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Need Money to Pay Taxes?

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Need Money to Pay Taxes? Vasco Assets can help you pay your taxes!

Tax season has arrived, and many of us have eagerly anticipated the hefty refund we’ve received year after year.

 

However, changes in US tax law that took place with passage of the Tax Cuts and Jobs Act have provided some of us a rude awakening. While our overall tax bill may have gone down, changes in withholding tables meant less money was taken from each paycheck, reducing the amount of the refund we’ll receive when we file – or worse, may even mean we need money to pay the taxes we owe Uncle Sam come April 15.

 

And it isn’t just Uncle Sam that may be cause for concern.  If you live in California, New York, Hawaii and other states that have significant State and Local Taxes (SALT), not only do you lose the benefit of much of the SALT deduction for Federal taxes, but you have the extra burden of paying the State taxes. And on top of that, in California, April 10 is the final date to pay Property Taxes without penalty.  

 

This may leave you scrambling for ways to pay the IRS and States what’s due. If you don’t have ready funds, there are many ways in which you could get the money to pay your taxes . Below we will guide you through a few different options that could be your saving grace when it comes time to pay the tax man.

Set Up Payments With the IRS

If you don’t have money to pay the IRS now you can request a payment plan option. The form is called a 9645 which you can find here and instructions for filing here or you can set up online payments directly here This payment plan is good for those who qualify by the following qualifications:

  1. You can pay the taxes in the next 3 years
  2. You owe the IRS up to $25,000
  3. You can prove that you can’t pay the tax now

While this is good for some there are many out there who don’t fit the qualifications as they owe too much or can’t prove that they can pay the taxes in the next 3 years. Luckily there are more options.

Pay by Card

If you have a high enough credit limit, the ability to pay quickly, and a good rewards program paying your taxes by credit card could be a great way to rack up point, miles and cash back!

 

The IRS has several official third party payment processors who all charge varying rates and fees. Based on fees for credit cards we recommend using Pay1040 as they only charge 1.87% but if you would like to decide for yourself you can check out the IRS’s list here.

 

Credit cards could be a great way to buy time as you could use it to finance your taxes for as little as 0% interest if you open up a balance transfer card with a good introduction rate and have good credit. If you don’t have good credit this may be a good method for deferring part of the payment as you will likely only be approved for part of the balance.

Get a Payday Loan

While not the ideal option, payday loans can be a quick way to secure cash. They can give you an advance on your paycheck unsecured. This option is only a last resort as they charge exorbitant interest rates upwards of 400% a year and although the average loan is 2 weeks long it can be a difficult trap to get out of.

Sell some of your assets

You can help pay your taxes by getting rid of some of the material possessions in your life. Now you may not want to get rid of your flat screen or your car but you may have something just as valuable.  You may have some old jewelry sitting in a drawer, something you haven’t worn in quite some time but still holds quite a bit of value. It may be time to consider selling your jewelry to pay your taxes. Work with Vasco Jewelry Buyers to make the process quick and simple.

How to pay my taxes: Selling my jewelry

Selling your jewelry is never an easy decision. Oftentimes, your jewelry has sentimental value – perhaps it’s a family heirloom, or an old wedding ring you forgot was in your possession – that outweighs its intrinsic value on the market.

 

Still, paying your taxes comes first. The IRS doesn’t care much about sentimental value. It only wants its money, so unlocking the of that a jewelry piece you no longer wear just makes sense.

Selling my jewelry: Determining its value

Understanding how your jewelry will be priced is an essential part of the process of selling your jewelry. Your Vasco Jewelry Buyers expert is trained to determine the value of your jewelry, and you should keep two things in mind when receiving an offer:

 

  • Retail replacement value (Insurance Value):
    This is the highest monetary amount that an end user would have to pay to replace a jewelry piece with another of similar age, quality, origin, appearance, provenance, and condition, accounting for the relevant market for these pieces and a reasonable amount of time to make the purchase. This value is important for insurance valuation, so if you lose it the insurance will replace it (while allowing the insurance company to make a profit on your premiums.) When it comes time to sell your jewelry, don’t expect this to be the value, as they are often highly inflated with some reaching multipliers of 4-12x their fair market value on average.
  • Fair Market (Commodity Value):
    This is the price at which your jewelry piece would be exchanged between commodity buyers and sellers. The easiest way to think of this is how much the store you purchased it at would pay to make and sell it today. When you’re looking to make extra cash, Vasco Jewelry Buyers establishes the fair market value of your jewelry, knowing that it will be resold. Our goal is to help you recover as much cash as possible.
    Definitely, do your homework and research your jewelry to come up with a price range you’re willing to accept in order to sell your jewelry and pay your taxes.

