Quote:
Originally Posted by hawkster
Long story short...I owe $10,000 in back taxes, got the certified paperwork today  .
My question is not how did I get here but am I better off paying the late fee's and penalties through the goverment or possibly taking out a home equity loan? There is also the possibility of me getting a part time job to try and get it paid off sooner...
What do y'all think? |
I assume that they give you some sort of options for payments in installments?
If so, and you think you can meet the payments with a second part-time job (that still allows you some life!), then go that route. Least savings troublesome and does not dig you deeper with additional debt to your home.
If you think that the additional loan on your house equity would be a viable alternative, at least you'd get a bit more back in taxes from the house interest deductions. And wouldn't have to stress yourself with additional "work."
For me, I'd probably go with either the additional equity or paying from savings. I wouldn't want to fool with the gov't.