Question

Alright guys I need some advice. I’m sitting down and organizing my TBM binder and I found some back taxes we owe (close to 8k) and now I have to call for Payment arrangements. I get so much anxiety with that I’m struggling to see what to pay first. Taxes approx 7-8k (idk exactly until I call) CC 15. 5k Student loans in forbearance since we had a baby this summer. (Starr in April) Medical about 2800. Plus ALL lf our monthly bills. Like I do good at tackling the problem head on, but husband gets anxious. How and what should I tackle first? My gut is saying taxes , but ughhh our CC will only accrue more interest too.  

Answer 1

Definitely call the IRS and set up payment arrangements your refund, if any, from 2019 will be applied and that will lower your balnacey due. Please attack the taxes first.  

Answer 2

Taxes First! And very proud of you for facing your debt! We all know how anxiety ridden this first step is. Now onto being debt free, you got this!  

Answer 3

Yes, call and find out the total taxes due so you can get a better picture.  

Answer 4

I’d say you’ve already got your priorities figured; you just have to make that phone call.  

Answer 5

The taxes will continue to accrue more interest and penalties. Make a pmt plan then stick to it. They can also place liens (hurting your credit) and take money direct from your acct if you don’t. so. handle that first. That 8k will be gone before you know it. Hang in there, after the call it gets easier.  

Answer 6

Taxes IRS has more power over your life than a credit card company does

Answer 7

Taxes, medical then student loans since they never go away! Good luck and work your plan!