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Old 7th July 2010, 04:49 PM   #1

Join Date: Jun 2010
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Default Business Loan Default And Taxes?

What should you do if you can't can't pay the federal taxes because you default on business loan and you owe too much in federal taxes?

Last edited by nicolelicious; 7th July 2010 at 06:06 PM.
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Old 11th July 2010, 01:14 PM   #2

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Figure out a plan to start paying them. Even if you go bankrupt you still are liable for federal taxes debts.

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Old 26th July 2010, 08:27 PM   #3
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The IRS is a kinder and more warm and fuzzy IRS than it used to be years ago. Having said that, if they don't get their money they will hunt you down. Like any problem, the best way to deal with it is head on. Call them. Tell them your situation. They actually do want to help you as long as you are straight with them. They will set up a payment plan. If you simply can't pay anything at this time, they might defer until a later date. If you ignore the problem, it will only get bigger and much more expensive, and then they won't be so warm and fuzzy.

Best of luck,


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Old 26th July 2010, 08:46 PM   #4
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Like any problem, address it straight on. Don't let it get away from you. Ignoring it will NOT fix it. Good luck!

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