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, ...

Survey: Respondents Feel Debt Is Manageable and Able To Be Paid Off


by Joel Anderson, GOBankingRates on March 17, 2020  0 Comment

Survey: Respondents Feel Debt Is Manageable and Able To Be Paid Off
Being in debt usually means many of your payments go toward paying interest and potentially a less than ideal credit score. We’ve all heard statistics that people collectively have $13.2 trillion in debt, as of 2018. Statistics like these make it seem like people have large amounts of debt that they cannot manage or pay off. However, what many might not realize is that debt is far more manageable than it may seem. According to a survey conducted by GOBankingRates, the majority, at 59.16%, of all respondents felt they would be out of debt in five years or less – a reasonable amount of time. Additionally, the same survey reveals that the majority of respondents went into debt due to ...

Are You Experiencing Difficulty Claiming Dependents with the IRS?


by Mitchell Agnew on February 28, 2020  0 Comment

Are You Experiencing Difficulty Claiming Dependents with the IRS?
I recently received a call from a woman who received a letter from the IRS stating that she was not allowed to claim her two boys as dependents. Even worse, the letter she received also stated that she was now responsible for a tax liability amount of over $3,600. She was floored because she couldn’t understand why the IRS would argue this. The boys lived with her, and she had been claiming them since they were born. She had always gotten a refund and this had never been an issue in the past. Frustrated and looking for answers, she stated she called the IRS. After waiting on hold for an hour, she heard a message stating that due to the ...

See How One Self-Employed Worker Settled $39,378 in IRS Tax Debt


by Dawn Allcot on February 27, 2020  0 Comment

See How One Self-Employed Worker Settled $39,378 in IRS Tax Debt
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 ...

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 ...

How This Guy Stopped IRS Collection and Resolved $8,597 in IRS Tax Debt


by Dawn Allcot on December 04, 2019  0 Comment

How This Guy Stopped IRS Collection and Resolved $8,597 in IRS Tax Debt
If you work full time as a W-2 employee and file your taxes by April 15 every year as you’re supposed to, you probably never expect any trouble from the IRS. You pay your tax bill on time. Or maybe you even get a refund. Statistics say nearly 70 % of Americans did in 2019. Just like one Arizona resident, Guy. Guy had always gotten a modest tax refund. As a single male, he declared 0 dependents on his W-4 so the IRS would take out the maximum withholding taxes. “When my friends asked why I don’t declare '1' to take home more of my paycheck, I told them I didn’t want to owe at the end of the year,” ...

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