Tax debt is another form of debt many people fall into. They have the Internal Revenue Service breathing down their necks to recover their dues. However, tax dept helps in solving your tax debt problems.
Having equity helps. If you have a home where you have lived for more than five years, you can apply for an equity line of credit through your bank or any lending institution. With the money borrowed, you should be able to cover your tax debt and penalties. You could approach your friends and family for some tax debt help. You may have to swallow your pride, but to make everyone happy, accept the money only after a contract with the repayment terms is signed.
Another means of getting tax debt help is to sell some of the valuables you have. This may not mean only your jewelry or car. It means anything valuable that you have, like an antique desk or chair. You could easily post your items on eBay and get multiple bids on the item being sold. Use this money to repay your debt.
It may be hard to believe, but the IRS too can offer some tax debt help to you. If you owe them money that you can’t repay, contact them directly and they will arrange a repayment plan that is convenient for you. They may perhaps spread out your repayment over an acceptable timeframe. However, the later the payment you make, the more interest and late payments will be involved.
Basically, finding the right tax debt help is considered the first step in tackling your tax debt problem. Ignoring it will only worsen an already bad situation. Once you have chosen the right tax debt help for you, contact your county’s consumer affairs division for free debt counseling. You may never know; your tax debt problem may only be the tip of an iceberg wherein much more tax debt help will be needed.
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