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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2572
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I need a suggestion on how to get a $4,000 loan asap. I

Customer Question

I need a suggestion on how to get a $4,000 loan asap. I work, as does my fiance. And I am in school as well. We have no family to help us out financially. I am supposed to be receiving $1,000 a month in child support, but my childrens father was injured and is out of work. Child support office said they could do nothing about it right now because he has a Dr's note. I was also out of work for quiet awhile with out pay due to cancer. This has caused us to fall behind on bills. Very far behind. And we will lose our home if we do not have this money soon. I will be getting money from my school grants in about 4 weeks, but that does me no good right now. We are struggling to keep the roof over out 6 kids heads and cant seem to get assistance anywhere because we dont have great credit but we "make too much money" for any type of government assistance. We have applied to banks for short term loans etc. I was able to use my vehicle to do a title loan to catch up our electric bill and gas bill so that our utilities wouldn't be shut off. Any suggestions would be appreciated. This is our last resort.
Submitted: 8 months ago.
Category: Finance
Expert:  TaxWhisperer replied 8 months ago.

Boy, this is a mess, isn't it? The sad part is that both the IRS and the state are going to start collecting on the debt beginning on April 15th. It IS possible to call them up and tell them--look I filed an amended return (let me fax you a copy), I really don't owe this money--my preparer made a mistake, etc. The problem is from the IRS point of view they don't have to accept the amendment (but they probably will). Even if they agree with you are telling them, they will still send notices and I know that will probably annoy you, etc.

Here's my advice:

Ask for a long term installment agreement. Where you agree to pay the balance over 3 or 4 years. This means you will pay them something like $3 or $400 a month.

This keeps your account in FULL COMPLIANCE and nobody will get mad at you. In the meantime, they will process the amended returns, it will probably take them a good 4-6 months. I would attach to the return PROOF of your original purchase price (which includes the land) because you are making a very dramatic change in your taxes.

Expert:  TaxWhisperer replied 8 months ago.

When they process your amended returns, you will get EVERYTHING back--everything you've paid all the penalties and the interest AND they will even pay you a very nice rate of return on the money they've been holding on to--something like 3%--can't get anything at a bank like that. So it will work out, but it will take time.

Customer: replied 8 months ago.
Apparently I posted the question in the wrong section? This isn't a tax question. Sorry!
Expert:  TaxWhisperer replied 8 months ago.

I can give you a refund, but aren't you asking if you have to pay the balance due on the tax returns while you are

waiting for the amended return to post?

Expert:  TaxWhisperer replied 8 months ago.

My apologies, I see that I answered the wrong question by accident. I was typing the answer to another question. My mistake.

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