Tax season is stressful and frustrating, especially if you are not able to pay your tax bill in full. It could be so stressful that you might need help paying taxes. No one ever wants to owe the IRS money, but failing to pay your entire bill can cause penalties that can affect you for years down the road.
If you need help paying taxes in Nevada, you’re not alone. Unexpected tax bills can create serious financial pressure, especially when deadlines are approaching. In this guide from Nevada Title and Payday Loans, Inc., we will explain how to get help paying taxes in Nevada. In certain situations, short-term options like Nevada title loans or payday loans may help cover urgent tax payments.
What Happens If You Can’t Pay Back Your Taxes?
If you’re wondering what if i can't pay my taxes, the first thing you should know is not to worry. You have plenty of options available to you through the IRS. You can negotiate a short-term payment plan over 180 days or a long-term payment plan for a period longer than 180 days. You can negotiate this repayment plan with an IRS agent.
If you still fail to pay your taxes, the IRS may charge interest on the unpaid amount. They will charge a Failure to File penalty if you didn’t file your return, which is 5% of what you owe for every month your return is late. If you file but don’t pay it back on time, they will add 3% interest to the federal short-term interest rate, meaning the cost of repayment can increase dramatically.
After a few months of not repaying your taxes, the IRS will issue a collection notice. They will place a lien on your home if you owe over $10,000, affecting your ability to get credit, refinance your mortgage, or sell your home. They may also garnish your wages, which means taking a portion of them to repay your taxes. This will only be done in serious situations.
5 Options For Getting Emergency Tax Help
Did you fail to pay back your taxes before the deadline? Don’t panic; Nevada Title and Payday Loans, Inc. can help with ways to help with paying back taxes. You have many financing options that can help you repay what you owe and minimize the effect of interest and late fees.
Here are five ways to get help paying taxes:
1. File For An Extension
Ignoring your tax bill won't make it disappear. If you need assistance paying taxes, you might consider filing for an extension. This will give you extra time to submit your return and help you avoid penalties for late payment.
Also, when you file your return, try to pay as much of the bill as possible, even if you can't pay it all right away. Paying even a small part can help reduce the interest you'll owe on the remaining balance.
With this time extension, you can pursue emergency tax help to afford repayment on your new deadline. One such way is to seek IRS tax payment help.
2. Get IRS Tax Payment Help
As we mentioned previously, the IRS has payment plans that can help with paying taxes. A short-term plan involves repaying what you owe within 180 days of the filing date. You can only do this if you owe less than $100,000 in combined tax, penalties, and interest.
A long-term payment plan is available to those who owe less than $50,000 in combined tax, penalties, and interest. It involves getting on an installment plan, which involves repaying in fixed monthly installment payments. You can only opt for this option if you have filed your required returns.
3. Think About An Offer In Compromise
Another way to get help paying back taxes is through an offer in compromise. This is a way that you can settle for paying less than what you really owe the IRS. The process of applying for an offer in compromise is complicated, and it requires you to provide a lot of documentation so that you can prove to the IRS that you are legitimately unable to pay your tax bill.
The IRS will consider the following factors when assessing your offer in compromise:
- Your income
- Ability to repay what you owe
- Expenses (housing, loans, food, gas, etc.)
- Asset equity
You can get approved if you have filed your tax returns and made every estimated payment, aren’t in open bankruptcy proceedings, have been accepted for an extension in the current tax year, and are an employee who has made tax deposits in the current and previous two quarters. You also have to pay a $205 application fee and a down payment towards what you owe on your tax bill.
Additionally, if the IRS rejects your offer in compromise, your initial payment is applied to your overall balance, and your application fee is refunded. Keep in mind that low-income certification limits are available to you, though. If you meet these requirements, you can have the application fee waived, and you might not have to make monthly payments while your offer in compromise is being evaluated.
4. Apply For “Currently Not Collectible” Status
If you need help paying taxes, one other option that you can consider is applying for “currently not collectible” status. This is a way that you can get the IRS to temporarily hold off on collection until you improve your financial situation and are able to pay your bill off again.
This is only temporary, and you still need to pay your bill as soon as you can. In order to file a currently not collectible status, you need to fill out the proper forms and provide the IRS with information about your monthly income, net worth, monthly expenses, and assets. Just remember that the IRS can resume collections if your financial situation improves.
While there are avenues you can take with the IRS to delay repayment and come up with payment plans, you will still have to afford your tax bill eventually. Short-term loans in Nevada can allow you to borrow money for taxes. Learn more about reverse loans below.
5. Get An Emergency Loan For Taxes
Getting an emergency loan to pay an IRS bill should be considered a last resort, since you will have to repay your loan with interest. However, if you think it’s the best option for you, same-day loans in Nevada can help you get fast cash today to afford your overdue taxes.
At Nevada Title and Payday Loans, Inc., we offer three loans for emergency tax help:
- Title loans – This loan option allows you to borrow up to $15,000 if you have fully paid off your vehicle. Your vehicle’s value will determine how much you can get with Nevada title loans for tax bills. The title loan requirements you will need are your driver’s license, a lien-free vehicle title in your name, and your vehicle for an inspection.
- Payday loans – If you haven’t fully paid off your vehicle yet, you can opt for a payday loan for taxes. This loan lets you borrow up to $500 from a future paycheck. Your loan amount will depend on your income level and ability to repay the loan with your next paycheck. You will need a state-issued ID that displays your full name and date of birth, your most recent pay stub, and a checking account.
- Signature installment loan – Another unsecured loan that can allow you to borrow money for tax repayment help is a signature installment loan. This lets you borrow up to $1,500 as long as you agree to repay your loan in fixed installments every month. You will need a state-issued ID that displays your full name and date of birth, proof of income, and a statement from your checking account.
To get approved for these loans, you will have to fill out our online form. We will then call you to explain your loan and answer any questions. You can then bring your required items for verification at our nearest Nevada store. If you get approved, you can then sign your loan agreement and receive your cash later that day or by the next business day.
Get An Emergency Loan To Help Pay Taxes Today!
If you need help paying taxes in Nevada, Nevada Title and Payday Loans, Inc. offers short-term options designed for urgent financial needs. Get a title loan, payday loan, or installment loan to get fast financial relief to help with paying taxes. Apply today to explore your loan options; fill out our online loan form and bring your required items to our closest store to get approved in 30 minutes!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
