Finance

Need Help with Tax Debt? Check Out These Relief Options

Abdul Aziz Mondal

Finance April, 04 2023

Meta Description: The IRS provides relief options for tax debt, including installment plans, penalty relief, and offers in compromise, but beware of scams.

You might feel stressed and overwhelmed if you owe money to the IRS. How can you pay off your tax debt and avoid penalties and interest? You might also worry about losing your property or facing legal action.

But don’t panic. Fortunately, some relief options are available for taxpayers struggling with tax debt. These options can help you reduce your tax liability, set up a payment plan, or even settle your debt for less than you owe.

This blog post will explain some of the most common relief options and how they work.

Hire a Tax Relief Company for Assistance (But with Caution!)

This is the first thing you can do to save your back from IRS debts.

The process of applying for tax debt relief programs can often be overwhelming for those who don’t have a good understanding of accounting and tax-related terms.

Working with a reputable tax relief company like https://globalgatecpa.com/ will genuinely help you if you don’t understand the process or need assistance filling out forms.

However, you should carefully consider this decision, as scams and fraudulent tax relief companies are looking to take advantage of your vulnerability.

Here are some things to keep in mind:

If the company loses or delays your application, you’re still responsible for your tax debt, interest, and penalties with the IRS.
Some companies may charge an upfront fee, surpassing the potential savings on your tax bill.
Be cautious of any company that demands payment before work is done, as this is a red flag for potential scams.

Also, don’t work with a company who are –

guaranteeing debt reduction or elimination
promising your tax debts will be forgiven
not reviewing your financial situation thoroughly

The Federal Trade Commission advises taxpayers first to try to settle their tax debt directly with the IRS before seeking the assistance of a tax relief company.

If you have concerns or suspect you’ve fallen victim to fraud, file a complaint with the FTC.

A free tip: If you owe less than $10,000, you can tackle the matter yourself. If you owe over $10,000, hiring an expert to negotiate with IRS can help you get better terms.

What Are the Relief Options for Tax Debt?

The IRS offers several relief options for taxpayers with trouble paying their tax debt. Some of these options are:

1. Installment Agreement

You have the option of selecting from two different types of installment agreements (IAs), both of which provide you with additional time to settle your tax debt:

Short Term Plan

If you owe the IRS less than $100,000, you can apply for a payment plan with up to 120 days to pay off the balance. You can apply through different methods, such as online or by phone, without fees.

Once approved, you can pay through credit/debit card, money order, check, online, or by phone using the Electronic Federal Tax Payment System (EFTPS).

Long Term Plan

Consider a long-term payment plan if you owe the IRS less than $50,000 (including extra fees) and can’t pay it off in 120 days.

This plan lasts for 72 months, and you can either make payments directly every month or through automatic debit withdrawals. However, you must make automatic debit withdrawals if you owe more than $25,000.

The amount you need to pay to set up the payment plan depends on how you want to make payments.

If you pay directly using a money order, Direct Pay portal, or EFTPS, the fee is $130 if you apply online or $225 if you apply by mail, in person, or by phone.
If you’re a low-income taxpayer (earning an adjusted gross income at or below 250 percent of the federal poverty level), you may get a $43 reimbursement for the setup fee.
If you choose automatic debit withdrawals, the fee is only $31 if you apply online or $107 if you apply by mail, phone, or in person. You might also qualify for a fee waiver if you’re a low-income taxpayer.

Note that both payment methods don’t stop the interest and late payment penalties from accumulating until the balance is fully paid.

2. Currently Not Collectible

Currently, not collectible (CNC) status is a temporary relief option that suspends the IRS’s collection activity if you cannot pay your tax debt. You can request “currently not collectible” status by calling the IRS.

The IRS will ask you to fill out a form called Collection Information Statement for Wage Earners and Self-Employed Individuals or Collection Information Statement to confirm your financial situation.

You will have to provide proof of your financial hardship and show that paying your tax debt would cause significant hardship for you or your family. The IRS will review your income, expenses, assets, and hardship circumstances to determine if you qualify for CNC status.

If the IRS grants you CNC status, it will stop sending you notices and taking enforcement actions against you. However, you will still owe your tax debt, and interest will continue to accrue, but the IRS will not levy your income or assets or file a tax lien against you.

