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What To Do If You Owe The IRS

Owe IRSNearly 80 percent of all people who file an income tax return receive a refund from the IRS. What happens if you are one of those 20 percent? What if you have overdue taxes that need to be paid? There are some things you can do to prepare and to help you if you do indeed owe the IRS money.

Consult A Tax Professional

Make sure your income tax return is correct. If you haven’t done so already, have it reviewed by a professional to be sure that you have not made a mistake. If you do end up owing the IRS, there are several things you can do.

Additional Time To Pay

One thing you can do is to request more time to pay your balance. While the IRS will not grant you years to pay your tax bill, you can receive a few weeks or a few months extra to pay your bill. The IRS has an online payment agreement application that can be filled out to request additional time.

Pay With A Credit Card

Many people are unaware that they can pay their tax bill with a credit card. If you do not pay, you will be subject to penalties and interest. Those penalties and interest payments are most likely much higher than the interest rates on your credit cards.

Request An Installment Agreement

If you will not be able to pay the full amount of your tax bill, you can request to pay it in installments. You must complete and file your return first. You will need to be current with any previous year tax payments or estimated taxes. You can fill out the installment agreement application, which will allow you to pay a certain amount monthly until the balance is paid in full. Most installment agreements are granted if the applicant is in good standing with the IRS.

Take Out A Car Title Loan

If you have a vehicle that is paid for and the title is clear, you can use the equity in it to access the cash necessary to pay off your tax bill. Companies like Embassy Loans have helped thousands of people get their hands on the cash necessary to get out of a financial jam. Car title loans do not require background or credit checks and, as a result, do not take as long as a traditional loan to process. At Embassy Loans, most car title loans are in less than an hour. Borrowers get their hands on the money they need quickly. Once received, the money can be used to pay the IRS.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.