My credit is a shambles, I owe the IRS and the state of CA almost 50K I have been out of work since April this year. The penilties and interest are growing like weeds. I'll never get it paid off at this rate. Is there somewhere, with someone that I can get a loan to pay off these and reduce the rate they are increasing. I have just started another job. My income is nothing to sneeze at, but I can't seemto qualify for any type of general type of loan.
Rick
2006-12-18 11:15:33 · 2 answers · asked by richardmuck@sbcglobal.net 1 in Business & Finance ➔ Taxes ➔ United States
You don't mention whether you own a home and if it has equity. That would be the easiest and best because the interest is deductible. If not, apply for an installment payment plan with the FTB and either an installment payment plan or an offer in compromise with the IRS. You will have to provide them with a current financial on their own forms. The IRS form is a form 433A. The FTB has its own form. Good luck and don't ignore the problem.
2006-12-18 12:51:01 · answer #1 · answered by mattapan26 7 · 1⤊ 0⤋
There are companies who can help specifically with tax debt relief. They're often able to negotiate settlements for less than you owe and stop the penalties and interest from accruing.
I found a place where you can get competitive proposals from several such companies based on your situation. See Sources. I hope this helps. Good luck!
2006-12-18 12:22:48 · answer #2 · answered by Anonymous · 0⤊ 1⤋