Remember, this is just a temporary solution, not a permanent one!

3. Offer in Compromise

The Internal Revenue Service (IRS) is known to be stringent in forgiving tax debts, but taxpayers may apply for an “offer in compromise” to settle their liabilities for less than the full amount owed.

However, such arrangements are typically only granted to individuals genuinely experiencing financial hardship, such as those who have incurred substantial healthcare expenses or lost their jobs with limited prospects of generating income in the future.

Although exceptions do occur, these situations are relatively rare.

Taxpayers to be realistic about their circumstances. For example, those who possess assets and earn a significant income are unlikely to receive tax relief.

To apply for an OIC, you must fill out Form 656, Offer in Compromise, and Form 433-A (OIC), Collection Information Statement for Wage Earners and Self-Employed Individuals.

You can also apply for tax credits available to small businesses. Fill out Form 433-B (OIC), Collection Information Statement for Businesses to avail that.

You must also pay a $205 application fee and a 20% deposit of your offer amount. These are non-refundable even if your application is rejected!

Conclusion

Managing your tax debt is essential to maintain a healthy balance between your personal and work life. However, it can badly affect your financial well-being and peace of mind.

The three relief options discussed in this post can help you resolve your tax debt and get back on track with your taxes.

To choose the best option for your situation, you should review your tax records and financial information, compare the pros and cons of each option, and contact the IRS or a tax professional for guidance and assistance.

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Abdul Aziz Mondal

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

Trading Options Using Iron Condors

For options traders looking to find a reliable and consistent way to capitalize on the markets with low risk, Iron Condors are an ideal choice. This options trading strategy allows traders to collect rewards no matter which direction the market shifts; however, it can be challenging to get started if you don't have the experience or knowledge of what goes into making an iron condor successful. In this article, we'll look at how exactly iron condors work and provide tips and strategies from experienced options traders on maximizing your advantages when utilizing these options trades. What Are Iron Condors? An Iron Condor is a type of option spread trading strategy used in the stock market. It is suited to volatile markets, as it attempts to exploit fluctuations while still reducing risk. An Iron Condor can generate significant opportunities with limited downside when executed well. The way it works is that the trader buys and sells two different calls or puts of the same underlying asset, creating both a bull and bear spread at once. By simultaneously entering into four separate trades – two puts and two calls – risk is minimized by limiting the maximum loss. All traders should be aware that there are still risks associated with this strategy, as any adverse shift in the underlying price will cause losses that can quickly escalate. However, Iron Condors offer many advantages over more traditional options strategies when used correctly. If you want to learn more about it, Saxo broker Saudi Arabia offers more details. What Are The Advantages Of Trading Iron Condors? When trading Iron Condors, the trader can take advantage of the volatility in the market. Unlike traditional options strategies, where a single option can be advantageous or not depending on whether it expires in or out of the money, an Iron Condor gives traders two different ways to do well. It means that even if one option expires out of the money, as long as the other option does well, it will still be successful overall. It allows traders to enter trades with significantly less risk than they typically have when trading options alone. Another advantage is that Iron Condors allow traders to benefit from both large and small moves in price without taking on excessive risk. Iron Condors are ideal for traders who are not looking to take on large amounts of risk but still want the potential for significant returns. Read Also: ACTC Stock – Present Price, Forecast, Statistics – Should You Invest In It In 2022? What Are The Risks Involved With Iron Condors? Although Iron Condors can provide traders with a low-risk way to trade, it is essential to remember that there are still risks associated with this strategy. Because the Iron Condor involves buying and selling options of the same underlying asset at different strike prices, any adverse movement in the underlying asset price will cause losses. Because of this, traders need to be aware of the potential for losses and should ensure that they are placing appropriate stop-loss orders to limit their losses if the market moves against them. Additionally, Iron Condors also involve complex strategies, so traders must have an understanding of how options work before attempting these trades, as well as have access to reliable sources of information about current market conditions. How To Set Up An Iron Condor Trade? When setting up an Iron Condor, the trader must decide which options they wish to use. It means researching underlying assets and finding ones that meet their volatility and potential return criteria. Once these have been identified, the trader must place four separate trades – two puts and two calls of the same underlying asset at different strike prices. It is important to note that when trading Iron Condors, you should always ensure that the strike prices are within a range where both options will likely expire in the money. For example, if you are trading a put option with a strike price of $50, your call option should also have a strike price within this range, as out-of-the-money options are likely to expire with no value. Once the trades have been placed, managing the Iron Condor will largely depend on the current market conditions and how they affect your options. If one of your options is at risk of expiring out of the money, then it may be necessary to make adjustments by closing out some or all of the trades and re-entering them at different strike prices. Strategies For Success When Trading Iron Condors As with any trading, success when trading Iron Condors will depend mainly on having a sound strategy. It means understanding how the underlying asset you are trading behaves and assessing the potential risks and rewards before entering the trades. It is also important to remember that Iron Condors involve four separate options contracts, so it is crucial to monitor them carefully, as each can affect your overall earnings or loss. Additionally, traders should always use appropriate stop losses to limit their risk exposure and avoid significant losses if market conditions move against them. Read Also: BNKU Stock: MicroSectors US Big Banks Index 3X Leveraged ETNs TUI Share Price Forcast: Everything You Should Know PooCoin Stock Forecast: Everything You Should Know

