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There's an IRS payment plan for most any situation involving unpaid taxes. Some aren't ideal, but they'll still get you out of debt. Here are 6 payment plans you can choose from. What happens if you owe more taxes than you can pay at once? It's easy to get overwhelmed, but fortunately the IRS gives you option. The best plan for you depends on how much you owe, how quickly you can pay it off, and whether your tax debt is for an individual or a business. First things first You'll need to file any returns for the past few years that you haven't already filed. You don't want to get stuck with a failure-to-file penalty. Double check how much you'll be paying. If you file taxes yourself, it may be worthwhile to have a tax professional look over your return and make sure you owe what the IRS says you do. Don't forget to count any penalties and interest into your total debt. If you owe more than $10,000 it's a good idea to get a tax attor...

With New Year's resolutions long abandoned, you're probably thinking you'll just wait until next year to set up another financial goal. But there's an easy trick to reaching your goals now. Here's how to set budget goals you'll actually reach.  With more than a third of 2017 behind us, how are you doing on your New Year's Resolutions? Have you stuck to your goals? According to Statistic Brain, 41 percent of Americans make resolutions each year, yet only 9.2 percent feel like they achieve them. By six months into the year, only 45 percent of people still feel like they're on track. So chances are you likely haven't stuck with your goals. Don't feel too bad about it, you're not the only one. We're going to try and figure out how to set budget goals you'll actually reach. The main problem is that people set sweeping goals "I'll lose weight and have an awesome bikini body this year." "I'm going to f...

I hear so many people talk about feeling pressure to buy a home because they want to stop "wasting" money on rent. That's too bad, because home ownership isn't always the right answer. In defense of renting. All my friends who bought homes before their 30th birthday loved to proclaim that they were no longer "throwing money away" by paying rent. Although I am now a homeowner, when I was a renter I never felt that renting was wasting money. I traded my rent check for a place to live. Today, I trade mortgage payment (plus lots of extra money I have to spend on upkeep), for a place to live. A house is not an investment It's true: some make millions investing in real estate. Some homeowners have even been lucky enough to retire solely on the resale value of their home 30 years after they purchased it. For most, however, reality is very different. You should not think of your primary residence as an investment. Yes, a well-maintained home in a des...

Buying a house is one of the largest financial decisions of your life; but how do you know when you're ready to buy a home? 5 questions to help you find out. Sibling rivalry doesn't end at childhood; just ask my sister. Amber bought her home at 25 years old, almost immediately after I purchased my house. She couldn't let your baby brother be the only homeowner in the family. After all, owning a home is the American dream, isn't it? My sister proudly moved into her house and quickly filled it with more Ikea furniture than a Swedish hostel and the painted the rooms in all the latest colors, just like on some HGTV show. Then the water pump broke. Followed by a shower handle. And then the snow began to fall on her pristine driveway, making it impossible to get to work one morning. And this was all in the first few weeks of owning a home. Living across the country, there was little I could do to help. My parents did the best they could to assist, but over t...

Buying a home is a big deal. Too often, I think people rush into home ownership because it's seen as a sign of adulthood and financial responsibility. But owning a home is a big commitment, it's not a guaranteed good investment, and it's a truckload of work. (I've been a homeowner for only two years and I already have a growing list of things to do and contractors to call...it's not always the creative paradise remodeling shows make it out to be). And last but not least, believe me, lots of people own homes and yet their finances are a mess! Home ownership can be a smart long-term move, but you want to know what you're getting into. With that said, I know that if you're reading this, you're probably going to buy a house anway, that's find; I did too. So here I've put together a first time home buying guide to wrap up our best advice over the last few years in one place. Enjoy! How to buy your first home Ask yourself: 'Is it rea...

In most cases, your on-time utility and rent payments are not reported to credit bureaus. But that doesn't mean you can walk out on any of these bills with impunity. You might think every time you pay utility bills on-time, it helps build your credit. For loan and credit card payments, that's true. But many bills -- including rent and utilities -- are not routinely reported to credit bureaus like credit card and loan payments. Unfortunately, making timely rent and utility payments will not help build credit. But failing to make those payments can lead to collections actions that will almost certainly damage your credit. If you fall more than a month or two behind on any bill -- from cable to electric -- the company may send your past due account to a collections agency. As soon as they do, the collections agency can (and usually will) notify the credit reporting bureau. That's bad news because having a collections aciton on your report will significantly lower your...

If you haven't checked out your bank's competition in the past few years, it's time. Here are some solid reasons you might want to switch banks this year. Save money, improve convenience, and more! Let's get started. As a teenager, I opened my first checking account at a new community bank in my hometown. Its sales pitch was "the world's most convenient bank," and for a while it delivered on this promise with friendly service, short waits, and late closing hours. Also convenient was the fact that my student account was exempt from fees. Alas, my bank go so popular that it was brought by a bigger bank. The new owner kept the old tag line but its service was far from convenient. In fact, the experience routinely reminded me of that one time I was waiting in line to have my ticket dismissed at traffic court and all the clerks were away from their desks but visible as they celebrated a birthday in a back room. It's hard to switch banks. They kno...

