What to Do If You Owe Money for Taxes

It’s tax season. If you’re like 30 million Americans you may have discovered an unpleasant surprise when you completed your taxes. According to a paper from the Government Accountability Office, one in every five Americans owes the money to the IRS from 2018. Instead of receiving your expected tax return, you may owe taxes this year.

You could be stuck paying penalties and interest on top of last year’s taxes if you are unable to pay your tax bill by April 15th. Fortunately, there are a few options to help ease the burden of your tax debt.

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Repay Your Total Tax Bill within 120 Days-

The IRS provides the option to repay your tax bill within the course of 4 months, without the risk of liens. However, interest and penalties will continue to accrue during this time, so you should continue to pay off as much of the loan as possible during this time.

Utilize a Tax Installment Agreement-

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It can be difficult to pay off a large amount of taxes within a few months. The IRS offers a more flexible repayment option with an installment agreement. With an installment agreement, you can submit a request outlining the amount you can pay each month. However, applying for this program costs $107 to set up. Moreover, the IRS has the ability to deny your plan. Taxes and penalties will continue to accrue until you pay off the totality of your tax bill.

Take Advantage of a Jewelry Equity Loan

The discovery that you may owe money for taxes can be terrifying, but it doesn’t have to be. Diamond Banc is here to help. Diamond Banc can help you to rapidly liquify your luxury assets with our Jewelry Equity Loans. Use your fine watches, loose diamonds, engagement ring, gold bullion or family heirlooms as collateral for discreet and immediate cash. We pay within 24 hours. Diamond Banc does not require a background check, employment verification or credit score. Best of all, you can retain ownership of your luxury pieces. Once you pay off your balance, your items are returned to your possession- meaning you keep your items and pay off your tax expenses. Visit our site to get started from the comfort of your home.