Capital Expenditures – Definition, Types, Examples, And More

Capital Expenditures are those expenses of businesses that they pay with either cash or credit. The target here is to buy long-term physical or fixed assets for use in the business operations. Businesses capitalize those expenditures on the balance sheet. Hence, they do not show these expenses directly on the income statement of the company. Therefore, companies make these expenses to expand their operations or risk management. In this article, you will learn about what capital expenditures are and how they work. You will also learn about the importance of making such expenses in business processes. Apart from that, we will also share with you how to calculate capital expenditure with the help of a formula. Finally, you will learn the pros and cons of capital expenditure for businesses. Hence, to learn more, read on through to the end of the article. What Are Capital Expenditures? According to Investopedia, “Capital expenditures (CapEx) are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment. CapEx is often used to undertake new projects or investments by a company. Making capital expenditures on fixed assets can include repairing a roof (if the useful life of the roof is extended), purchasing a piece of equipment, or building a new factory.” It is important for companies to spend a given amount. This helps the company maintain its existing property and business equipment. Apart from that, they also get to a better position to invest in new technology and other assets for the growth of the business or for business continuity. However, there are certain considerations for an item to be considered to be capitalized. If a certain item has a useful life of less than one year, the business must expense on the income statement rather than capitalize it. That means the business cannot consider that item as a capital expenditure. How Do Capital Expenditures Work? According to the Corporate Finance Institute, “Capital expenditures normally have a substantial effect on the short-term and long-term financial standing of an organization. Therefore, making wise capex decisions are of critical importance to the financial health of a company. Many companies usually try to maintain the levels of their historical capital expenditures to show investors that they are continuing to invest in the growth of the business.” A capital expenditure tells you how a company invests in new and existing fixed assets. The target of the company is to maintain and grow your business. In other words, capital expenditure is the type of expense that a company capitalizes or shows on its balance sheet. They show it as an investment rather than showing it on the income statement of the expenditure. The company spreads the cost of the expenditure over the asset’s useful life. Only then will the company be able to capitalize on an asset. How To Calculate Capital Expenditure? According to Netsuite.com, “CapEx purchases made in the current year are normally presented on the company’s cash flow statement. The accumulated amount of CapEX and the associated accumulated depreciation is normally displayed on the company’s balance sheet, and subtracting the accumulated depreciation from the accumulated CapEx purchases results in the net amount of CapEx or Fixed Assets at any point in time.” Here is the formula which you can use to calculate capital expenditure: Capital Expenditure = Change in Property, Plant, and Equipment + Current Depreciation If you want to calculate capital expenditure, you will need to consider locating the property of the current and prior period’s property, plant, and equipment values. You will then need to include it in the balance sheet of the company. Furthermore, you will also need to include the amortization and depreciation on the company’s income statement. To get such information, all you need to do is check the financial statements. Capital Expenditures - Major Pros And Cons The following are some of the major pros and cons of capital expenditure that you need to understand: Pros Of Capital Expenditure The following are some of the major pros of capital expenditure from which a business may benefit: Businesses make capital expenditures to account for the future. How much a business is spending now depends on the result of the past expenditures of the business. Hence, current decisions on capital expenditures will have a lot of influence on the company’s future activities. Such expenditures from businesses also help them by providing them with direction. They are also in a better position to create long-term strategic goals and also create the budgeting process. These factors need to be in place before the authorization of capital expenditures. The best thing about capital expenditures is that they are irreversible unless a particular business is incurring losses. Businesses customize their capital equipment to meet the specific needs and demands of the company. Cons Of Capital Expenditure Although capital expenditure is useful for making decisions, it also creates many problems with complexities: It makes the accounting process more complicated. Hence, it gets difficult to identify, measure, and estimate costs related to capital expenditure. Since capital expenditure has the potential to offer benefits in the long run, they are generally very expensive and consist of high initial costs. Companies spend to get outcomes. However, there is no guarantee for such outcomes, as there are a lot of uncertainties. Hence, during financial planning, business organizations need to find out business risks and make plans for risk mitigation. Even then, in some cases, it is not easy to get past those risks. There is a high initial increase in the asset accounts for the capital expenditure of an organization. But, if an asset starts to get out of service, it depreciates and loses its value. Summing Up Hope this article was helpful for you in understanding capital expenditures. Companies make this financial outlay to increase their scope of business operations. The aim is also to add future economic benefits to business operations. Businesses make capital expenditure payments for goods and services which they record or capitalize on the balance sheet of the company. They do not show this expense on the company’s income statement. Dive More Into Business By Clicking Below!! What Is Wholesale Distribution? – Importance, Benefits, And Examples The Best Reputation Management Companies – How To Choose One? What Are Distribution Channels In The Context Of Business?

