Tax

The Importance of Money and Paying Taxes

Google+ Pinterest LinkedIn Tumblr

Nowadays, having money is a necessity. Money enables us to acquire the things we need for survival. If you have money, you can comfortably support your family. With money, suffering becomes less. If you have money, you get the privilege of making choices and seeing them through. People that have money are more at ease with their lives. Such people are focused on ventures that enable them to make more money. On the other hand, the lack of funds makes it difficult to make choices independently. You will get the chance to understand why it is essential to have money in this day and age from this article.

Money is a Necessity in Every Person’s Life

Money cannot buy you happiness, but you need it to survive and gain some level of security. The moment you do not have easy access to the necessities of life, it is difficult to be happy. Even if you have a farm that provides you with food to eat, you still need money to purchase the seedlings and fertilisers to boost growth.

Apart from having money to fulfil your basic needs, some extra money can make your life pleasant. You can decide to take a trip with your family members with the extra money that you have. Money cannot replace the joy you get from spending time with your loved ones, but it can enhance the fun.

Another important thing when it comes to money is that you need to be content with what you have. The moment you have money that allows you to gain access to the basic needs, you shouldn’t be stressed about not having money for leisure activities.

Money is an Essential Tool

Money is important because, from it, you get proper control of your life. Most people are stuck in jobs they hate because if they quit, they will be unable to cater for their basic needs. Once you have money, you have the freedom to do whatever you want and easily manage your time.

With money, you can give your children the best. Your children can get the best education and healthcare. On the other hand, exposing your kids to a lot of money may spoil them. Therefore, it is the responsibility of the parents to educate their children on the value of money and how to gain and keep it from a very young age. That way, the kids grow up being more responsible.

People who have money can give back to society. If you have enough money at your disposal, you can participate in charity events and activities to help the less fortunate. There is an unwritten law that says the more you give, the more you get. Therefore, giving back to the less fortunate is another way of building wealth.

Tax Levy

If you live in the US and away from your folk’s place, you need to understand what is a tax levy. If you fail to pay your taxes to the IRS on time, your assets may be seized to settle the tax debt. Generally, if you have unpaid taxes, the IRS sends you the first bill. If you fail to pay the first bill, the IRS sends you a final bill. Failure to pay the final bill leads to the IRS enforcing collection actions. The collection actions may be in the form of taking your future tax refunds or seizing your property.

The Best Options To Consider When You Get a Tax Levy

The best option of solving such an issue is paying the amount you owe in full. The good thing is that if you clear your debt in full within 120 days, the IRS releases the levy.

If you feel that you might not be able to pay the amount in full at once, you can fill form 9465 and negotiate an instalment agreement. If the negotiation is successful, the levy is released immediately.

How to Avoid a Tax Levy

You can request the IRS to grant you an extension of 120 days. Once you clear the payment, the lien is released in 30 days, and your tax levy is canceled.

Consider explaining your financial situation to the IRS if you are broke. The IRS has a category known as “non-collectible status” for people who have financial hardships and are unable to pay their taxes. Once your tax debt is considered as non-collectible, your tax levy stops immediately.

Filing chapter 7 or 13 bankruptcy stops all creditor collection actions instantly, including tax levies. As long as the petition is active, your tax levy remains suspended.

 

Write A Comment