What If You Can’t Pay Your Taxes? Here’s What You Can Do
What if you can't pay your taxes? What if the IRS comes to seize your property because you owe money you can't afford to pay? What happens next? And how do you fix the problem before it ruins your life? Those are all great questions that millions of people ask every year around tax time. So, the good news is that you're not alone.
Tax debts are so prevalent that unscrupulous companies can make fortunes exploiting people in need. But you can be more self-sufficient than that. In fact, you don't need debt consolidation or even a bank loan to remedy this issue. Here's what you can do instead and how payday loans can help.
What If You Can't Pay Your Taxes This Year?
United States citizens are required to pay annual taxes on everything from property to income. Each year, you're supposed to file with the IRS to determine how much you're supposed to return or have returned. If you end up owing money, you usually get a year to pay it back. In some cases, there may be an extension available, but you shouldn't depend on that.
NOTE: The length of time you have to repay your tax debt can depend on several factors.
What If You Can't Pay Your Taxes on Time?
Once you know how much you're supposed to pay the IRS, you can start making a plan or schedule. But if you can't pay the debt back on time, your account may start to incur late fees. Those late fees can become extremely expensive, making it even harder for you to pay the debt in full. And in some cases, it might result in property seizures or bank levies.
NOTE: The Internal Revenue Service does not have to inform you of bank account withdrawals ahead of time.
What If You Can't Pay Your Taxes at All?
Paying back taxes is important, and everybody knows that, but the IRS may assume you're not serious about what you owe if you don't return the money at all. After several contact attempts and extensions, the institution could run out of patience and start liquidating your assets instead of waiting any longer. If that happens, you're in a whole heap of trouble.
NOTE: The IRS has the power to take away your home if your property taxes aren't paid in time.
What If You Can't Pay Your Taxes without Help?
Do you realize that many people have to look for financial help to pay back their tax debts and avoid losing their property? It's actually quite normal to take out a loan at this time. However, most traditional banks won't even think twice about an application whose credit is flawed. Plus, they'll look at your federal debts too, and that could get you disqualified.
NOTE: There are other ways to get approved for a fast cash loan, even if your credit report is less than perfect.
If you're struggling to make ends meet and then get hit with a large tax bill, life can get complicated in a hurry. So, look for credit-friendly funding options, work with the IRS to get deadline extensions, and plan to pay back your debts as soon as you can. And if everything else fails, use payday loans to take care of the problem and avoid unnecessary late fees.
How to Use Payday Loans to Pay Your Taxes
Payday loans are a type of secured loan that uses your paycheck as collateral for a lump sum of money. With Alabama Title Loans, Inc, applicants can receive as much as $500 when they qualify. For married couples with two jobs, that could equal up to $1,000 of immediate tax debt relief. So, here's how to get one and use it to your advantage.
1. Submit an Online Form.
Go to the Main Page of Alabama Title Loans, Inc. website to fill out a short intake application. You'll get preliminary approval within 30 minutes or less, and you don't even have to go to the finish the process. An agent will come to your location to complete the contract, so be ready.
2. Get Ready.
The agent in charge of payday loans will start heading your way as soon as you say the word, so gather the following items to get approved as soon as they get there:
- Your driver's license or a state-issued photo ID
- Your social security card
- The most recent 30-day bank statement from your checking account
- Your most recent pay stub from work
- A blank check from an active checking account
3. Pay Your Taxes.
If you qualify, you'll get paid on the same day you apply. Simply forward that money to the IRS or let it sit in your bank to get taken when it's time.
What if you can't pay your taxes the way you intended? It's not the end of the world. It may just mean it's time to get creative about how you take care of it. Getting Alabama online payday loans to deal with your taxes might help you solve the urgent cash problem and stay financially free from any tax debts.
Need a bigger cash amount? Try Alabama title pawns to get up to $15,000 in less than an hour.
So, what are you waiting for? Apply today to your get quick cash within minutes!
To learn more about handling emergency expenses, read our other financial emergency articles.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.