SBE Stock – Present Price, Forecast, Statistics – Should You Invest In It In 2022?

Are you looking for the most accurate analysis of SBE stock price? Then you are at the right place. This guide is dedicated to all those audiences who are planning to invest or have already invested in this Stock. So stay tuned with us and read till the end to get the answer to the question you are searching for - Is SBE Stock A Worthy Investment Option In 2022? What Is SBE Stock? The Background SBE comes from Switchback Energy Acquisition Corporation, a blank check company intended to run a capital stock exchange and mergers. It’s located in Dallas, Texas, United States. The entity behind its sponsorship is NGP Switchback LLC. What Happened To SBE Stock? Switchback Energy Acquisition, the special purpose acquisition company has completed its merger with ChargePoint Inc in late 2021. It’s a leading Electric Vehicle charging network. The combined company has changed the ticker symbol to CHPT. Later, its shares would begin trading Monday on the NYSE. Current Price Of SBE Stock The ongoing stock price, which is on June 3, 2022, is USD $0.608. Prediction Of SBE Stock Price The segment below presents the SBE forecast with both historical data and future predictions. I hope the dataset below would give you a rich idea of how the stock would behave by the end of 2022. Take a look: 1. Historical Data DateOpening priceClosing priceMinimum priceMaximum price2021-05-07$0.6080$0.6080$0.6080$0.60802021-05-06$0.6090$0.6090$0.6090$0.60902021-05-05$0.590$0.590$0.590$0.5902021-05-04$0.6060$0.6060$0.6060$0.60602021-04-30$40.600$0.600$0.600$0.6002021-04-29$0.578$0.578$0.578$0.5782021-04-28$0.580$0.580$0.580$0.5802021-04-27$0.550$0.550$0.550$0.5502021-04-26$0.550$0.550$0.550$0.5502021-04-23$16.437$16.437$16.437$16.4372021-04-22$0.560$0.560$0.560$0.5602021-04-21$0.555$0.555$0.555$0.5552021-04-20$0.595$0.595$0.595$0.5952021-04-19$0.6080$0.6080$0.6080$0.6080Source: https://walletinvestor.com/stock-forecast/sbe-stock-prediction Analysis: The above historical SBE chart depicts a section from 2021. It shows that from 19th April 2021 to 7th May 2021, the stock prices have gone through ups and downs. This indicates its good potential and positive returns. 2. Predicted Future Data DateOpening priceClosing priceMinimum priceMaximum priceChangeJuly 202210.67211.3439.12411.3435.92 % ▲August 20229.93211.0689.79512.01410.26 % ▲September 202210.46612.85310.46612.85318.57 % ▲October 202211.44212.11311.30513.5245.54 % ▲November 202212.34113.24911.97514.1946.85 % ▲December 202212.64615.03312.64615.03315.88 % ▲Source: https://walletinvestor.com/stock-forecast/sbe-stock-prediction# Analysis: The table above shows the monthly progress of SBE from July 2022 to December 2022. If you follow, the SBE price will rise higher when it comes to opening, closing, maximum, and minimum prices. This positive flow is one of the reasons for its brighter future. 