Tax debt: Ways in which you can pay off IRS debt

If you think that you are having problems with tax debt, there are various ways in which you can pay off your tax dues. If you are having financial problems in general, you can include your tax debt in your debt consolidation. You can consolidate debt in order to pay off all of your unsecured debts. However, there are some other tax debt pay off options too.

Tax debt pay off options

The Internal Revenue System or the IRS offers you various payment options that can help you to pay off your IRS taxes easily enough. The different pay off options are:

  1. The installment agreement – In installment agreement you are allowed to make monthly payments.

Some of the different installment agreement types are –

  • Partial payment – If you don’t even have the ability to make minimum payments too, partial payment is the most suitable tax debt relief option. Under this payment option you can make the payments as per your affordability. However, the IRS will re-evaluate your financial situation every 2 years.
  • Guaranteed – If you owe less than 10,000 USD to IRS, guaranteed installment agreement is one your viable tax debt solutions. If you want to qualify for installment agreement, it is essential for you to acknowledge that you will file your taxes and pay it off within the right time for the coming years. However, you may not be eligible for this type of payment if you had made payments through this payment plan.
  • Streamlined – In streamlined payment option, there is no requirement for you to fill out 433-F Form which IRS needs to analyze your finances. However, if you want to make tax payments through this agreement, the amount which you owe should not exceed 25,000 USD. In addition, you may also require to agree to 60 month pay off period with the IRS.
  1. Offer in Compromise – In OIC, the IRS does not require you to pay the full amount which you owe. The offer in compromise is more like the debt settlement pay off option. However, the IRS needs you to agree to some terms and conditions before making payments through OIC, else the IRS can even revoke your OIC.
  2. Currently not collectible plan – Under the currently not collectible plan you are not required by the IRS to pay your due taxes for the time being. If you do not have enough cash in your hands, this might be your best tax debt pay off option.

However, if you want you can also take the help of a debt help attorney who can provide you in handling and paying off your tax debts.

Inheritance Tax Planning Helps You Get the Largest Financial Value

While inheritance tax planning helps you to focus on protected money that you may need to spend in the future, top divorce lawyers exist in order to help you get the largest financial value from the breakup of your marriage. When you are headed to court as a result of marriage troubles, this can be one of the most emotionally difficult times in your life. However, it is very important that you think with your head instead of your heart, having the right legal services on your side would help you to obtain the largest amount of spousal support for your circumstances. Additionally, you would be able to get more child support than you would otherwise be awarded with another lawyer. The children that you have deserve to be taken care of in the best way possible, more support would significantly improve the quality of their lives.

These top divorce lawyers would also be able to help you with a custody battle against your former spouse. One of the most difficult decisions that the court must make would be to determine where your children will live until they are of age. If you love your children and want to make sure that they remain in your custody, it would be an investment worth making by hiring the best legal services that you can afford. Success in court is about having the knowledge and experience to present arguments in the most effective way possible. When you have the best, you will be able to rest peacefully because you will know that everything possible is being done in order to provide you with the outcome that you desire. If you expect to come into some property in the future, inheritance tax planning services are an affordable way to start dealing with taxes and removing financial obligations.

Checking a Status On Your Taxes

After filing taxes, people want a way to check on the status of their refund.  They want to know exactly when they will be getting their money back so they can put it to good use. There is an easy way to check on the status of the refund.

  1. To check on the status of your refund, you should first visit the website www.IRS.gov that is provided by the IRS.  This site is very helpful in this means and for answering any questions there may be. This site is available all day every day during tax time.

  2. For those who E-file their taxes, they can start checking on their status 72 hours after the filing is done.  For those who do paper filing, they can do it three to four weeks after the filing has been sent in.

  3. To check on a refund status, you need to provide three things for the website to identify who you are and what refund is yours.  These three things are your SSN, your filing status, and the amount you will get back.

  4. Once you track your refund, the website can tell you that it has been processed already, is still being processed, or that something needs to be changed so that it can be processed.

  5. All the customization and personalization makes the answers and the information personal to the individual.  This is very helpful because it helps people with anything they need help with.

  6. For people that are visually impaired, there is software on this website that helps them to use it, too.  There is something for recognition and even Braille sometimes where compatible.

