Need Help Paying Taxes? Here Are 4 Ways To Get Help Fast
It’s everyone’s least favorite time of year: tax season. As you scramble to get all of your forms in order, you might find that your financial stability has been negatively impacted. Here’s how you can get help paying taxes this year.
The government has several resources in place to help taxpayers who are struggling, including payment plans with the IRS, delayed collection, and compromises. If you still need help paying taxes, a title loan might be able to help you.
If you’re feeling overwhelmed with taxes this year, don’t stress. There are resources that can help you. Let’s take a closer look at how you can get help paying taxes.
How To Get Help Paying Taxes
Online Payment Plans
Most taxpayers set up a payment plan directly with the IRS, a process that takes just minutes to apply for. When you fill out an application, you will get an immediate notification if you’re approved. In general, there are two types of online payment plans that can help you manage expensive tax bills.
- Short-term plans – With a payment period of 180 days or fewer on amounts under $100,000, short-term plans can be set up with no fee. There are interest and late-payment penalties, though, so make sure you’re financially stable to pay your taxes in a timely manner.
- Long-term payment plans – If the owed amount in taxes, penalties, and interest is under $50,000, then you may qualify for an installment plan with the IRS. There’s usually a setup fee for this plan, but if you’re low-income, then it may be waived.
Even taxpayers who don’t qualify for online payment may be able to pay in installments according to the Additional Information on Payment Plans section of the IRS website.
If the IRS determines that an individual taxpayer is unable to pay what they owe, they may choose to delay collection until a later date, or when the financial situation of that individual improves.
Taxes still continue to increase as a result of late fees and accrued interest, though, so bear that in mind. You can request a delay in the collection by calling the number on your tax notice.
Offer In Compromise
Offer in Compromise (OIC) allows some taxpayers to settle their tax bill for less than the total amount. Offers in Compromise are subject to approval however, the IRS does offer a pre-qualifier checklist tool that you can use to see if you’re likely to be eligible.
Vehicle Title Loan
One last option to consider for help paying taxes is a vehicle title loan. The IRS themselves note that in many cases, the cost of getting a loan is less than interest payments and penalties levied by the IRS for nonpayment.
A vehicle title loan is a type of secured loan that uses a paid-off, lien-free car title as collateral. When you take out a title loan, you receive a lump sum of money to use at your discretion. Afterward, you’ll start making regular monthly payments towards the loan.
To ensure repayment, lenders place a lien against your vehicle, which is the ‘collateral’ portion of the loan. You can still continue to use the car as you normally would, and the lien will be removed once the title loan is paid in full.
How To Apply Through Auto Cash USA
If you need emergency funds to get help paying taxes, then Auto Cash USA can connect you with a trusted vendor to get started. First, complete the inquiry form online and submit it. Doing so will get you connected with a vendor who will call you to help you with the rest of the title loan process.
During the phone call, you can schedule an appointment with a loan associate for an inspection of your documents and vehicle. You’ll need to bring the following to the meeting:
- Your driver’s license or state-issued ID – Your lender will need to assure that you have the appropriate identification to secure a title loan.
- Your lien-free car title – Lien-free means without any legal judgments or claims on your title. If you do, remove all liens before you apply for a title loan.
- Your car itself for inspection – Your car’s condition is a big factor in determining what you qualify for, which is why a loan associate will need to inspect your vehicle.
When you head to the meeting, the loan associate will look over these items and determine if you qualify. Should you be approved, you can get your money on the same day or the next business day.
Get A Vehicle Title Loan Today!
There are resources you can consider if this year’s taxes are a lot more than you were expecting. Sometimes, an alternative cash flow option can give you the help paying taxes that you desperately need.
Auto Cash USA vendors can offer a vehicle title loan of up to $15,000 with a quick, streamlined process. If that sounds like the right option for you and your financial situation, then apply for a title loan 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.