52 Week High And Low Of SBE Stock Price The 52-week high and low values of SBE Proterra are here. I have given both historical and forecast values so that you get a clear idea of the yearly trading difference. 1. Historical Data 52 Week High52 Week LowUSD $ 31.06USD $ 9.7 2. Predicted Future Data 52 Week High52 Week LowUSD $ 28.733USD $ 16.241Source: https://walletinvestor.com/stock-forecast/sbe-stock-prediction How SBE Stock Is Going To Perform By 2027 Source: https://walletinvestor.com/stock-forecast/sbe-stock-prediction Analysis: The graph above is showing how SBE would perform by 2025. A lot of positive results can be expected between June 2023 to June 2025. The share prices will proliferate leading to higher Return On Investment. Frequently Asked Questions (FAQs) Q1. What Is The SBE Stock Price Today? Ans: The ongoing stock price, which is on June 3, 2022, is USD $ 0.608. Q2. Will SBE Stock Price Go Up? Ans: Yes, the stock price could go up from USD $ 0.608 to USD $ 9.330 USD in a single year. Q3. Is It Profitable To Invest In SBE Stock? Ans: According to Stock Forecast, the long-term earning potential is +1434.564% in a single year. Q4. What Will Be SBE Stock Price In 5 Years? Ans: As per Stock Forecast, the expected SBE price within the coming 5 years is USD $ 43.273. Is SBE Stock A Good Buy? There will be a positive trend in the future, and SBE might be an ideal spot to invest for profit. We recommend that you add this stock to your portfolio. It's because it has a cheerful, upbeat approach. In a bull market, trading is more straightforward. As a result, you might want to evaluate these stocks under particular market conditions. If you are new to the investing industry, however, you should constantly conduct studies on the greatest investment methods and recommendations. Have Any more queries on it? Let’s meet in the comment section. For more similar reviews on stocks like this, stay tuned with us. Disclaimer: Respected Readers, the SBE price facts, and the data we presented above are all assumptions. All the data refers to those present on the leading cryptomarket websites. The actual values might be different on the basis of the market situation. Please note that share/stock prices are subject to market risks. Read all the documents and examine them carefully before investing. Read Also: 1. A Brief Guide To Business Integrated Planning2. Top 9 Successful Serial Entrepreneur Of All Time3. Importance Of Capital Goods – What Role Does It Play In The Industry?

