Patel on January 22, 2020  0 Comment

How ‘Extravagantly Broke’ Paid off $150,000 of Debt
https://www.youtube.com/watch?v=TT1RnNdrDoE We spoke with Deshena Woodward of Extravagantly Broke at FinCon19 about her debt-free journey. Here's what she shared: I paid off my home, I paid off all my vehicles. I would sat in total, cause it’s been a series of a few years in total probably at least $150,000.00 dollars. I've had tax debt where I owed at least $5,000, which is not as much as some people, but it hurt me at the time because I was only working part - time. My husband worked, but we had a small kid and so I didn’t work a whole lot and then, all of a sudden we get hit with this tax bill out of nowhere on my already ...