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Message
Taking out a loan to pay taxes...
Posted on 4/12/10 at 4:13 pm
Posted on 4/12/10 at 4:13 pm
As painful as it sounds, this is where I am. Can I be honest with why I am taking out a loan, say at a credit union? I've taken out a CU loan before, but they were very inquisitive about why I needed it and adjusted the rate accordingly (it was a higher interest rate than a car loan). I wonder if I could get a better rate if I said I was doing a home improvement project, or maybe take out twice what I need and actually do some improvement. I don't know, obviously.
12
Posted on 4/12/10 at 4:14 pm to Gaston
You do some dumb shite for a smart dude.
Posted on 4/12/10 at 4:14 pm to Gaston
quote:
Taking out a loan to pay taxes...
damn dude. go to the money board and ask them to explain to you the ways of not fricking up
Posted on 4/12/10 at 4:14 pm to Gaston
lies get you nowhere in life, Gaston ..
Posted on 4/12/10 at 4:15 pm to Gaston
sig loans are always higher bc there is no colateral.
Posted on 4/12/10 at 4:15 pm to threeputt
Tell em its for braces for your kid.
Posted on 4/12/10 at 4:15 pm to Broke
I am dumb as frick about some things, I have to admit.
I'm reading the tax instructions clearly, "But before requesting an installment agreement, you should consider other less costly alternatives, such as a bank loan or credit card payment."
I'm reading the tax instructions clearly, "But before requesting an installment agreement, you should consider other less costly alternatives, such as a bank loan or credit card payment."
Posted on 4/12/10 at 4:15 pm to Gaston
Lying to creditors is never a good idea. If i remember correctly, the terms of use are stipulated in the contract.
However, it's also not a good idea to pay off a debt with more debt.
However, it's also not a good idea to pay off a debt with more debt.
Posted on 4/12/10 at 4:16 pm to Early Cuyler
IDK, but you have 3 days to figure it out
Posted on 4/12/10 at 4:16 pm to Gaston
quote:
other less costly alternatives
quote:that's an oxymoron for you
credit card payment."
Posted on 4/12/10 at 4:17 pm to threeputt
quote:
lies get you nowhere in life, Gaston ..
WTF? My wife and I each have one regular job that takes out taxes. I set my withholdings per the book, and even have more deductions than the standard amount. Somehow we owe. I set my withholdings to '0' now, so hopefully I can catch up buy the end of the year.
Posted on 4/12/10 at 4:17 pm to tgrbaitn08
get an extension
Posted on 4/12/10 at 4:17 pm to tgrbaitn08
quote:
IDK, but you have 3 days to figure it out
extensions, brah
Of course you still have to pay an estimate with the extension
Posted on 4/12/10 at 4:17 pm to Gaston
why not just work out a payment plan with the IRS ?
Posted on 4/12/10 at 4:18 pm to Gaston
quote:
But before requesting an installment agreement
IRS interest is steep, coupled with the penalties that still get added on until paid in full, a CU loan is the way to go.
Posted on 4/12/10 at 4:18 pm to tgrbaitn08
quote:
IDK, but you have 3 days to figure it out
Unless he's in certain areas declared federal disaster areas. I have until May 11th to file federal and state, and I think I am going to take advantage of the extension since the government is offering.
Posted on 4/12/10 at 4:19 pm to Gaston
quote:
As painful as it sounds, this is where I am. Can I be honest with why I am taking out a loan, say at a credit union? I've taken out a CU loan before, but they were very inquisitive about why I needed it and adjusted the rate accordingly (it was a higher interest rate than a car loan). I wonder if I could get a better rate if I said I was doing a home improvement project, or maybe take out twice what I need and actually do some improvement. I don't know, obviously
File an extension. start paying more taxes every 2 weeks from your check. extend till next year. Save money. Payoff taxes.
Posted on 4/12/10 at 4:19 pm to tmanlsu
quote:
get an extension
The money you owe cannot be extended. An extension only buys you time to file, not pay. If you owe money to the IRS then you have to pay it by April 15th. You can set up a payment plan but with the penalties and finance charges, you're better off charging it to a credit card.
Posted on 4/12/10 at 4:21 pm to tgrbaitn08
quote:
You can set up a payment plan but with the penalties and finance charges, you're better off charging it to a credit card.
get a signature loan, it wont hurt your credit a much as maxing a CC will. It will also be less in interest.
Posted on 4/12/10 at 4:22 pm to Gaston
id ask the money board. if you read it at all, hopefully you know who has good advice and who talks out of their arse.
i would simply compare interest rates and go with the cheaper option. if they were close, id go with the lender i dont have to lie to.
if you are going to misinform the lender, just dont use a reason that you foresee actually needing in the future.
i used student loans to pay 1000 bucks on a car i wanted to pay in cash. i paid for school out of pocket & with tops. got 1K for one semester & paid it back 200 bucks a month for 5 months because the interest rate was way lower. the loaner never found out.
i would simply compare interest rates and go with the cheaper option. if they were close, id go with the lender i dont have to lie to.
if you are going to misinform the lender, just dont use a reason that you foresee actually needing in the future.
i used student loans to pay 1000 bucks on a car i wanted to pay in cash. i paid for school out of pocket & with tops. got 1K for one semester & paid it back 200 bucks a month for 5 months because the interest rate was way lower. the loaner never found out.
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