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Wrapping your head around taxes can be a difficult task. Here at Solvable, we strive to provide you with services to help you gain a better understanding of how taxes work. Not only do we help you get a grasp on what taxes are, but offer an unparalleled approach for connecting you with tax professionals.
The simple definition of a statute of limitations is “a law that limits the amount of time, after a transgression, in which legal action can be taken.” Both federal and state governments have legislation dedicated to the statute of limitations regarding taxes. The purpose of this article is to give a more in-depth look at state back taxes in regards to any given state’s statute of limitations. The knowledge you gain about taxes will enable you to have a more comprehensive understanding of them and will allow you to make confident decisions based on that knowledge.
Back taxes is no respecter of persons. Even the most straight-forward and honest person can find themselves knee deep in tax issues. State back taxes can become a big problem in just a small amount of time. You could be facing back taxes to your state for:
State back taxes are typically concerning local income taxes, property taxes, or both. Your state can take actions such as placing tax liens on your assets which can put your assets at risk. Assets that can be affected are:
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These liens could have an adverse influence on your credit report and credit score. The effects on your credit could last up to 10 years and cripple your ability to obtain business or personal loans such as:
Maintaining excellent records for taxes is always a good idea. This will help you if there should ever be any discrepancies with the IRS or your state revenue service.
The statute of limitations also applies to how long states can collect taxes that are due. This also changes with each state. The IRS statute of limitations allows for ten years in which the IRS can collect back taxes. A few states follow the IRS standards while others have more or less time to collect.
When dealing with state back taxes and the state statute of limitations, being well informed can make all the difference. Strategize a plan of action to help you resolve back taxes as quickly and painlessly as possible. The soundest course of action is to keep your taxes in check at all times. Let Solvable help you as you endeavor to maintain good standing when it comes to your taxes.
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Solvable is a for-profit company that helps customers resolve their tax problems, but a free service for consumers. Partners cannot pay us to guarantee favorable editorial reviews or ratings. We do not publish favorable (or unfavorable) editorial reviews or assessments at the direction of an advertiser or partner. We always work to put consumers first and do our best to provide value in meaningful ways, but our reviews are subjective.
Solvable is compensated by some of the companies seen on our website. Most often, Solvable receives fees when one of our readers clicks, fills out a form, applies for, or receives a financial product from one of our partners. We also earn fees for capturing consumer stories and writing about them, displaying advertising, having our partners sponsor certain parts of the site, and writing content that may be relevant to our partner and their audience. This compensation may impact where products appear on this site, including article pages, comparison listings, the order in which they appear or if they will even appear on a given page, and our matching recommendations. Solvable has not written about, reviewed, or rated all financial products available to consumers.
In addition, we may be compensated in the following ways:
We do recommend that you shop around and compare services and costs with other companies while performing your own due diligence, especially since people’s experiences with companies can change over time.
The offers that you are matched up with are from companies or attorneys/law firms that we may receive compensation from. Based on our initial review of such companies or individuals, we feel comfortable introducing them to our readers. We won’t recommend something just because we’re offered payment to endorse or promote it. However, we do recommend that you shop around and compare services and costs with other companies while performing you own due diligence, especially since people’s experiences with companies can change over time.
We are not attorneys and we don’t provide legal advice. As always, we encourage you to do your homework and check out individuals and companies before you hire them. If you are already working with an attorney, we urge you to ask them your questions. After all, they will be familiar with your situation and the laws in your state.
We hope that you find Solvable helpful in your efforts to get a fresh start.
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Potential savings may vary based on the interest rates, balances and remaining repayment term of the loans you are seeking to refinance. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower. Variable rate options will fluctuate over the term of your loan with changes in the LIBOR (or other index utilized by the lender) rate, and will vary based on applicable terms and presence of a cosigner. Fixed interest rates may be based on applicable terms and presence of a co-signer. Additional terms and conditions, and rates are subject to change at any time without notice and may not be available in all states or for all types of current student loans. Such changes should only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Lenders are required to provide every potential borrower with disclosure information before they apply for a private student loan. The Lender you select is required to provide you with an Application Disclosure and an Approval Disclosure within the application process before you accept the terms and conditions of your loan. solvable is not a lender or creditor, it does not offer, extend or alter credit terms. Only participating lenders can perform the full application and deliver the required disclosures, please ask your lender about rates, terms, fees, and potential discounts that may be available for each product.
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You should contact your tax professional or other financial advisor to determine if you can actually realize savings by refinancing when it can extend the life of your current loan. You should ask the lender about all terms, rates, fees and costs associated with each product and if you will realize a net tangible benefit from the same. All initial estimated savings is done by trying to calculate what your rate may be; however, solvable does not have that information and cannot guarantee potential savings or that lenders will approve you for such product that would warrant those savings. Rates are not guaranteed and change daily. Lenders/Brokers/Dealers/Partners that perform the actual underwriting will have to determine if you meet their underwriting criteria which is unknown to solvable at the time of matching/offer/quote delivery. All amounts are estimates and examples only and do not represent an actual offer.