The White House has issued new student loan reforms that put borrowers' protection at risk. Here's how the withdrawal of Obama-Era protections will affect you. Federal student loan borrowers, listen up. Whether you're considering taking out loans, still in school, or already in repayment, policy changes in the Department of Education under the Trump Administration may affect you. Secretary of Education Betsy DeVos rescinded certain student loan reforms the Obama administration planned. Specifically, she eliminated Obama-era guidelines for awarding contracts to loan vendors (the companies that give your loans). What does all this mean for you? Let's explore. Reforms were meant to fix the student loan system Obama's reforms intended to simplify the complex federal loan system. Nine different loan servicing companies currently dispense federal loans. Navient is the country's largest loan company, followed by Nelnet, Great Lakes Educational Loan Servic...

If you refinance your student loans, you could lower your interest rate or monthly payment. But you've got to pick the right time to take the leap. Refinancing student loans can simplify your life. You consolidate multiple loans into one loan with one payment and (ideally) a lower interest rate. But when should you refinance? If you refinance right out of school (or before you graduate), you may not have the financial stability needed for the lowest rates. If you wait until your loans are nearly paid off, the refinancing might not save you any money. To get the most out of refinancing, go through the checklist below. The more criteria you meet, the more likely you've picked the right time to refinance. You have a high (and improved) credit score Higher credit scores mean better interest rates, since you're less of a risk to the new lender. You're in a particularly good spot to refinance if your credit has improved since graduation. Many banks require a m...

Should you pay off your student loans or start investing? It's a common question among new grads. Here are some calculations that might help you make your decision. If you're graduated from college or graduate school in the last decade, I don't need to tell you that college tuition is rising at an unsustainable level or that we are graduating with monstrous student loan debts -- to the point that Americans' total student loan debt has surpassed our credit card debt for the first time in history. There's lots of talk about the calculus of return on investment in education. I get plenty of emails from readers with six-figure student loans for degrees in social work who have a very difficult financial road ahead. Sure, if you're 18 and have the foresight to choose a reasonably priced college and an in-demand field of study, great. But if you're older, wiser, and deeper in debt, how do you attack those student loans? Specifically, if you find yoursel...

Grace periods are the time between graduation and when you need to start making payments on your student loans. Deferment allows you to stop making payments so you can return to school. Forbearance stops the payment requirements due to hardship. But caution is needed when using each of these options. Interest is most likely accruing while you are not making payments. When you graduate from college or graduate school, it's only a matter of time before your student loans enter the repayment stage. Know when you need to start repaying your student loans -- and when you can temporarily stop making loan payments -- before your first loan become due. Federally-backed student loans vs. private student loans While there are many types of student loans, they can be generally divided into two categories: federally backed loans and private loans. Federally backed loans generally carry lower interest rates than private loans, but students can only borrow so much in federally backed ...

Getting engaged is a big deal, but it's a decision you shouldn't take lightly. Hopefully, if you've reached the point of considering engagement, you're sure you've found the one you want to spend the rest of your life with. For a long and happy marriage, consider the points below first to ensure you're not only emotionally, but financially ready to get engaged. 1. Build up an emergency fund A recent study showed that almost 70 percent of Americans have less than $1,000 in an emergency savings account, and 34 percent had nothing. Before you even think about getting engaged, you'll need to get your savings situation in order. Why? Because getting engaged is just the start of a tidal wave of incoming expenses -- a wedding, a house, babies, etc. Get yourself situated with a solid emergency savings now so you don't have to worry later. My recommendation is to save up six to nine months of expenses. It may seem like a lot, but you'll be...

So, you want to buy a new car. You're not swimming in pool of hundred-dollar bills, but you want something nice. Here are some luxury-feel cars for a reasonable price. Get in, buckle up, and let's go. Luxury features like heated leather seats, digital dashboards, and responsive touchscreens have long been reserved for Mercedes S-Classes and six-figure Range Rovers. But today, we 20-somethings are seeing these slick additions trickle into cars well within our real-world budgets. So, which new cars offer the best luxury-life experience for less than $30,000? 2017 Mazda3 Grand Touring The fiercely likable Mazda3 has long delivered both practically and fun in sedan and hatchback forms. With sharp handling, optional manual transmission, and high dependability, it was hard to hate this little Corolla-fighter. With older Mazda3s suffered in the looks department, the newest iteration comes handsomely wrapped and beautifully appointed inside. Plus, the well-equipped, leather...