If you file your tax return but don't pay what you owe, you’ll likely receive a letter from the IRS detailing how much you owe and asking you to pay. Sponsored Bank Accounts “One of the immediate consequences of not paying your taxes on time is the accumulation of interest ...
Opening new lines of credit is not going to help you increase your score, and in many ways, it can do the opposite. Applying for new credit cards produces unneeded hard inquiries into your credit history, which also negatively affects your credit. Closing unused credit cards can also have ne...
it's scary to be on the hook for money that you owe, especially if debt collectors are hounding you and the threat of a lawsuit is out there, but it's not likely that you'll go to jail. Unless, perhaps, your debts are for tax evasion or failing topay child support. ...
This is why it can be extremely difficult to go after a seller after closing and try to prove that they purposely did not disclose defects. "If I as a real estate broker believed it was the fault of a seller maliciously not disclosing a latent defect, then we ask the p...
When applied to immediate annuities, the term qualified refers to the tax status of the source of funds used for purchasing the annuity. These are premium dollars which until now have "qualified" for IRS exemption from income taxes. The whole payment received each month from a qualified annuity...
We will take steps to block the loan or overdraft account after we are notified of the death. This means, for example, that the estate of the deceased will continue to owe the money on the loan or overdraft. We will use any money that is in an account in the sole name of the decea...
A purchase agreement is also usually the key document used in the purchase and sale of real estate. Unlike business transactions for specialized equipment, however, real estate purchase agreements can evolve as terms and conditions are negotiated. ...
Such an annuity is referred to as a Secondary Market Annuity (SMA), where a contractual future cash flow is being sold by its owners in exchange for a lump sum today.There are elements of secondary market annuities which are similar to immediate annuities, for example, when the purchased ...
Although this final step is often reserved for the most severe tax evasion cases with large outstanding balances, it is best to err on the side of caution. If you get an initial letter for late payment, set up a plan with the IRS to get your taxes paid as soon as possible. Options f...
For example, if real estate values drop, a homeowner may end up selling a house for $150,000 when there is still $175,000 remaining to be paid on the mortgage. The difference of $25,000 (less anyclosingand otherselling costs) is called the deficiency balance. ...