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You may not be aware that the IRS has many payment plans that you can access when you find out that you owe back taxes. A tax professional can help you learn about these payment plans and then assist you in negotiating the solution that’s best for your particular financial situation.

When it comes to payment plans, you’ll first have to decide if you need one. Don’t rule out paying in full. If there’s some way that you could gather the money from accounts that you have in order to pay in full, you should consider it. That way the bill will be paid and the burden lifted off your shoulders. You won’t be dragging out the repayment process and accruing more interest. This might be the way to go even if you fear severely depleting your funds. It’s also possible to borrow the money from family, friends, and other sources in order to pay in full. If that’s an option, consider it seriously.

If you can’t pay in full, you’ll have to think about a payment installment plan. You can work this out with the IRS. They may not seem sympathetic at first, but once it’s known that you’re sincere and intend to pay back the money, you’ll receive fair treatment. Maybe you’ll even be forgiven part or all of the penalties that have been added to the amount if the IRS is happy with the terms you are accepting. You can also pay a good share of the full amount at once and then make installments for the balance.

Continue reading ‘IRS Payment Plans – Tax Professionals Can Help’ »

A lien is a security interest held by a lender or service provider on an individual’s property, effectively turning the property into collateral pending payment of the outstanding amount owed. A lien may be consensually applied to property, as is often the case with mortgages (especially second mortgages) and “mechanic’s liens” related to financing property improvements.

A lien may also be non-consensually imposed, frequently by tax authorities to secure the payment of taxes and penalties owed or by the courts to secure the payment of amounts handed down in a judgment. Although there are many types of liens, all of which have different effects, most liens have three primary effects.

The first, and most important, effect is to create the possibility of the creditor or service provider taking control of the property if certain conditions are met. Unlike most Common Law jurisdictions, in the United States a lien generally does not result in the creditor taking actual possession of the property, but it can under certain circumstances. These circumstances vary by the type of lien in question, but the ultimate point is to give the person owed money a secure interest in the property. Some, though not all, liens are also exempt from being discharged even through bankruptcy proceedings.

Continue reading ‘Your Credit Score – The Effect of Liens’ »

Unless of course you received an extension to file taxes from the Evil Empire, then you would use the date of the granted extension of time in which to file.

Continue reading ‘Back Taxes Answers in Basic English Knowing How You Can Resolve Your Tax Debts’ »

People with money never describe themselves as “rich”. It just isn’t done. The word “rich” has far too many negative implications.

The Rich are spoken of in conversation and the media as a remote class of people who are somehow morally suspect because they have a lot of money. However hardworking they may have been acquiring it, they are defined in the eyes of the “have-nots” by money alone. The Rich are made out to be separate, oblivious and unable to understand the world everybody else lives in. Who would want to be identifed with that?

Yet, those who are wealthy are mostly just like everyone else except for the money. All of us value our individuality. We understand ourselves as unique, with our own personal blend of values, attributes and concerns. To be seen as one of a category of rich people, as opposed to an individual self with hopes, challenges and a complex life, is degrading and dehumanizing. Being thought of as Rich is especially unattractive when you consider that conversation about those people is often tinged with envy and frequently accuses them of insensitivity and unfairness, especially as regards paying taxes. Continue reading ‘Wealth and the “R” Word’ »

A friend of mine has had this ongoing feud with her mother.

She says she does not make enough money to save for her future and that saving is pointless as anything you put in the bank is eroded by inflation anyway.

Her mother is scandalised by this notion as she firmly believes Benjamin Franklin’s maxim that a penny saved is still a penny earned. Actually more once you consider taxes. Continue reading ‘Running on Empty Financially’ »

America is close to being broke. With the debt continuing to rise to epic proportions to between $200-$300 trillion (depending on who you talk to), The Fed is looking for ways to lessen its burgeoning deficit.

The question has repeatedly come up “How do we do that?” While I don’t personally have an answer, President Obama seems to have come up with one. Pension Funds and IRA’s. Your retirement money. There have been many talks about taking money from the state’s pension plans so that it could be put into the deteriorating and bankrupt Social Security System. Continue reading ‘The Fed Wants to Take OUR Money, Again!’ »

Knowing the days of the so-called James Bond-style numbered Swiss bank accounts may be over, the truth is, the real world of discreet private banking and offshore wealth-management is growing at a rapid pace. How can this be? Simply mix the world’s geo-political concoction with a tidbit of common sense and truth will begin to ooze out. There is an ongoing, worldwide, financial uncertainty that continually agitates the consciences of sane men to seek safe financial havens – places they trust.

Regardless of the highly publicized government crackdowns on tax evasion and other invasions of privacy around the world during 2009 and 2010, many more billions of dollars are finding a cozy home, tucked away in offshore banks and tax havens, than ever before. Yes, there are good reasons for this, plus, it’s all absolutely legal.

TAX AVOIDANCE: Tax avoidance is far from the only fact that’s encouraging street-smart individuals and high net worth investors to go offshore. There are more good reasons than ever to go offshore. Taxes are certainly a prime factor, but many people these days are motivated by other strong feelings. Continue reading ‘Why Bank Offshore? – Some Good Reasons’ »

Estate planning is tricky under the best of circumstances, and even under normal circumstances it can be downright difficult to do correctly. One thing that often slips through our fingers and we fail to spend an adequate amount of attention on is the effect of debt on estate planning.

Most people think, “I’ll be dead, why would I care about the debt that remains!” Well that’s a valid point I guess, but if the people that come after you will have to deal with this then so should you have to deal with it too, in fact what’s the point of planning for anything in that case!

Consider this hypothetical situation; imagine that you have loaned your son $50,000 to start a business. Now imagine that you die. Not a lot of fun – sure – but roll with it here! What happens to that $50,000? Continue reading ‘How To Avoid Tax On Debts’ »