Some tips to get rid of your IRS tax debt
If you are debt ridden and cannot cope up with the repayment instalments, do not lose hope yet. It might be that you are paying your IRS tax debt for years without much progress. It might also be true that you have paid your tax liability much earlier at an agreed rate. In that case, even if you are repaying your debts diligently every month, you are accruing interest for each month on the existing debt.
How can you get rid of such a situation when you take one step forward and two steps back? Well, the best thing that you can do is pay the loan amount to the bank. It is a good option to take account of all the interest that is due on the fast break. In case the claim is in problem, then you can also qualify for another loan and reduce the liability of the tax.
Usually the first bank loan is much cheaper than the IRS debt. The penalties and the rate of interest in case of the tax are much higher than a normal loan from the bank. When you can get a bank loan at 6.5% interest, the rate of interest in case of the IRS tax debt is around 8 %.
If you have a home mortgage on the credit card, then you can apply for the mortgage relief via the IRS debt. You can also make things affordable for yourself by applying for a mortgage relief loan and pay the mortgage relief, via the bank loans. Thus to make life much easier on the financial front, the best thing that you can do is to opt for a mortgage relief loan from the bank at a lower rate of interest and then pay the IRS tax debt with that amount. That way there will only be one single loan on your shoulders that you can easily repay with a proper family budget.
The bank loans are the choice for many people who are bothered about their taxes and also who have the home mortgage via the credit cards. However, it is advisable that you seek the guidance and advice of an experienced tax consultant so that he can ideally help you in coming out of the various traps of debt without your losing sleep on it. It is true that the entire thing is not an easy process to go through, but it is not impossible either.
Processing your request, Please wait....
