I can't pay my taxes. What do I do?
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- Опубліковано 25 жов 2020
- What to do if I can't pay my taxes... If you have an IRS debt or other tax problem and need tax help, this video will explain some of your options.
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*Disclaimer: All information contained in my videos are for general educational purposes only. These videos are not meant to be used as tax advice for any specific individual, business, or other entity. You should consult with a CPA or other professional before making any decision that impacts your tax and financial responsibilities. Additionally, I am not a Certified Financial Planner and I do not give investment advice. Any information contained in my videos related to budgeting, finances, or investments are solely my opinions and are not intended to influence specific decisions you may make as it relates to your finances.
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Thanks for the info!’
No problem. Thanks for watching!
We owe around 400k in taxes and penalties, my husband is 68, he is retired and only get around 4k a month plus his pension, we have two high school seniors, I am a homemaker and work part time our expenses are higher than our income. We just got a notice of the fed lien. We don't owe a house, no savings, we are renting now, we only own two used cars and my husband has a $70k in credit card debts.
Thanks for watching and commenting. With that amount of debt and little assets you may be able to either get into uncollectable status or potentially get an offer in compromise accepted. You should reach out to a tax attorney or CPA who works in getting tax debt resolved. There are specific amounts allowed for the offer in compromise in terms of monthly expenses and you need to make sure they go through the calculation to determine if you have a good likelihood of getting an offer accepted before you pay them to do the actual offer.
@@IntentionalFinance101 thank you very much
Stand your ground, you don’t have to pay anything.
🤣 good luck with that Carlos.
Thanks for watching and commenting.
a helpful video. Is there any way I can defer my legal settlement income, that I received this year, to next year?
Thanks for watching Vahan. The only way to defer income is the defer actually receiving the money until the following year. That works for a cash basis taxpayer most of the time. Some legal settlements are taxed, but most are. So it also depends on the details of the settlement.
@@IntentionalFinance101 by cash basis tax payer do you mean someone like a 1099 contracor?
@@HandMadeWrath Cash basis means you report income when received (not necessarily when earned) and you report deductions when paid (not necessarily when incurred). All individuals are pretty much cash basis taxpayers. Some businesses are accrual based, which means income is reported when earned (even if it hasn't been received yet) and deduct expenses when incurred (even if they haven't been paid yet).
Hi, in my case I owe 130 for the federal taxes…
Yes, I’m can’t pay this at the moment, but can I still avoid penalties by filling a form or something? And so when I’m good to pay, I’ll pay it still this year
Pay as much as you can. Filing the return, even if you can't pay, will remove failure to file penalties. You will still incur failure to pay penalties and interest, but the failure file penalty is pretty significant. So at least file the return. If you're able to call or go online and set up a payment plan that will also reduce the interest a little bit if you do an autodraft payment.
Replace it with a natl sales tax.
That's an idea that's been floating around for a while. Not sure if it'll ever actually happen or not.
Are there any differences between taxes for earned income versus income from social security and/or pensions.
I am 70 years old and no longer employed.
I don't have any assets. I live in a senior living homes. My only real assest is an old couch given to me from another residènt. I own the used couch and a walker and a dresser. I do not own a car or anything if value.
Sorry I got in too late.
Yes, there are some differences. It’s a little more than I can type here in the comments bc it depends on several different factors in each situation. I’d recommend contacting a professional to help you out.
You just raised my worst stress levell
oh no, the videos are supposed to help not elevate the stress level...
I owe around 6500 in 2021 taxes. I can’t afford to pay that. What do you recommend?
You comment on the stand your ground but can’t in this comment tells me all I need to know on you 🤡
Frederico, What? Does that have anything to do with this video?
Eric, your best bet is most likely a payment plan. You can set it up at irs.gov/payments. If you have equity in a house, a retirement plan, or assets of $6,500 do not let anyone talk you into an offer in compromise. They are just trying to take your money for their fee. The irs isn’t going to accept an offer if you can pay or if they can take assets to pay. But if your income is low enough and you really don’t have any assets, you can do an offer or get into uncollectible status possibly.
A family member of mine was talked in to investing in crypto and his taxes increased to 9,000 is their a safe way to get him out of crypto so he isn't forced to pay more than that the next year
They received a random call from a Florida girl 3months ago and the girl got them into crypto Im scared for them and feel like they were roped into a crypto scam
Crypto can be a legitimate investment. There are certainly scams out there too. If their taxes increased by $9,000 it implies they had gains / made money. Otherwise there wouldn't be any additional taxes. Crypto is way down right now. Perhaps if they sold everything to get out of it they would have some losses this year and would be done with it. If you need help specifically with crypto tax issues check out www.spoolstracpa.com
Thanks for replying
Sue the irs, if you can't pay. If you threaten legal action they have to pause. If an irs bill threatens your survival, you can sue them for undue hardship, even under the 13th amendment for slavery. These cases can bring in 100k+ for victims. Sue them and prove the hardship that's all it takes, but if you do nothing, they will just enslave.
Thanks for the comments... I don't think you sue the IRS... but certainly you can file a tax court petition and fight the tax if it isn't correct. I'm not sure where the 13th amendment comes into play either... but there are certainly situations that arise where I refer clients to tax attorneys. This was a general overview of some of the most popular options when you can't pay your taxes. Suing the IRS just for the sake of stalling the proceedings I would imagine would get tossed out of court pretty quickly.
My problem is not that I can't pay my taxes... it's that they won't let me pay them.
that is interesting. usually they have no problem taking money.
Fix your mic. Gave me a headache
Thanks for watching anyway... I've tried to improve the quality on more recent videos
What if the company you work is responsible for not taking the right amount and everytime you fill, give the company the amount you tell them. What should I do? Because l can't afford it. Mercy Drive Inc 1314 blondell Ave , Bronx ny 10461.
I’m not sure I completely get it with there being a few typos in your message… your W4 tells the company what to withhold and if you’re not having enough withheld you need to complete the W4 in a way that tells your employer to withhold more. There’s a few ways to do that. One is to use step 4 to enter a dollar amount of extra withholding per paycheck.
I wrote 100 for federal and state for 75 for the w4. And l still have to pay.
@@OdinUchiha I'd recommend increasing it...
@@IntentionalFinance101 they paid me minimum wage
@@OdinUchiha It's hard to help sometimes without seeing and understanding the full picture. I'd recommend you reach out to a knowledgeable tax professional in your area who can look over the documents and help you resolve any issues.
Im 19 and a 1099, being dumb i havent tracked expenses or write offs.. All my savings are gone from a scam.. Im pretty sure im fucked
It's impossible to give an idea of the amount of tax without the full picture of course, but a general rule of thumb is to set aside a third of what you've brought it. The IRS does allow payment plans. There are times you can get an offer in compromise accepted, but the facts have to be right. Don't let some national company take your money promising you'll pay pennies on the dollar.
@@IntentionalFinance101 Its some small scale independent entrepreneur that i assist. Im pretty sure he exploited me
@@easypete975 I’m in the same boat, maybe we will be cellmates?