This is my problem.... how in the world am I owning when I'm just paying taxes out of my check every week and I'm single with no dependents and yet I owe money. I got into a payment plan 2 years ago for what I was told would be a 2 year plan to pay off 5500 , this morning was my last payment of 200 per month and now they say I owe another thousand. I was honest when I did the paperwork with my employer yet I owe money. And even when I fulfilled the payment plan I still owe 1085
So in 2015, I had to cash my defined benefit pension, in order to pay half the equity I owed to my spouse’s bankruptcy receiver (Under our agreement I owed him .25 of the equity $47,000, when son turned 18) to be able to keep my house where both myself and both of my kids, who were college students at the time, lived. My former company happened to be having a cash out option at the time. I paid the rest with savings in an IRA. I need to amend this return to get my pension cash out excused from any taxes. Apparently the law was changed in 2019, but do I have any hope because this happened to me in 2015? My AGI that year was $105,000, but my earned income was only about $60,000.
This is the first time ever in my adult life I owe taxes back, I signed up to payment plan but my hours at work were cut, so I’m check to check. I don’t have money to pay the IRS & I’m mortified what will happen next. I don’t know what to do
Trying to fill out the pre-authorize form but it doesn't seem to be applicable to ex-pats, citizens living abroad? At the address page there is no option for what country you live in, only which state and county, implying US only. I owe about $7K (total of my CP504 notices), earn very low income, so I feel like it's worth a shot in applying for this, but can't figure out how!
On SSDI, my mortgage and living expenses are way above my income. But I have equity in my house which I can't access unless I sell. So IRS will say I should sell, no CNC?
Hello, i owed taxes since 2016 it’s been now 9 years if I wait another one more year is going to be 10 years this mean is not collectible I will not own them anymore . Thank you so much.
I owe 5000 dollars. I make less than 33k a year. I have a few questions: What should I do while I'm waiting for my offer in compromise to be accepted? How do I know if they consider me low income?
Thanks for the info, wish I knew about this earlier. So I'm currently low income and have been for some years. Back taxes are from 2016, $7000 and in 2019, $1300, so $8300 total. From all that you mentioned, it sounds like I qualify, if I do, what would happen if I inherit money before that one year or so period of assessment? Would that mean I'm no longer considered low income and then would not qualify?
Thanks, Is the OIC a good vehicle to pay my outstanding tax bill, the original principal, minus penalties and interest. Let's say I asked the IRS, "hey, I'll pay all the taxes I owed minus penalties and interest". Is that possible?
Hey! I went over your comment in my most recent livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. Be sure to stop by and ask your TurboTax Question. The link is time stamped to when i answered your question. th-cam.com/users/liveozFJYOmHHdI?si=lBbyXtg0qtapmBST&t=3009
@@eataxresolutionsDoes the I r s offer something like this for late business taxes? If so, what do they base the qualification on if the business?Is no longer making money or have any income? Thanks in advance god bless you
I had a client who forgot to give me their 1099 form and I filed her taxes already from 2022. The irs now says she owes $3k, can she just submit the form and be done with it & when will they start taking money from her if she doesn’t pay by her due date that is in July ? Thanks great page by the way
I’d refer you to our IRS CP2000 for dummies video on how to respond. It will take about 3-6 months before collections moves forward. th-cam.com/video/FFYhVmBBhqk/w-d-xo.html
I have filed this TWICE! I cannot tell you how much incompetence exists with the Mephis TN office.
What exactly? Just curious
Its insane that they are allowed to add interest on this debt.
I do.
Not have any backtaxes I owe this balance. $15,000 this year's taxes
Why are we all paying extra tax when we claim 1 or zero??? EVERYONE I know OWES every year
This is my problem.... how in the world am I owning when I'm just paying taxes out of my check every week and I'm single with no dependents and yet I owe money. I got into a payment plan 2 years ago for what I was told would be a 2 year plan to pay off 5500 , this morning was my last payment of 200 per month and now they say I owe another thousand. I was honest when I did the paperwork with my employer yet I owe money. And even when I fulfilled the payment plan I still owe 1085
You should adjust your W4 to have more money withheld from your paycheck. line 4c on the W4
So in 2015, I had to cash my defined benefit pension, in order to pay half the equity I owed to my spouse’s bankruptcy receiver (Under our agreement I owed him .25 of the equity $47,000, when son turned 18) to be able to keep my house where both myself and both of my kids, who were college students at the time, lived. My former company happened to be having a cash out option at the time. I paid the rest with savings in an IRA. I need to amend this return to get my pension cash out excused from any taxes. Apparently the law was changed in 2019, but do I have any hope because this happened to me in 2015? My AGI that year was $105,000, but my earned income was only about $60,000.
