An IRS tax settlement, called an offer in compromise, allows a taxpayer to pay a reduced amount of tax in either a lump sum (all at once) or short-term installments. To qualify for this agreement, taxpayers must prove to the IRS that they truly cannot afford their originally owed amount ...
Whether you hire a professional to help with your tax debt depends on your level of competency in this area. If it’s not part of your acumen or you don’t have time to research in-depth to become competent, I recommend hiring a professional. Even if you are competent in this area, ...
How Debt Affects Your Mental Health and Ways to Cope: Paying off debt can be a long-term endeavor if you have steep high-interest balances. But it’s important to keep things in perspective and take care of your health. What Is Auto Loan Refinancing?: Understand how refinancing your auto...
This book will also cover a variety of methods for reducing the amount of tax you will pay and contributing to ensuring that you get a refund from theIRSinstead of having to make up the difference because your automatic deductions were insufficient. Finally, this book will look at the (relati...
An installment loan is a debt that gives you funds all at once that are paid off in monthly amounts, called installments, over a set period. Installment loan payments usually include interest charges that are charged over the life of the loan and may be higher for borrowers with less-than...
Like S Corporations and LLCs, a C Corporation protects the owner(s) of the company from incurring personal debt due to business losses or liabilities. This is the only type of business that pays a corporate tax rate, which is 21% of the net profit for federal taxes, along with ...
Whether secured or unsecured, personal loans are generally paid in monthly installments over a fixed period that ranges from one to five years. You might use a debt repayment calculator to figure out how much you will actually pay on the loan. Also be sure to note any application, origin...
What is the safest way to pay off high-interest debt? The safest way topay off high-interest debtis through the avalanche method, which focuses on the highest interest balances first while making minimum payments on others. Consolidating debt to secure a lower rate can also be effective. ...
Bear in mind that a temporary delay in collection will cause your tax debt to increase because penalties and interest are charged until you pay the full amount.6 The IRS is usually quite amenable to any of the above. Whether it will accept an installment agreement request, or an offer in ...
While most personal loans areunsecured(i.e., there's no valuable asset used to back up the loan), it's possible for these arrangements to involve some collateral. Asecured personal loancontract should include the situations in which a lender could claim the collateral if the debt goes unpaid...