(Calm down, it’s just while you’re getting out of debt!) We know saying no to yourself is hard. But getting out of debt takes some sacrifice—there’s no way around it. Get creative and look for ways to save
Tax debt can quickly get out of hand if you put off dealing with it. If you fail to pay on time, the IRS will tack on penalties and interest to your outstanding balance. The monthly interest is equal to the federal short-term rate plus 3%.1The monthly penalty for not paying on time...
Adebt management planallows you to pay your unsecured debts — typically credit cards — in full, but often at a reduced interest rate or with fees waived. You make a single payment each month to a credit counseling agency, which distributes it among your creditors. Credit counselors ...
You may have denied yourself simple pleasures while waiting for that award to come through. Now that you have it, it’s time to ease up after paying off all that debt, right? To some degree, yes. However, it’s important to take a long view on your financial picture. If your budget...
If you plan to hire employees, you need an EIN for your business. Also known as aFederal Tax IDnumber, your unique EIN identifies your business with the IRS. If you don't have one, you will need toapply for one, Opens overlaythrough the IRS before doing payroll yourself. ...
How to File a Tax Extension If you need extra time to file your tax return, you can request an extension to avoid hefty penalties. Jessica WalrackApril 11, 2025 How Much Is the Average Tax Refund? The IRS has issued more than 61 million tax refunds so far in 2025. Here’s t...
Be up-to-date in your tax returns Have already paid off most of your state taxes and late fees Benefits of an IRS Tax Settlement Tax debt forgiveness is incredible news for many people who have fallen into financial hardship. Better yet, the IRS usually freezes penalties and interest once ...
How to File a Tax Extension If you need extra time to file your tax return, you can request an extension to avoid hefty penalties. Jessica WalrackApril 11, 2025 How Much Is the Average Tax Refund? The IRS has issued more than 61 million tax refunds so far in 2025. Here...
isn’t necessarily the smartest debt solution, however. If you don’thave great credit, you may be looking at interest rates that are higher than what the IRS will offer you. In most cases, it’s better to deal with the government directly versus creating a debt to pay off another one...
First, use the IRS's Tax Withholding Estimator tool to get an idea of whether you need to make changes in the first place. The tool will ask questions about your filing status, income sources, current tax situation and deductions you're planning to take. To fill out the questions accuratel...