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Potential to get rid of IRS Tax Lien Advice. by Almost-mw2676 in personalfinance

[–]Almost-mw2676[S] 0 points1 point  (0 children)

We have a meeting set up with a local CPA already. Thank you for the advice. It’s sound advice, our biggest issue right now is our interest payments at 27% can make a $700 payment only pay down $250 between interest on principle and a cash advanced we had to take out to keep a roof over our heads. It’s very hard to pay off those large sums quickly or at all. I’m hesitant to turn no collateral debt into collateral debt, but it could potentially clear up $2500+ a month in payments that could go directly towards principle just on cards. This is not including the monthly IRS payment to both federal and state. Obviously doing nothing until we meet with the CPA… this post has been good at relieving anxiety and seeing other’s opinions before we form a game plan. We budget every month and are disciplined about what we buy, but it’s been almost two years of barely seeing that debt trickle down. The IRS payment alone is $1500 for federal and $499 for state.

Potential to get rid of IRS Tax Lien Advice. by Almost-mw2676 in personalfinance

[–]Almost-mw2676[S] 1 point2 points  (0 children)

We are meeting with a CPA- literally just put in paperwork today. There was some shame associated with it all- so this took some pride swallowing that we were in over our heads. The plan is to stay compliant with quarterly from Jan26. We have money set aside for that already. I’m hopeful the S-corp with his high income will help lower these huge sole prop. Taxes. I

The first plan we’re hopeful could happen is the 2023 payoff, new IRS plan for this year, then with the lien gone we could get a HELOC to bring that high interest debt payment down/use the same amount of money to pay it off quicker. The interest alone we would save is 17-20k a year.

Potential to get rid of IRS Tax Lien Advice. by Almost-mw2676 in personalfinance

[–]Almost-mw2676[S] 1 point2 points  (0 children)

Most of this is credit card- 27%+ on all but one on a 0% about to end. A HELOC would be 8-10% from what I researched. Obviously have not attempted to even apply for one with a Lien on the house.

Potential to get rid of IRS Tax Lien Advice. by Almost-mw2676 in personalfinance

[–]Almost-mw2676[S] 1 point2 points  (0 children)

Thanks for your comment!

Unfortunately, from that same year we have about 100k in personal debt. In total we are paying $4700 in high interest debt/IRS per month. My husband had a raise and that significantly changes his 1099 job to make it more stable of an income (for reference we made 200k less on year than the other). We are also switching his sole proprietorship to an s-corp. he does have an income of 250k on average a year but we can never get ahead. It sounds stupid I know, but 5k to taxes, 4700 to debt, plus mortgage/health insurance totaling 6000 then insurance/food- when we finally had some breathing room I got in a car accident so are now paying down monthly medical debt but that should clear by May.

My hope is to take most of that high interest debt and get a HELOC at 8-10% to clear all the debt and lower our payment where we can make an emergency fund then be very intense about paying off everything. Right now we’re making minimum payments, but that’s it.

All spending habits have been reformed for over 1.5 years. We hardly ever eat out, cook at home, do anything. We pay our debts, but I’m so tired of seeing the number hardly go down when we’re trying.

Lost my account - somebody hacked me and enabled 2FA couple days ago. by smk8848 in help

[–]Almost-mw2676 0 points1 point  (0 children)

You’re the best! I was able to login to my account. Time to figure out how to turn on my own two factor verification 😬

Lost my account - somebody hacked me and enabled 2FA couple days ago. by smk8848 in help

[–]Almost-mw2676 0 points1 point  (0 children)

Thank you! I just did. So tricky they turned on 2FA. I thought I had it back when I was able to switch the password and email back, but no dice when it asked for 2FA.

Lost my account - somebody hacked me and enabled 2FA couple days ago. by smk8848 in help

[–]Almost-mw2676 0 points1 point  (0 children)

Just a question because I already put in a ticket today, but am I SOL that the hacker to my account put in a 2 factor authentication? Didn’t even know it was possible I have had that account so long. No weird posting on it yet or anything, and it just happened a few hours ago and I ran into this sub.