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Need help with your back taxes on April 15? Discover how tax relief can provide solutions.
Today officially marks the end of tax season, so if you haven’t filed your taxes yet, you should do so quickly. Failing to file your taxes on time can result in any number of penalties, and if you aren’t careful, missing the April 15th deadline could cost you a lot of time and money in the long run.
But if you’ve already filed and know that you owe money to the IRS, you may be feeling a mix of stress, anxiety, and uncertainty about what to do next. After all, owing back taxes is a heavy burden to bear, and that may be even more true right now, as persistent inflation, high-interest rates, and other economic issues are impacting many people’s finances.
The good news is that there are options for getting rid of your IRS debt and regaining your financial footing. For example, professional tax relief services can work with the IRS on your behalf to help you find a solution for your back taxes. And while the idea of seeking tax relief can seem daunting, the right service can make a world of difference.
Learn more about the best tax relief options available to you now.
How tax relief can help now.
Here are some of the key ways a tax relief service can assist you in getting out of debt to the IRS:
Tax relief services can negotiate an offer in compromise with the IRS
An offer in compromise (OIC) is an agreement between the taxpayer and the IRS that settles the taxpayer’s tax debt for less than the full amount owed. To qualify for an offer in compromise, you must demonstrate that you don’t have the income, assets, or means to pay your full tax liability.
That’s where the right tax relief service can come in handy. As part of the tax relief process, the company’s tax experts will work with you to gather the necessary financial information and documentation. They will then negotiate with the IRS to try and reach a settlement that is affordable for you.
A successful OIC can significantly reduce the amount you owe to the IRS, potentially by thousands or even tens of thousands of dollars. This can provide much-needed financial relief to help you get back on track.
That said, the OIC application process is highly detailed and complex, and the IRS has a strict set of criteria that must be met. Failure to provide accurate and thorough documentation can result in a rejected application, which is why a tax relief service can be so beneficial during this process.
Compare the top tax relief service options online today.
Tax relief services can work with the IRS on an installment agreement
An installment agreement allows you to pay your back taxes in manageable monthly payments over an extended period — typically up to 72 months. When you work with a tax relief service on an installment agreement, a tax expert will negotiate with the IRS on your behalf to set up a payment plan that fits your budget and financial situation, taking into account your income, expenses, and other outstanding debts.
An installment agreement can provide much-needed breathing room and stop the IRS from taking more aggressive collection actions, such as wage garnishment or bank levies. It also allows you to pay off your debt in a more manageable way.
Note, though, that the IRS may require you to pledge collateral, such as your home or a portion of your paycheck, to secure the installment agreement. You’ll also typically be subject to ongoing interest and penalties on the remaining balance until the debt is fully paid off, but the right installment agreement can still make your IRS tax debt more manageable overall.
Tax relief services can help you qualify for currently not collectible status
If you can demonstrate that you’re experiencing financial hardship and are unable to pay your back taxes, the IRS may temporarily declare your account as currently not collectible (CNC). This means that the IRS will stop collection efforts for a period of time, allowing you to focus on getting your finances in order. In order to help you qualify for CNC status, the tax relief service will work with you to gather the necessary financial documentation and submit the request to the IRS.
The main benefit of CNC status is that it can provide immediate relief from IRS collection actions and give you the breathing room you need to get your finances in order. This can be a lifeline for taxpayers who are truly struggling to make ends meet.
That said, CNC status is not a permanent solution, and the IRS will periodically review your financial situation to determine if you’re still eligible. And, the IRS may still file a tax lien on your property, which can have long-term consequences for your credit and ability to borrow money — but overall, there can be many benefits to working with a tax relief service to qualify for CNC status with the IRS.
The bottom line
By working with the right tax relief service, you may be able to better navigate the complexities of the IRS system, explore your options and negotiate the best possible outcome for your unique financial situation. And, while seeking tax relief may not be a quick or easy process, it can ultimately provide the support and guidance you need to get out from under the burden of back taxes and regain your financial footing.
It’s essential to note, though, that the IRS is generally more willing to work with taxpayers who are proactive in addressing their tax debt and engaging with the agency. So, by seeking professional assistance today and taking the necessary steps to resolve your tax issues, you can minimize the long-term consequences and put yourself on a path toward financial stability.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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