Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter


Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Can't Pay Your Tax Bill? Here's How to Deal with the IRS

Written by Eva Rosenberg on July 14, 2010 in Tax  |   No comments

Someone recently wrote to TaxMama in despair and desperation — she couldn’t pay her tax bill and her wages were being garnished. She had a long-term tax debt because she hadn’t filed tax returns for two years, and the IRS made up a worst-case tax…

Handling IRS tax billsSomeone recently wrote to TaxMama in despair and desperation — she couldn’t pay her tax bill and her wages were being garnished.

She had a long-term tax debt because she hadn’t filed tax returns for two years, and the IRS made up a worst-case tax return. Her husband was disabled and living on Social Security. Doesn’t this break your heart?

She’s not alone. These days, with jobs disappearing, along with homes, many more people are in equally bad financial shape. But there are ways around the tax predicament that this woman, and many others, find themselves in.

What can you do?

  1. File all your tax returns, including extensions, before the filing deadline.
  2. If you cannot pay, don’t ignore the problem. DO SOMETHING!

Can’t Pay Your Tax Bill? Expect Tax Penalties, the Penal System, and Punishment

The two biggest causes of hostile IRS action are

  1. Ignoring IRS notices and letters
  2. Deliberately defying the IRS

A couple of recent tax acts have finally given the IRS the power to levy large penalties and bring criminal charges against those who thumb their noses at the tax system. The good news is that these powers are not intended to be used against the hapless, dejected taxpayer who is just overwhelmed by the system.

Tax Information Overload! Help!

If you’re in tax trouble and have been ignoring the notices and letters sent to you by the IRS, this is not the time to play the helpless card. This is the time to face your problems and contact the IRS. Respond to the notices you receive.

What do you want to ask the IRS when you do contact them? It all depends on three things:

  1. The balance due on the notices
  2. How much you’re presently earning
  3. Your personal asset balance

If the balance due can be paid off within five years based on your present income level, or by drawing upon your savings or equity, you will have to pay the taxes.

Look at this as if it were a car loan-for the new car you didn’t buy.

There is no way to reduce the balance due. Don’t waste $3,000 on those folks who advertise that they can cut your taxes. They can’t.

To get an installment agreement from the IRS, follow the instructions on the IRS Payment Plan page.

What If You Legitimately Cannot Afford to Pay Your Tax Bill?

There are two ways to go:

  1. Let me tell you a big secret: You may ask the IRS to suspend collections. Believe it or not, the IRS can do that for you! (It’s called “Code 53.”) The IRS will reopen your case every six to eighteen months, depending on why you’re insolvent.
  2. You can ask for an Offer in Compromise, using Form 656. This is the “pennies on the dollar” form. Read the instructions and follow them carefully. There’s a checklist and a two-page worksheet telling you exactly what to offer to the IRS. No mystery. It’s right there in the book.

If all else fails? File for tax bankruptcy. Yep. Even some attorneys don’t know you can bankrupt taxes. It’s not easy to do. You may have to wait a year or two after you file your tax returns before the taxes get “ripe.” Yes, you can make your taxes disappear. Legally.

Eva Rosenberg, EA is the publisher of TaxMama.com, where your tax questions are answered. Eva is the author of several books and ebooks, including Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com.

Read More:

Home Buyer Tax Credit Cash: 7 Things You Need To Know When Filing for the Home Buyer Tax Credit

Six Reasons To Amend Your Tax Return

Class Action Lawsuit Settlement: Good News Or Bad For Your Taxes?

Child Friendly Tax Credits

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.

No comments yet

Leave a Comment

Name :

Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.

Tax Archive