How Specialist Brokers At Jones & Young Can Simplify Your Mortgage Journey

Embarking on the journey of buying a home is a landmark event in many people’s lives, symbolizing not just a financial investment but also the fulfillment of personal aspirations. However, the route to achieving this dream is often laden with intricate financial decisions and processes, particularly when it comes to securing a mortgage. It's a path that requires navigating through a dense forest of interest rates, loan terms, and regulatory requirements. This is where the expertise of specialist mortgage brokers at Jones & Young becomes invaluable. These professionals do more than facilitate transactions; they serve as trusted advisors and advocates, ensuring that one of the most significant financial decisions of your life is made with clarity and confidence. This blog delves deeper, highlighting the substantial Benefits of Hiring a Mortgage Broker and detailing how the seasoned team at Jones & Young can not only simplify but also enhance your mortgage journey. Their role in demystifying the complexities of the mortgage process is crucial, particularly in an economic climate that is constantly evolving, presenting new challenges and opportunities for prospective homeowners. By exploring the expertise and personalized service offered by Jones & Young, we aim to provide an insightful guide for those navigating the mortgage landscape, demonstrating how specialist advice can transform a potentially overwhelming process into a manageable and successful experience. The Role of Specialist Mortgage Brokers Mortgage brokers serve as intermediaries between borrowers and lenders. Their primary role is to assist clients in finding the best mortgage products that suit their specific needs and financial situations. The specialist mortgage brokers at Jones & Young excel in this role, bringing their wealth of experience and in-depth industry knowledge to the table. Why Choose Jones & Young? Jones & Young stands out for several reasons. Their team of specialist brokers possesses an in-depth understanding of the market, ensuring that clients receive tailored advice and solutions. Their commitment to providing personalized service means they take the time to understand each client's unique situation, enabling them to offer bespoke mortgage advice. Simplifying the Mortgage Process The process of obtaining a mortgage can be filled with complicated terms, procedures, and paperwork. Specialist brokers at Jones & Young simplify this process by handling the majority of the administrative tasks, ensuring a smooth and hassle-free experience for their clients. From application to closing, they guide clients through every step, demystifying the complexities of mortgage procedures. Access to a Wide Range of Products One of the key Benefits of Hiring a Mortgage Broker is the access they provide to a broader range of mortgage products. Jones & Young have established relationships with a wide variety of lenders, including those not accessible directly by consumers. This extensive network enables them to find competitive rates and terms that might otherwise be unavailable, ensuring clients get the best deal possible. Expert Advice and Support The property market is constantly evolving, and staying abreast of these changes is crucial. The specialist mortgage brokers at Jones & Young are well-informed about the latest market trends, regulatory changes, and lending criteria. This expertise allows them to provide valuable advice, helping clients make informed decisions. Tailored Solutions for Complex Situations Not all mortgage needs are straightforward. Some clients may have complex financial situations, such as self-employment or a non-traditional income source, making it challenging to secure a mortgage. Jones & Young’s brokers specialize in handling such intricate cases, offering custom solutions that cater to these unique circumstances. Time and Cost Efficiency Another significant Benefit of Hiring a Mortgage Broker is the potential for time and cost savings. The brokers at Jones & Young do the legwork of researching and comparing mortgage options, saving clients considerable time. Additionally, their negotiation skills often result in more favorable loan terms, potentially saving clients money over the life of the mortgage. Stress Reduction Securing a mortgage can be a stressful experience, filled with uncertainties and anxieties. Having a specialist broker by your side can significantly reduce this stress. The team at Jones & Young provides constant support and reassurance, ensuring clients feel confident and informed throughout the process. Building Long-Term Relationships At Jones & Young, the relationship with clients doesn’t end once the mortgage is secured. Their brokers provide ongoing support, offering advice on mortgage renewals, refinancing, and any changes in circumstances that might impact the mortgage. This long-term approach ensures clients have a trusted advisor to turn to for their future mortgage needs. Navigating the Regulatory Landscape The mortgage industry is heavily regulated, and keeping up with these regulations is vital. The specialist mortgage brokers at Jones & Young are well-versed in the legal aspects of mortgage brokering. They ensure that all transactions comply with regulatory requirements, providing peace of mind to their clients. Conclusions In conclusion, the pathway to securing a mortgage, while inherently complex, can be significantly simplified with the expert assistance of a specialist broker. The specialist mortgage brokers at Jones & Young epitomize the ideal blend of knowledge, experience, and personalized care. They not only demystify the mortgage process but also provide tailored advice and solutions that align perfectly with each client's unique circumstances. The Benefits of Hiring a Mortgage Broker – ranging from access to a wider array of mortgage options to the provision of ongoing support and advice – are invaluable. Such expertise becomes especially crucial in an era where market fluctuations and regulatory changes are commonplace. For those embarking on the journey of homeownership, the guidance of a seasoned broker like those at Jones & Young is more than just a service – it's a partnership that paves the way to achieving one's property aspirations with confidence and ease. Read Also: How To Start A Dropshipping Business In 2021 – A Beginners Guide Boxed Packaged Goods: The Right Guide To Uplift Your Business How To Start A Concession Stand Business? – A Complete Guide

Need Help with Tax Debt? Check Out These Relief Options

Hire a Tax Relief Company for Assistance (But with Caution!)