Tax Carnival Ecstasy – January 10, 2013

Welcome to the January 10, 2013 edition of Tax Carnival Ecstasy. In this edition we have an article from John Schmoll on the First Steps to Investing in the Stock Market for those looking to save for retirement. Bill Smith looks at President Obama And The Fiscal Cliff Deal that was recently signed after passage in the House of Representatives. And finally we have a post on Ways An IRS Tax Lawyer Help You.  Hope you enjoy the articles in the carnival, bookmark our page, like on Facebook, tweet, share with your friends and come back soon.

James Dean presents Bad Credit Debt Consolidation Loans – How To Find Legitimate Companies posted at Unsecured Bad Credit Debt Consolidation & Personal Loans Online, saying, “Bad credit debt consolidation loans help the borrower to get out multiple debts by simply paying them all off with one single loan payment. This loan payment is often at a lower interest rate than the previous multiple debts and normally, it also has better payment terms. This is like a breath of fresh air for those people that are up to their necks in debt and need help getting their credit rating back up to a healthy place.”

English: Showing how the rapid rise in in mort...
English: Showing how the rapid rise in in mortgage credit distress is being led by subprime ARMs. Conventional loans past due 90+ days and Conventional loans in foreclosure. (Photo credit: Wikipedia)

Gregory Arnold presents How The Unemployed Can Get $1500 Fast Cash Advance Loans posted at Online Fast Cash Loans, saying, “It has been a tradition that if one is not working or earning less than 500 dollars a month, they are not legible for a personal loan on low income or against unemployment. This kind of arrangement has changed with time and the risks involved in extending financial aid to unemployed have been bypassed hence giving the lenders like payday and cash advance lenders to extend loans in small installments to the unemployed;”

credits

Gregory Arnold presents Does Anyone Know Reputable Online Cash Advance Lenders? posted at Online Fast Cash Loans, saying, “It is normal for people to face financial problems. These problems can be dealt with easily, but when salary is not expected soon, that becomes very difficult. However, nowadays there are more efficient ways of dealing with such problems. One of them is applying for cash advance. To do this, you need to look for a good lender. So, the question still remains: does anyone know reputable online cash advance lenders?”

filing

Bill Smith presents Free Tax Filing For 2010 Amended Return posted at 2010Taxes, saying, “Even with the best of intentions, mistakes happen. Sometimes they can be costly. But in the case of amended tax returns, fixing them could be free.”

retirement

John Schmoll presents First Steps to Investing in the Stock Market posted at Frugal Rules, saying, “Just starting to invest in the stock market can be a daunting task for many. But, with a few simple guidelines you can get started on the road to investing for your future.”

tax law

Bill Smith presents IRS Tax Lawyer Due Diligence posted at 2008 Taxes, saying, “Tax attorneys can help people with IRS problems. The IRS is always willing to work with the tax payer to get issues resolved.”

Bill Smith presents Electronic Version Of Pub 17: Getting Cozy With The IRS posted at 2009 Tax, saying, “The electronic version of pub 17 is in PDF format. It contains valuable information about filing your federal tax return.”

Bill Smith presents President Obama And The Fiscal Cliff Deal posted at 2012 Tax – Free Tax Filing Options, saying, “President Obama has left out certain important aspects of the fiscal cliff deal, in a video broadcast on the Web.”

Bill Smith presents The Fiscal Cliff Fact Check posted at 2012 Taxes – Free Tax Filing Options, saying, “Checking the facts on President Obama and the ‘fiscal cliff’ deal.”

Bill Smith presents Fiscal Cliff Deal – 77 Percent Of All Americans Set To Pay More Taxes posted at 2012 Taxes – Free Tax Filing Options, saying, “The President has claimed that the Tuesday night fiscal cliff deal will reduce middle class taxes in America. However, taxes for most Americans will increase in 2013.”

taxes

Bill Smith presents In What Way Can An IRS Tax Lawyer Help You posted at 2009 Taxes, saying, “Even though taxing is such an important subject, it is a pity that quite a number of people are unaware of the depth and importance of taxing.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Dealing with Tax Debt

Handling tax debt is different from how you handle other debts, but you need not worry because for sure you will be able to work a good plan that will reduce your balances. Here are several ways that you can start drafting out a plan:

Check your tax return documents for any corrections

The first thing that you have to do is to collect all your documents of tax return and check if all the entries are correct and that you were not overcharged for something. Nevertheless, if you do not have any idea about this type of things you may opt to get debt help from a certified public accountant of financial counsellor to help you check if there is a discrepancy between the figures.

Your financial assistant will also help you in determining which plan of action you intend to do against your debts. After doing that, he or she may suggest the following tax debt reduction strategies.

Negotiate your tax debts with the Internal Revenue Service

Once you have the total amount that you need to pay, one option that you can do is to go directly to the office of the Internal Revenue Service. Personnel from them can assist you and suggest options and plans that you can do for you to be able to pay your balances. Some of the programs they have include the following:

  1. Monthly tax debt program. This is one of the most known strategies that you can do, the internal revenue service will allow you to pay for your debts on an instalment basis payable. However, the catch about this strategy is that your current tax debt amount will accumulate interest charges over the months of paying period. Apart from the penalty and interest, you will also need to shell out a user fee amounting to $105.
  2. The internal revenue service can also offer you what they call as “hardship consideration.” This is the approach wherein they will give you a few months to save up for your debts and for your financial status to work out. However, you still need to pay interest fees, penalty charges, and application fee.
  3. Another tax debt solution is filing for bankruptcy. But, if you think that you can still do something about your balances then do so. Applying for account foreclosure can directly affect your credit score and can make future transactions with the bank difficult.