Author: Opal Rea

Tax Liens 101: Best Practices to Handle Them

Posted on by Opal Rea

Imagine coming to your office only to find a letter informing you about a pending tax lien against your property and assets. Well, of course, dealing with tax liens can be overwhelming. But, there are resources available to help prevent it in the first place, such as the Fresh Start Program by the IRS.

But fret not. With the right knowledge and strategies in your arsenal, you can tackle these situations smoothly and effectively. Keep on reading, as we’ll show you the basic yet best strategies to handle tax liens.

Pay the Debt in Full

pay

Make no mistake: Sometimes, it’s not that easy to pay the debt in full. While it may require some financial planning and budgeting on your part, it’s worth considering as it ensures regaining complete ownership of your assets without any encumbrances.

By paying off the debt promptly, you demonstrate good faith and responsibility to the IRS or state taxing authority involved. It shows that you take your obligations seriously and are committed to resolving the issue efficiently. To make this process more manageable, take a close look at your financial situation. Create a realistic budget that allows for allocating funds towards clearing the tax lien debt.

Negotiate an Installment Agreement

negotiateWhen faced with a tax lien, negotiating an installment agreement can be a viable option to handle the debt smoothly. An installment agreement makes it possible for you to pay off all your tax debt in manageable monthly payments, providing some relief from the financial burden. The first step in negotiating an installment agreement is determining your ability to make consistent and reasonable payments. This involves assessing your income, expenses, and other financial obligations.

By presenting a realistic proposal based on your current financial situation, you increase the chances of reaching a favorable outcome. To initiate negotiations, contact the IRS or state tax agency responsible for collecting the debt. Be prepared to provide detailed information about your finances and reasons for requesting an installment agreement. It’s essential to stay organized throughout this process by keeping copies of all communication and supporting documents.

Try Offer in Compromise (OIC)

If you find yourself facing a complicated tax lien, an Offer in Compromise (OIC) may be a viable option for resolving your debt. An OIC allows taxpayers to settle their tax liabilities for less than the full amount owed. Note that not everyone qualifies for this program, as the IRS carefully evaluates each case. To start the process, you must submit detailed financial information and supporting documentation to the IRS. The IRS will check and review your application and determine if accepting an OIC is in their best interest.

Keep in mind that acceptance rates for OICs are relatively low. However, if you can demonstrate that paying off your entire tax debt would create a significant financial hardship or doubt as to liability exists regarding the amount owed, you may have a higher chance of success.

File for a Subordination, Discharge, Or Withdrawal

form

A subordination allows you to move the tax lien down in priority compared to other creditors. This enables you to obtain financing or refinance existing loans that may have been previously unavailable due to the lien. It can be helpful if you’re looking to access funds for important expenses such as home improvements or business expansion.

On the other hand, a discharge completely removes the tax lien from a specific property. This means that once discharged, the IRS will no longer have a claim against that particular asset. This can be beneficial if you’re planning on selling your property, as it eliminates any obstacles in transferring ownership. A withdrawal is when the IRS removes public notice of an existing tax lien from your credit report. While this does not eliminate your debt obligation, it helps improve your credit score by removing negative information related to the lien.

In short, whether you choose to pay off the debt in full, negotiate an installment agreement, explore an offer in compromise, or file for a subordination, discharge, or withdrawal, please approach each option carefully.…

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Benefits of E-Fax That Every Business Needs to Identify

Posted on by Opal Rea

Remember the old fashion means of sending faxes using machines? I’d like to let you know that the fax machine recently marked its 175th year of existence. Nonetheless, people are still sending billions of faxes annually. The service has witnessed technological advancements that widened the available means of faxing. If you check online, you’ll notice that faxing has sensible benefits, especially online fax services. Despite the significant steps in digital communication, some old tech remains beneficial. However, services like e-fax have managed to improve fax services making the experience of sending faxes better than before.

Here are some of the advantages of e-fax that you deserve to know.