Selling my jewelry: How to avoid red flags

When the IRS calls, you may feel undue pressure to sell your jewelry quickly in order to pay your taxes right away. This could leave you susceptible to these easily avoidable traps:

  • Scammers:
    You may think selling your jewelry through eBay or Craigslist would be simple, but beware that there are buyers who will try to con you, using these site’s own rules against you. They’ll claim your gems aren’t genuine – they’ll even substitute fake gems themselves after receiving your piece, then falsely dispute the transaction. And oftentimes, eBay and Craigslist side with the buyer, meaning you have to prove that your jewelry was the genuine article. Toss in the shipping, listing, and commissions these sites charge you, and it’s not worth your while.

 

  • Pawn shops:
    If you’ve watched Pawn Stars on TV, this definitely looks like a simple, inexpensive way to sell your jewelry, but chances are you’ll receive nowhere near fair market value for your piece. A pawn shop operator will most likely not be a trained gemologist like the experts at Vasco Jewelry Buyers, so at best they’re guessing what your jewelry is worth and what they can then resell it for. Don’t be so desperate that you don’t get what your jewelry is worth.

 

  • Auction houses:
    Selling your jewelry through an auction may fetch you the highest resale amount, but once you factor in commissions, huge auction house fees, and the wait time to receive your money, and you end up receiving the same or less than if you’d chosen another source that offers immediate payment.Once you’ve done your homework, determined the price range that you’ll be willing to sell your jewelry, and looked over your various options where to sell your jewelry, you’ll come to the same conclusion that thousands of others have – Vasco Jewelry Buyer by Vasco Assets is your best choice.

 

If you’d like to read more on selling your jewelry, find our in-depth article here.

How to pay my taxes: Get a loan using your jewelry

If you need money to pay your taxes but don’t want to give up a cherished item, another option you have is taking out a loan on your jewelry. This option provides you with financial flexibility and security, while at the same time allowing you to reclaim your jewelry once you’ve repaid your loan.

 

If you prefer this option, Vasco Jewelry Buyers offers a variety of low-fee collateralized lending programs that are tailored to everyone’s individualized needs. All of their loans feature a fixed rate, low monthly fees, no credit checks, and easy extension of the loan’s term if needed. Contact them at 949-216-8856 or email loans@vascoassets.com to learn more about a collateralized jewelry loan.

Selling my jewelry: Why choose Vasco Assets?

If your choice is to sell your jewelry, then you can trust Vasco Assets as the best place to get cash quick to pay your taxes. Vasco Assets has more than three decades of experience buying jewelry from its home office in Orange County, California.

 

Vasco Assets  are members of the California Jewelers Association, and their jewelry experts have over 95 years of combined experience appraising jewelry and making the most competitive and consistent offers in the industry.

 

Your security is paramount to us. Your valuables are insured for up to $1 million through Lloyd’s and Partners of London, England, and we utilize only global industry leaders such as FedEx, the U.S. Postal Service, Brinks Global and Malca-Amit to ship your jewelry.

 

Check out the simple, step-by-step process of how to sell your jewelry at Vasco Jewelry Buyers, or call us today at 949-216-8856 for a free consultation. See how in just a few easy steps, you’ll have the money you need to pay your taxes – and maybe even some cash left over.

 

Vasco Assets believes that a knowledgeable consumer is a better consumer.  We are proud to present the straight-talk about luxury commodity assets of all types, including diamonds. If you have any questions or would like more information about anything you’ve read, please reach out to us.

About Vasco Assets:

Vasco Assets is a private licensed, fully insured, and bonded financial firm with business interests worldwide, specializing in luxury commodity assets. Located in Newport Beach, CA, Vasco Assets provides Financial Flexibility and Security by buying and lending against luxury assets, unlocking the inherent value and converting the assets to funds, offering a variety of innovative collateral loan programs to both individuals and businesses. Vasco also provides Access to Luxury by making luxury available to their clients well below wholesale and manufacturing by virtue of diamond production in India and Israel, jewelry manufacturing in Los Angeles and worldwide networks.  Vasco offers programs to Build and Maintain Wealth, through diamond commodity investment programs, taking advantage of the hedge opportunities inherent in commodities.  By virtue of their diamond production, these investment grade stones are offered at commodity pricing, eliminating the mark-ups of wholesale and retail pricing.

For more information or to inquire about any of Vasco Assets’ high-value services, please call 855.285.7059 or email info@vascoassets.com

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