I still remember the first bad financial decision I ever made. My seven-year-old buddy told me that if I lent him a few dollars, he would pay me back ten a few weeks later. Unfortunately, he forgot all about his debt, and I was left without my allowance. Although it might seem like a silly example, bad financial decisions like that one plague adults everyday. I have had my fair share, and so I decided to create a blog dedicated to helping you to invest your money properly. Before you take your hard-earned money and throw it at a cause, think about the advice on my website to make a great decision.
If you recently filed your taxes and have a tax debt to pay, you really should find a way to clear it up as quickly as possible. When you owe the IRS money, they will not let it go. The debt will grow over time, and you will end up owing more later than you do now if you continue to put it off. Taking a payday loan is one of the best ways to pay off an IRS debt, and here are three things you should know about this.
Why It's Important To Pay Off Tax Debt
When April 15 rolls around, you must file and pay any taxes you owe. The consequences of not paying off the taxes you owe by this date include paying interest and penalties on the debt. The first thing the IRS will do is charge you a penalty for failing to pay your taxes. This penalty is normally 5% of the amount owed, and the penalty rate is charged monthly.
The second thing they will do is charge you interest on the debt. This interest is usually around 1% of the amount owed, and it is something that is charged every month until the debt is paid in full.
When you don't pay your taxes, you will owe more later. This is why it is better to find a way to pay the taxes by April 15.
What Could Happen If You Don't Pay It Off
When the IRS receives your tax return without the payment, they will notify you about the debt. They will give you time to pay the amount owed, plus any penalties and interest, and this is your last chance to pay the debt before the additional fees really start to add up. If you still do not pay it, eventually you could face major consequences. The IRS could:
Instead of taking all these risks, you may want to look into getting a payday loan online.
How a Payday Loan Can Help
Payday loans are not hard to get, and you can even get one online. The application process is simple, and the requirements are few. If you can get approved for a payday loan, you will benefit in these ways:
If you want to clear up a tax debt you have and cannot come up with the money to do so, consider taking a payday loan. You can apply online, and you will have an answer within minutes in most cases. Money 4 You is a local company that offers payday loans. Contact them for more details.Share