People who need help with paying taxes generally fall into 1 of 2 categories and do not know which way to turn.
1. They are filing now and owe taxes.
2. They owe from a previous year or years.
Since it is tax filing time right now, if you are reading this article, you may have discovered you owe more than you thought you did. If you already owe taxes and are looking for a way to take care of your problem, this article may very well help you.
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IRS Tax Fraud Alerts
Let’s start with what should be obvious, but that is not always the case. There are people looking to take advantage of your situation by offering you help to pay your taxes and not delivering on their promises.
The IRS has a website and a specific web page called Tax Fraud Alerts I was amazed at what I read on this page.
– phishing scams
– abusive tax schemes
– fraudulent tax preparers
– abusive tax shelters
– abusive retirement plans
– tax scams
And much more.
The point is the IRS wants you to be aware of people trying to take advantage of you. They may go to prison, but you are still responsible for anything you sign relating to your taxes.
Some people decide the way to deal with their tax problem is to just not file. Bad idea!
There are always people every year who argue that taxes are not constitutional. This has been tested in the courts many times and the judges always rule on the side of the IRS.
The IRS views it this way. People who do not file pose a threat to the United States and the people who do file. You can end up in jail, so not filing is worse than not paying.
Few Ways If You Need Help With Paying Taxes:
Get A Loan
There are many ads this time of year offering you a loan to pay your taxes.
This can be good or bad depending on the offer and the terms.
How can you get a personal loan to pay taxes?
1. Google it. If you Google “how to get a personal loan to pay taxes” LendingTree.com comes up in position #1 on Google. At least they did when I just Googled it.
There are many loans and loan amounts available to people with good credit. There are even bad credit loans available to people who have some equity they could use to guarantee the loan.
2. Home equity. Do you have a home with equity in it? Get approved for a home equity loan or line of credit.
A line of credit is good because you can access it when you need it. A home equity loan is good for a set amount you can borrow based on the equity in your home.
3. Credit cards. Look at the interest rate on your cards. Chances are they are lower than what the IRS is charging you on any unpaid tax balance.
IRS Tax Relief
The IRS understands people run into financial situations, sometimes beyond their control. Regardless there are a couple of options you have here.
1. Get some help dealing with the IRS.
For many people, the thought of dealing directly with the IRS is enough for them to make bad decisions when it comes to paying their taxes. For this reason, there are companies that will help you with your tax problems and deal directly with the IRS for you.
Of course, they will charge a fee, but that’s what they’re in business for. One company that I’ve seen advertisements for over the years is Tax Tiger.
They are a tax relief law firm out of California. You can expect to pay $3K to $4000 or more for them to represent you with the IRS.
The advantage to a company like it is they send you all the paperwork that needs to be filed with the IRS to try and get some of your tax burden relieved. They’ll file the paperwork and deal directly with the IRS and you may be able to make some or even all of your tax debt go away entirely.
The IRS has a program for first-time filers where your debt is forgiven as long as you promise to stay in compliance in the future. This is great for people who are over $10,000 and would have a hard time paying them back.
2. Tax payment plan.
Another thing you can do is set up a payment plan to pay your taxes.
If уоu оwе $50,000 оr lеѕѕ, nо mаttеr whаt уоur раѕt tax situation wаѕ, you simply nееd tо rеԛuеѕt аn installment аgrееmеnt online and рау thе аррlісаblе fee.
Tax payments tо the IRS аrе ѕubjесt tо fееѕ and interest, so іf уоu сhооѕе thіѕ орtіоn, consider thе penalties and interest thаt wіll bе аddеd tо уоur tаx bill.
All thіngѕ соnѕіdеrеd, expect to pay аn 8% tо 10% APR whеn уоu opt fоr аn іnѕtаllmеnt аgrееmеnt. The big advantage here is you are dealing with your tax problem and taking care of it.
Final Thoughts – Need Help With Paying Taxes?
A payment plan is an agreement between you and the IRS to pay your taxes back under an agreed period of time. Ignoring your tax debt is never the answer.
Whether you access money on your own through a loan or credit card, use a lawyer to help you deal with the IRS, or set up a payment plan directly yourself, understand you have options. Believe it or not, the IRS wants to help you and is actually very easy to work with if you approach them correctly and honestly.
Yes, I was in that position and had to pay thousands of dollars and did not know which way to turn. I try working extra hours and a second job, but facing the possibility of paying them for years which will add more taxes as the years’ approach.
I tried online businesses to earn money but fell into deeper debt. I did not know where to turn so I decided to sell all that I have to make the payment, and I did. I am now in an online business and have the opportunity to work from home, and in a better position than when I was working my 9-to 5 job.
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