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How to Prepare for the Coming Tax Season

Making_a_budgetWith the end of the 2015 and a New Year beginning, tax season will soon be upon us. Employers must have their 2015 W-2 forms out to their respective employees by theend of January at which time you can begin preparing to have your tax returns completed. Whether you do them yourself or have a service complete them for you, there are some vital elements that you must have for your tax return to be completed correctly. Here is how you can get a jump on your 2015 tax return.

Make a List of Income Sources and Gather Documents

If you are an employee of a company, you will receive a W-2 that shows how much you earned and how much you paid in taxes during the year. If you have more than one job, you will receive more than one W-2. Make sure you gather them all. You may work as an independent contractor and receive a form 1099 or several 1099s. Be sure to collect all of them in order to complete your tax return.

You may also have income from investments. Even an interest bearing savings account pays you money each year. It may not be much, but it needs to be included in the preparation of your tax return. If you earned money from it, make sure to include it.

Gather Necessary Receipts

There are certain things you can deduct from your income that will benefit you and your tax return. No matter how large or small, things like charitable contributions can wind up adding money to your tax refund. Gather up all of your receipts including items like medical expenses and business expenses that were not reimbursed.

What If I’m Going to Owe Money?

If you think you are going to owe money, do not try and skirt the issue. Pay the bill and pay it by April 15. Sure, you can file for an extension, but you are eventually going to have to pay up. If you do not have the money, there are a few easy ways to get it. One is a car title loan. If you own a car, you may be able to use it to borrow the money to pay your tax bill.

A car title loan is a short-term loan usually for a few hundred to a few thousand dollars that is secured by a vehicle. The loan is based upon the value of the car or truck not on an individual’s credit history. Lenders like Embassy Loans can process title loans quickly, often within an hour, so you can have access to cash quickly. Use your loan to pay your tax bill and then pay off your loan as soon as possible.



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.