bharatbhasha.com
Free Articles  >>  Business And Finance >>  Page 1204  >> 

IRS Collections and What to Do With Refunds







Every tax season, a lot of us worry about filing because we are afraid of dealing with IRS collections. It's never fun to see that you owe the IRS and need to make a payment arrangement to pay it off. It's an added financial stress we'd like to avoid. But there's also the upside of tax season when you receive a refund. And while it may seem like instant vacation money in your account, there are smarter ways to spend and save your refunds.

While spending a little on yourself can be nice (especially if you are a person who doesn't normally do so), there are better ways to distribute your refund before you buy that plane ticket. The first thing you should consider is paying off any debts you have. Take a look at credit card bills and see how much you can afford to pay off and if you can bring your entire balance down to zero.

You should also use some of it to make payments on your mortgage. If you make an extra payment, it will go towards bringing down your principal, which means long term savings. It's possible that by making just two extra payments a year, you can pay off a 30 year mortgage in 15 years.

Opening an emergency fund is a great idea as well. You never know what may happen, whether a family member gets hurt and you have to pay hospital bills or you lose your job and need a way to pay for your house or apartment. Or maybe it just so happens you'll need to pay off IRS collections next year instead of getting another refund. It's always good to have some sort of a back up.

Now is also the time to take some money to invest in retirement. We all know that retirement funds, pension and social security are not the same for our current generation as it was for the ones before. It's important to take what extra funding we get to put towards a retirement plan, so we aren't caught in a bad situation as we get older.

Of course, setting a side a quarter of your refund for something more fun isn't a bad idea either. We all need a vacation to relax, or something new in our lives to enjoy, so don't feel guilty as long as you budget it accordingly. It doesn't hurt to enjoy a little bit of extra income!


About Author Mark Etinger :

<a href="http://www.josephybalisok.com" target="_blank">http://www.josephybalisok.com</a> is the office of a NY tax attorney who specializes in innocent spouse relief, levies, payment arrangement, tax debt relief and IRS collections. Visit our blog at <a href="http://www.thetaxattorneyblog.com" target="_blank">http://www.thetaxattorneyblog.com</a>


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/386015


Article Added on Tuesday, August 14, 2012
LD
Other Articles by Mark Etinger

Pay Taxes And Be Free of Tax Debt
I always had a deep-seated fear of taxes. When I was growing up they seemed so&hellip;adult. Like cigarettes and electric bills, those things that you vaguely knew made life more complicated as you aged and balanced out the goodness of being able to freely walk into any establishment and rent a car. Taxes were simply another impediment to freedom. I didn't really understand when I was younger that taxes are actually the price you pay for freedom. To live in a functioning society,...

How to Become a Tax Attorney
Becoming an attorney is no easy task. My uncle is a tax attorney and he went through much education, testing, and a lot of hard work before he got the recognition and experience to open up his own office and offer his services. Now he helps people deal with IRS collections and even helps me out with filing my taxes properly, to make sure I'd never need his services! If you've been thinking about becoming a tax attorney yourself, there is a lot to do and a lot of commitment to be made. But if...

Upcoming Collectible Coins for 2012
As a coin collector, you need to be on top of the newest coins to be released every year. 2012 has some cool coins coming out from the U.S Mint as well as other foreign mints. There are more releases to collections already put out as well as brand new coins in their own class. The first to come out is the next set in the United States Mint America the Beautiful quarters. These state quarters will focus on a variety of beautiful natural parks and preserves. The set for 2012 was released...

Saving Money And Owning Stuff
I, like most Americans, love two things above all else. They are obvious once you hear them. In fact I bet you have already thought of them yourself, and if you haven't it is likely the result of your web soaked brain not being able to stay locked into this article for the duration of those first few sentences. Those things I love above everything else the universe has to offer? Saving money and owning stuff. These two loves of course are in many ways contradictory. I want to own it all but...

Keeping Time With Citizen Watches
Citizen watches might not have a history as long as some of its competitors, but in the past eighty years, they have made quite a name for themselves in the watch world. Citizen began in 1924, but not in Switzerland like you might think. No, this company has its roots in Japan -the Shokosha Watch Research Institute to be more precise. The first watch they made? A pocket watch. But it didn't stop there. Citizen watches continued to use groundbreaking technology to create beautiful and highly...

Tax Season and Home Improvement Contractors
Tax season is, unfortunately, almost upon us. If you are interested in redoing your home, however, this approaching event may actually help you afford the renovations. You may save tax money by reducing your energy bill, doing deductible projects, or using last year's refund to redo your home. For example, if you choose to hire home improvement contractors to improve the energy efficiency of your home, you may become eligible for a tax write-off. Energy-saving efforts you make one year...

Hoarding Cleaning For Subtle Hoarding Tendencies
We spend our lives amassing large collections of stuff that is essentially junk. We stack up books that we have read and DVDs we have watched and leave them in mostly unused piles for years. We move an item of furniture out of the living room and into the attic or garage where it will remain infinitely. So much of this human debris is not inconsequential. In fact it is an indicator of where we are in our lives and in our ability to efficiently compartmentalize and let things go. You do not...

Summer Watch Trends For Adventurers
In the summertime it is much more common that we get more actively involved than we do in any of the other seasons. Our clothes go through more of a beating playing beach volleyball, running track, camping, hiking, biking, and other fun in the sun activities. But the same applies to our accessories. That's why when you plan to wear a watch in the summer you should really consider the design. The things you must absolutely look for in a summer watch accessory is durability, efficiency, and...

There Is An Art To Swatch Watches
We pick our clothes based on how we feel about fashion. We want to be ourselves but we want to look good. Why is it that when we pick watches we have a tendency to overlook our personality and pick a generic-looking accessory? If you could say anything at all about Swatch watches, it's probably how incredibly cool they always look. Out of all the brands, Swatch is the one that really does experiment with style and color. The different models have both casual and more professional designs,...

Consistent D eacute cor With Restaurant Furniture Supply
Consistent Décor With Restaurant Furniture Supply When you walk into certain major restaurant chains you know exactly where you are, even if that big glowing sign out front didn't tip you off a bit. This is because inside each and every major restaurant chain there is a uniform version of restaurant chairs and tables, not to mention a consistency of décor that is vital to the sales pitch of the place. Of course noting that those glowing signs, and menus, and employee uniforms exist, you...

Click here to see More Articles by Mark Etinger
Publishers / Webmasters
Article ID: 386015
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


159 Users Online!!
Related Articles:
Latest Articles:
 
Business And Finance >> Top 50 Articles on Business And Finance
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright © AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Indian Hosting Services Provided By AwareIndia







Company IDS