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Use Lockdown Time During Turbulent Times to Lower Your Debt

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2.Owe Money to the IRS?

Money owed to IRS

The government offered some minor tax relief when it said that no one had to file taxes until much later than the April cutoff date. However, the time has come and gone to file and pay taxes for last year. If you couldn’t do that, you may now owe the IRS a lot of money. This isn’t very comforting, but there are things you can do.

For one, pay as much as you possibly can right now to avoid high interest and other penalties. Consider calling the IRS directly to ask about payment options. A representative can tell you what’s available so that you can pay as little as possible and make affordable payments.

To do this, you often have to link your checking account with the IRS. That way, they can automatically withdraw funds on the appointed date.

Other debt relief options include requesting an extension, such as a hardship extension, or borrowing money to pay off the full amount. If you own a credit card, consider using that (or multiple cards), but you are charged a processing fee. Those who know they are going to have the money at a specific time can request a short-term extension. However, the full balance must be paid off on the appointed date.

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