You are entitled to a free copy of your credit report from each of the three national consumer reporting companies every 12 months.
Credit reports contain information that agencies and companies use to evaluate creditworthiness. Banks use them to know if they can trust you with a home mortgage or auto loan. Credit card companies use them to determine if they should approve your credit card application. Insurance companies use them in factoring your insurance premiums. The use of credit reports to evaluate your financial situation is even used by your potential employers partly as a measure of your job qualifications. Because of this reliance on credit reports, it is important for you to ensure that your credit report is accurate. The government has recognized this by making available free credit reports.
When tax time comes around, inevitably there are people who are not able to pay everything they owe.
Although the IRS always prefers that you find a way to pay your taxes in full, circumstances can sometimes prevent that from happening. If you find yourself in this predicament, the IRS does have options available to help you resolve your tax debt.
Obviously, the best solution for past due taxes is to pay the entire debt as quickly as possible. Remember that penalties and interest will continue to accrue until your balance is fully paid – the IRS does not necessarily waive these late fees, even if you set up an approved payment arrangement.
In some cases, it is actually more affordable to pay your tax debt using a personal loan or credit card(s), which often charge lower fees than the IRS.
Read on to learn the IRS payment options if you cannot pay your taxes.
Millions of people enjoy having hobbies — whether it’s photography, antiquing, craft making, collecting coins, or breeding horses. It usually costs money to support a hobby, but in some cases, your hobby can also make you money.
If you have a hobby that is also a source of income, you’re required to report the income on your Federal tax return. In order to properly report your income and expenses to the IRS, you must ascertain whether the activity is classified as a hobby or a business.
This article explains the IRS rules for determining if an activity qualifies as a business, and what restrictions apply if the activity is not a business.