While many people I know get excited about tax season, it’s not something I look forward to. Due to my salary, savings, and investments, I often end up owing the local and federal governments. Under normal circumstances, I’d set up a payment arrangement and eliminate the bill in a few installments. This year, however, I don’t have that luxury. The pandemic left me a bit tapped out as I tried to survive. I’ve racked up so much debt that I don’t know how I’ll manage this year.
Even though I didn’t lose my job or suffer a pay cut, my expenses increased. My children were home more often, which meant I had to pay more for groceries, utilities, and entertainment. My mom also came to stay with me because she could no longer remain in the nursing home. Although she had her own money tucked away, it wasn’t enough to cover her expenses, so I had to pitch in. I ended up using credit cards to tide me over but quickly ran out of cash to pay them.
A friend of mine told me about this company Brice Capital that specializes in helping people consolidate high-interest credit card debt. She said she’d used their services a few years back to try and get her debt under control to purchase a home. So, I figured I’d give it a try. I visited their website, completed a short form, and awaited a financial advisor call back.
A representative reached out to me fairly quickly and explained more about what a debt consolidation loan was. Essentially, Brice Capital would provide me with a loan that would be used exclusively for my credit card accounts. The loan would pay the balances in total, and I would repay the loan. The advantages of taking an opportunity like this were restructuring my debt and saving money.
The debt consolidation loan had lower interest rates than any of my credit cards, meaning my payments would contribute to the principal balance. This meant I could pay down my debts a bit faster and save money in the process. Instead of the many credit card accounts, I only had one payment to manage each month, which helped me avoid late fees and unfavorable credit ratings.
Professional Tax Services
Usually, I do my own taxes to save money. This year, I decided to do things differently. In an effort to ensure that I’ve taken advantage of every credit and deduction that I could, I wanted to consult with an expert. Believe it or not, they were able to help me find a few areas that I could dramatically reduce the amount of money I would owe the IRS.
Now that I had an effective way to keep my debt under control, the next thing was to figure out how I would pay this tax bill once it arrived. Upon researching online, I learned that there were plenty of flexible opportunities to make money both off and online.
Based on my lifestyle right now amid the pandemic, I figured it was best I look for something exclusively online that I could do once the kids went to bed. I found an agency that was looking for freelance customer service representatives. I could make about $10 an hour just answering calls. I made sure to set aside money for 2021 taxes and put the rest of my earnings towards my previous tax bill.
I’m used to receiving a tax bill each year. Typically, I can get it handled within a few months. However, this year was financially taxing for my family and me. The pandemic altered a lot which increased my expenses and debts. Fortunately, there are solutions like debt consolidation loans through Brice Capital, working with a professional tax service, and finding a side hustle to help me keep things under control. Now I feel confident that I can keep all my finances intact, pay my tax bill promptly, and still provide for my family as we await the end of this global pandemic.