  7. When a person does not have internet access, they can call the toll-free number 800-829-1954 to get the same information that the website offers.

  8. Another great thing that the IRS offers is the smartphone application called IRS2GO, which is also helpful.

Tips On Finding A Small Business Accountant

Choosing an accountant to handle your business finances is a careful task, because you are going to entrust everything that you have worked for that person. You must know the right techniques to find a very reliable accountant to ensure your business’ financial security. Here are some tips that you can apply, so that you will be able to find yourself an accountant that you can trust.

First, you will need to ask yourself to know your specific accountant needs. To accomplish that you will need to figure out where your business stands, and what do you need to do to make your business grow. Then, put yourself in an accountant shoes. Imagine what strategies that you will need to apply to manage this company’s finances. Once you have done this, write a list of expectations that you would want for your accountant to do.

Once you have organized your expectations, the next thing that you will need to do is start your search. To start your search, you must ask people that you that you trust like your family and friends if they know a good accountant.These people might know good accountants, and they will be happy to recommend someone that can help you with your finances. This is a good way to start your search, because you are confident that these people that you trust will actually recommend a competent accountant.

Before asking your friends or relatives for a recommendations, you must ask the right probing questions so that you can filter out the most reliable accountant. Once you have done that then it is time to ask for a recommendation for that accountant of your choosing. Interview at least three accountants so that you can have a better option.

While interviewing your top three accountants, you must ask again good interview questions to assess their capabilities. These questions should be related to your company, and how will they apply their expertise in improving your business growth. After interviewing these people, organize the advantages and disadvantages of hiring this person. Obviously, the accountant that has more advantages will be the one who will get the job. For the other two people who did not make it, then you must do a polite gesture so that you avoid conflicts in the future.

Best Use of the Tax Refund

Tax time starts creeping up as soon as the calendar turns to the New Year. No matter how you feel about the experience, it is one that has to be done. What you do after filing your taxes may be the key to setting the tone for your financial future. Finding the best use for the tax refund starts with careful planning and then continues with consistent follow through.

Making Plans for the Tax Refund

1.      Make a list of all the places you would like to use the tax refund.

2.      Put them in order of most important to least important.

3.      Estimate cost of each of the items.

4.      See how far the tax refund would go if you were to spend it on each of the items on the list.

5.      Repeat the process several times over the next few weeks to see if your needs, wants or desires begin to shift.

6.      Only begin to make your purchases AFTER the tax refund has been deposited.

Possibilities for the Tax Refund

  • Look at the big expenses. The last year was a tough one for many people trying to meet the expense of a mortgage. A portion of the tax refund could be used to set up an account that would cover three to six months worth of mortgage expenses if necessary. It would provide some security for the upcoming year.
  • Consider the unexpected. The cost of insurance deductibles, surprise auto repairs or even medical expenses can hurt a budget that is already on tight ropes. One of the best uses of the tax refund can be in setting up an emergency account that would only be used to cover any of those unexpected costs.
  • Pay off a debt. The release that comes from paying off a debt can be a great motivator for tackling the next debt. Review any rotating credit balances or other outstanding debts. Consider using a portion of the tax refund to pay off that balance in full.
  • Invest in the future. Now may be the best opportunity to attend that seminar or take that class that will help you move up the ladder in your career. Measure the amount of increase you will receive with the amount of investment (including time, energy and finances) that it will cost and then thing about taking that leap.
  • Give it away. Put a portion of your tax refund to work for others. Setting aside as little as 10% can go a long ways towards helping your favorite charity meet its budget demands.
  • Invest in a little fun. The tax refund represents a full year of work. Splurge a little on something fun or exciting for the family. Set aside a portion of the tax refund for a great vacation or for a toy the whole family could enjoy (like that outdoor pool table you have been talking about).

There is never one way to spend the tax refund, but there can be one best way. It all starts with preparation. Thinking about the money and how it should be spent will start the process moving in the right direction. Evaluating the options several times begins to focus in on the best choices. Waiting until the check has been deposited will help to complete the package.

No matter when you plan to face down the tax man, start planning on the refund right now. The more time you invest in planning how to best use the tax refund then the more likely you are to make choices that will push you towards a solid financial future.

Nicole has been in the finance industry for 3 years, currently she blogs about the different ways for people to maximize their savings through the use of a brokerage account.