What If I Owe Taxes And Can't Pay? Here Is An Easy Solution!
It is the question on our minds every tax season. “What if I owe taxes and can’t pay?” is a question that can be extremely stressful, especially when you are up against the federal government. We all know that tax debts are serious and understanding how to handle them is not always easy. So, here are 5 tax situations you may find yourself in to help you figure out what to do next:
1. What If I Owe Taxes And Can’t Pay on Time?
If you owe taxes to the United States government, either locally or federally, you can be charged late fees when you do not pay on time. Those late fees can be taken directly out of your paycheck or bank account, sometimes without you even knowing. Plus, you will have to communicate with the IRS to address any incorrect information on your account, which can cost you a lot of time and effort.
Read: The best tax software you can use.
2. What if I Owe Taxes And Can't Pay at All?
If you owe taxes to the United States government, either locally or federally, you could have your property seized when you do not pay at all. The IRS provides many extensions and can usually work with citizens to arrange a payment agreement. But slip from that agreement for any reason, and your financial future may take a hit as a result.
NOTE: There is a limit to the number of extensions you can get from the IRS for your unpaid tax debts.
3. What if I Owe Taxes And Can't Pay with A Bank Loan?
Traditional banks can provide cash loans if you owe money for taxes. But getting approved is not always easy, especially if your credit rating is not perfect. The process can also be lengthy and complicated and may not provide you with the money you need for at least several days. When you are unable to qualify for a loan to pay for your tax debts, you start to incur late fees on your taxes from the IRS and may even run the risk of having your property seized for liquidation. That, in turn, can make it even harder to get approved for any future bank loans.
NOTE: Most banks require a substantial income, high credit rating, and some type of collateral for a loan to be approved. Furthermore, tax debts can be listed on your consumer credit report.
4. What If I Owe Taxes And Can't Pay Without An Online Installment Loan?
Do not feel stressed if you need an online installment loan to get rid of your tax debt. That is one of the smartest solutions. After all, an installment loan takes money that is yours, only gives it to you in advance. Doing so can help you avoid late fees and property seizures just because you missed a deadline by a few days. Plus, your credit score does not get affected.
NOTE: You can usually get money from an online installment loan on the same day you apply.
5. What If I Need An Online Installment Loan As Soon As Possible?
You do not have to wait until Uncle Sam comes calling to get the money you need for tax debt. In fact, you probably do not even have to leave your house. With an online installment loan, you can take care of the IRS debt without worrying about being late. And since you can do the entire process online, you benefit from the privacy and speed it gives you.
NOTE: You must be at least 18 years old to qualify for installment loans in the state of Wisconsin.
How to Get An Online Installment Loan
If you are ready to pay your taxes to Uncle Same, here is what you should do ASAP.
Step 1: Submit Your Application Online to Get Your Money Quickly
Go to Wisconsin Auto Title Loans, Inc. to get an installment loan before your next payday. You do not need perfect credit to qualify because the contract does not even get reported to the credit bureaus. Meanwhile, online applications get processed more quickly and provide same-day payouts in most cases.
An agent will contact you within 30 minutes of your submission to go over the details and help you with the next steps. You can also ask any questions you might have, so do not be afraid to find out how much you can get.
TIP: Wisconsin allows up to $1,500 in signature installment loans for those who qualify.
Step 2: Be Prepared for Approval Ahead of Time
An agent may come to your location, so be ready for a quick and convenient service (unlike the IRS). Here is what they will want to see when they arrive:
- Your most recent pay stub from work.
- A bank statement from an open checking account in your name.
- Your driver's license or a government-issued photo ID.
Get An Online Installment Loan Today And Pay Your Taxes
Stop asking yourself, "what if I owe taxes and can't pay them" since there is always a solution. That proves true even for people with less than perfect credit or a few items to offer for collateral. Get your installment loans online by visiting Wisconsin Auto Title Loans, Inc. today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.