1. Cost-Efficient

If you have ever owned or do own a fax machine, you are aware of the required maintenance costs. If you send numerous faxes, you have probably experienced paper getting stuck in the fax machine. A problem like that is bound to cost money to get fixed.

With e-fax, you do not have all these aspects, stressing your mind. You do not require any cartridges, papers, and there is no need for power cables and wires. All you need is a digital device like a smartphone, laptop, or tablet, and you’re set. You avoid spending cash on maintenance costs or paying high electric bills because of high power consumption contributed by fax machines.

2. Completely Secure

Safety happens to be one of the prime reasons that people are still sending conventional faxes. You will easily find news and reports of individuals having their emails hacked. On the other hand, you are less likely to hear a case of hacked faxes. E-fax does send information over the internet; however, it utilizes a secure connection that offers security and privacy depending on the user’s preference. Faxes allow you to send confidential data and documents without any fear of having the information without infiltration of the information you send. Keep in mind that online faxing and email are completely different technologies.

3. Time-Efficient


If you aim to enhance productivity in the office, you will have to switch from old means of sending faxes and opt for the online alternatives. The fax machines are old and without a doubt, come with some limitations, especially in this era. Do you know that the average staff spends up to fifteen seconds walking to the fax machine? If you are sending twenty faxes using the machine, you will be spending 11 hours annually. This time is saved when you switch to online fax services. People can send faxes without leaving their seats.

4. It’s Eco- Friendly

We have all seen and heard the alarming news on climate change and the need to conserve the environment. By eliminating the use of papers, e-fax proves to be a deserving option because of this eco-friendly aspect. Of course, there are more benefits I’ve not covered. However, I’m sure the four aforementioned benefits are enough to influence your choices next time you think of sending a fax.…

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The Argument for Private Health Insurance

Posted on by Opal Rea

Every year, just around March and April, millions of citizens around Australia receive notifications on the potential rise in premiums on their private insurance cover. Over the years the premiums have risen by just under 4 percent and vary based on the product and the insurer. Compared to other years the rise is quite small. However, this is much higher than the average wage growth pitting consumers in a position of skepticism over its full adoption.

insuranceWhy Consider Private Insurance?

Australia is one of the few countries worldwide with a fully functional healthcare system known as, Medicare. The healthcare is available to the mass public and is funded through a two percent wage tax known as the Medicare levy. This gives the users unfettered access to public hospitals and receives attention from general practitioners.

The Commonwealth government, however, champions for the adoption of private insurance. There are penalties given for those who do not take it out of their income tax. For those who do it right, they will receive rebates on their premiums.

An investigation into out of pocket expenses accumulated from health care expense will give you insights into why you need such coverage. Just under 4 percent of Australian residents have signed up for private insurance cover. This is a 30 percent increase since 1999. General different people give different reasons for taking in private health insurance. There are those who try to avoid the waiting lines required for those anticipating elective surgery. Private insurance gives them the freedom to choose their doctor and hospital. They even have the option of their private room where the will receive good food and attractive facilities. There is a general perception that you get the best provided you are willing to pay for it. This is what we see in health insurance. , Many fear they will not receive the right services if they go through the public system.

Shorter Waiting Times

The entire argument behind a universal healthcare system is to provide clinical care to those who need it the most. As a result, the bulk of emergency treatment is available in public hospitals. The case is, much different when it comes to elective surgery procedures. In such situations, patients are encouraged to opt for private health insurance instead.

The waiting times for elective surgery vary depending on whether the patients are privately or publicly funded. As of 2015, the average waiting time was 42 days for public patients. Those with private health cover wait for roughly 20 days. Those who self-fund their entire treatment will only drag on for 16 days. The waiting times will vary depending on the patient’s urgency for clinical treatment. It also varies based on the procedure that will be undertaken. For instance, public patients awaiting heart surgery while a patent awaiting knee surgery can drag on for 2013 days.

Customer Choice

A major factor behind the adoption of private health insurance is the choice of provider. The idea that patients should have a choice with their healthcare is heavily promoted by government and consumer groups.…

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