The IRS Fresh Start Program offers four relief tools—Offer in Compromise, installment agreements, penalty abatement, and Currently Not Collectible status—that can reduce or defer tax debt for qualifying taxpayers. Here's how each works, who qualifies, and how to apply.
IRS Currently Not Collectible (CNC) status pauses all collection activity—wage garnishments, bank levies, asset seizures—for taxpayers whose income minus allowable expenses leaves no disposable income. Learn how to qualify, apply using Form 433-F, and use the 10-year collection statute expiration date as a strategic advantage.
Loan principal is the original amount borrowed—distinct from interest, which is a deductible expense. This guide covers how amortization front-loads interest charges, how to correctly split principal and interest in your books, and four proven strategies to pay down debt faster while avoiding prepayment penalties.
Learn 8 proven strategies to reduce small business debt, including the debt avalanche and snowball methods, debt consolidation, renegotiating loan terms, cutting costs strategically, and boosting revenue. Practical advice with current statistics.
Understand how principal and interest interact, model payoff scenarios, and use Beancount to accelerate loan repayment.
Take control of your finances with our open-source double-entry accounting system. Start your ledger today.
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