Do You Have Debt Issues And Want To Solve Them?
Here at IRS.com we are dedicated to providing you with the best information to make the best decision for you and your family.
Any type of debt issues, whether it is because of a change in income or because of mistakes outside your control cause a lot of stress. The good news is that there are solutions to solve the underlying issues as well as give you a lot more peace of mind.
What are some of the common solutions people look to for their debt issues and is this the best option for you?
1. Going to your Certified Public Accountant (CPA) for help.
This would be an excellent option if you feel that the CPA had made mistakes on your tax return or in preparing financials for your business. By correcting the mistakes he made, it could result in an adjustment of taxes owed. In some cases, when this is done, the taxpayer receives a refund
However, if the issue is with unsecured debts or tax debts, the CPA likely is not experienced in resolving them. Often CPA’s charge hourly, and it is important you get the best results fast, which is best obtained from an expert with flat fee pricing. If you have tax debts, we at the IRS.com recommend that you speak with a tax expert from Community Tax, or if you have unsecured debts, you can speak with a debt expert from Community Tax.
2. Not doing anything and hoping it will go away.
If your debts are very old, you have very few to no assets, and the debts are at or past the statute of limitations in your state, this may be a valid option to consider. However, for most people, this is not the case. They risk expanded collection measures, lawsuits, being served, levies, and garnishments. The sooner you have a solution in place for your debts, the sooner you can massively improve your peace of mind.
If you have tax debts, we at the IRS.com recommend that you speak with a tax expert from Community Tax, or if you have unsecured debts, you can speak with a debt expert from Community Tax.
3. Doing it yourself.
While solving your debt or tax issues yourself is an option, most people choose to have professional help to minimize stress, avoid common beginner mistakes, avoid making things worse, get better results, and get done faster. Even doctors often will not treat their own family members. They want a 3rd party who is knowledgeable and experienced to give a non-biased consultation and recommendation to solve the financial issues.
If you have tax debts, we at the IRS.com recommend that you speak with a tax expert from Community Tax, or if you have unsecured debts, you can speak with a debt expert from Community Tax.
4. Paying off and/or moving it around to lower interest rate cards
Some people get lured in to moving their debts from one credit card to another. They try to take advantage of limited time low interest rates. If you feel that you will have enough to pay off your credit cards in full before the low interest rate expires, then this could be an option to consider. However, in many cases, the low interest rates expire and they end up paying 19% to 24% or higher. At this rate, paying the minimum payment could mean that one keeps on paying month after month with the original debt never being paid off.
If you have tax debts, we at the IRS.com recommend that you speak with a tax expert from Community Tax, or if you have unsecured debts, you can speak with a debt expert from Community Tax.
5. Getting a personal or home equity (HELOC) loan.
Whether it is tax debt, high interest credit cards or other types of debts, many people think that getting a new loan to consolidate it all will resolve it. If your debts are at very high interest rates or you will incur penalties, then a low interest rate personal loan could be an option to consider. The risk with using your home equity to pay off debts is that instead of just risking growing debt and/or fines, you risk losing your home. It’s very important to look at the big picture: what is your current financial situation, how will your finances be in the future, and are there other options which could result in paying an amount you can afford and resolving the debts faster? This is with a debt expert can help you look at.
If you have tax debts, we at the IRS.com recommend that you speak with a tax expert from Community Tax, or if you have unsecured debts, you can speak with a debt expert from Community Tax.
6. Debt management or debt consolidation company
If you only have credit cards that have very high interest rates then this could be an option to consider. Before enrolling, find out how much you would be paying them monthly for their services and what the new interest rates will be. Some credit cards lower their interest rates a lot more than others. And depending on what your current interest rates are, they may even increase in this type of program. There are also different types of debt consolidation programs to consider. A debt expert can help guide you as to which would be best for your situation.
If you have tax debts, we at the IRS.com recommend that you speak with a tax expert from Community Tax, or if you have unsecured debts, you can speak with a debt expert from Community Tax.
7. Tax services company
A tax services company is an excellent option if you have received an audit notice, have back taxes you are unable to pay, have years you haven’t filed, don’t understand why you received a notice, or have other tax issues needing resolving. It is important that the tax resolution firm have an A+ rating with the BBB, have a great reputation from prior clients, and provide you with a free case analysis. You can speak with a tax expert from Community Tax to see what the best options are to resolve your tax issues.