This is the first time ever in my adult life I owe taxes back, I signed up to payment plan but my hours at work were cut, so I’m check to check. I don’t have money to pay the IRS & I’m mortified what will happen next. I don’t know what to do
Give us a call! 800-245-0596
I owe 58K and make around 90k a year. Not sure if I qualify
Please give us a call to find out. 800-245-0596
Have they threatened you
@@yobabythegoat no cause I have been paying installments since 2020 lol
Does the IRS account for taxes on your gross income? Because the amount left over is not actually what I have left over for Remaining monthly income
Does a ROTH IRA have to be listed? I thought the IRS didn't want to leave their taxpayers destitute just to handle tax issues.
If you think the US government doesn't want to leave people destitute, you haven't lived here long enough.
Trying to fill out the pre-authorize form but it doesn't seem to be applicable to ex-pats, citizens living abroad?
At the address page there is no option for what country you live in, only which state and county, implying US only.
I owe about $7K (total of my CP504 notices), earn very low income, so I feel like it's worth a shot in applying for this, but can't figure out how!
On SSDI, my mortgage and living expenses are way above my income. But I have equity in my house which I can't access unless I sell. So IRS will say I should sell, no CNC?
Does an OIC have an impact on credit score?
Hello, i owed taxes since 2016 it’s been now 9 years if I wait another one more year is going to be 10 years this mean is not collectible I will not own them anymore . Thank you so much.
Nope , the ten years period begins when you file, you actually are getting deeper in debt since the IRS charge fees and interest!
I owe 5000 dollars. I make less than 33k a year. I have a few questions: What should I do while I'm waiting for my offer in compromise to be accepted? How do I know if they consider me low income?
There really is nothing to do at this time other than wait for a letter in the mail from the IRS.
But if I amend my 2018 tax return, and I already Overpaid for year 2018, will I get a refund or is it too late?
it is too late to claim a refund on a 2018 tax return. The IRS will only issue refunds 3 years back.
I can prove it. I'm homeless
how much is your fee for this ?
Depends on the complexity of your case. Give us a call so we can find out the work involved in your case and the fee we would charge. 800-245-0596
I do.
Not have any backtaxes I owe this balance. $15,000 this year's taxes
Why am I paying FED tax at all? Isn’t it voluntary since it was never ratified?
Thanks for the info, wish I knew about this earlier. So I'm currently low income and have been for some years. Back taxes are from 2016, $7000 and in 2019, $1300, so $8300 total. From all that you mentioned, it sounds like I qualify, if I do, what would happen if I inherit money before that one year or so period of assessment? Would that mean I'm no longer considered low income and then would not qualify?
I do.
Not have any backtaxes I owe this balance. $15,000 this year's taxes
I do.
Not have any backtaxes I owe this balance. $15,000 this year's taxes
Thanks, Is the OIC a good vehicle to pay my outstanding tax bill, the original principal, minus penalties and interest. Let's say I asked the IRS, "hey, I'll pay all the taxes I owed minus penalties and interest". Is that possible?
Hey! I went over your comment in my most recent livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. Be sure to stop by and ask your TurboTax Question. The link is time stamped to when i answered your question. th-cam.com/users/liveozFJYOmHHdI?si=lBbyXtg0qtapmBST&t=3009
I have a Tax Lien, how would an OIC help?
If an offer get accepted and the payment terms have been met, the IRS will remove your lien.
Thanks for the information
Happy to Help!
Thank you for this video!
Thank you for watching!
@@eataxresolutionsDoes the I r s offer something like this for late business taxes? If so, what do they base the qualification on if the business?Is no longer making money or have any income? Thanks in advance god bless you
If I send 3 months of bank statements and they don’t look at them until 9 months later will they ask for recent ones to see current pay stubs
yes!
what if your home is in a trust? can they bust the trust?
Depends on the type of trust
I owe 29k, 7k of that is pure interest. I make 130k a year, would i qualify?
I had a client who forgot to give me their 1099 form and I filed her taxes already from 2022. The irs now says she owes $3k, can she just submit the form and be done with it
&
when will they start taking money from her if she doesn’t pay by her due date that is in July ? Thanks great page by the way
I’d refer you to our IRS CP2000 for dummies video on how to respond. It will take about 3-6 months before collections moves forward. th-cam.com/video/FFYhVmBBhqk/w-d-xo.html