Very informative, Thank you! 433-A (OIC) says, Wage Earners and Self-Employed Individual. What if income is only Social Security? Is this the form used or do you qualify?
Question: if I have equity in my home would I have to sell it before OIC? Could I use equity without selling home? (Equity would not satisfy irs/state-CA debt how would that work?
There is a lot to this question. To simply answer though, there is no need to sell the home BEFORE the OIC. You could use the equity without selling ie refinance. If you want a more depth analysis to your situation and how all of this would work for you please schedule a consultation. calendly.com/anthony-eataxresolutions/tax-meeting
Here's a video of an offer in compromise that got accepted that goes through this exact issue. th-cam.com/video/g4O_Nh9XRzY/w-d-xo.html I do provide a consultation to go over the specific case for $250. Use the following link if you are interested. eataxresolutions.com/back-tax-expert-in-orange-county/
Great video! I am currently submitting my OIC. I am currently unemployed, however, I do Doordash to make money to live on. is that considered self employed or a Business? Thank you
What happens when a person has a 401k and has loans on it and the fund will not allow an additional loan... meaning that money is not accessible.... What would a person put on line 3b on the form ?
You will need to follow the form instructions, Amount in 401k, minus the current loan, times .8. The IRS is looking to see how much they are able to get if you withdraw the money. The IRS is not going to consider the additional amount you can get as a loan.
Very informative, Thank you! 433-A (OIC) says, Wage Earners and Self-Employed Individual. What if income is only Social Security? Is this the form used or do you qualify?
Glad to help! Yes this is the form you use for social security income as well.
What if you’re in the negative after filling out the form 433 and doing your lump OIC? Thank you!
Then you decide the offer! It has to be something though.
@@eataxresolutions what is the lowest that it could be if you dont have any income left over after the necessary living expenses?
@@ang6941 I have the same question. I’m guessing at least 10% plus filing fees and tax return for next year.
Please continue to post videos. I am a tax preparer and want to learn about tax resolutions for my clients
Question: if I have equity in my home would I have to sell it before OIC? Could I use equity without selling home? (Equity would not satisfy irs/state-CA debt how would that work?
There is a lot to this question. To simply answer though, there is no need to sell the home BEFORE the OIC. You could use the equity without selling ie refinance.
If you want a more depth analysis to your situation and how all of this would work for you please schedule a consultation.
calendly.com/anthony-eataxresolutions/tax-meeting
Hello, If it’s for a spouse back taxes prior to marriage, do we include both incomes? Cars, etc?
Here's a video of an offer in compromise that got accepted that goes through this exact issue. th-cam.com/video/g4O_Nh9XRzY/w-d-xo.html
I do provide a consultation to go over the specific case for $250. Use the following link if you are interested. eataxresolutions.com/back-tax-expert-in-orange-county/
Do you have an example with the new form
What if your calculation from section 8 comes to 0?? You can't enter 0 so do you pick a random amount?
More or less, yes. Keep in mind this is an offer so the more you put the more likely the IRS is to accept.
No better CPA in the business!
Best tax info resource on youtube
Are you able to do this for me? Need help and will pay for your service
You can book an appointment with using the link below.
www.eataxresolutions.com/form-tax-consultation-2
If you are looking to schedule an appointment to go over your case, please use the link below.
www.eataxresolutions.com/form-tax-consultation-2
The 2021 form is different
An example with the new form is to come. However the form is essentially the same. There are not many differences from the 2018 to the 2021 forms.
Great video! I am currently submitting my OIC. I am currently unemployed, however, I do Doordash to make money to live on. is that considered self employed or a Business? Thank you
If you file schedule c, which most drivers for doordash do, then this would be considered self-employed.
Do you have any approval for married couples with a home ? No kids plz n ty great content . New subscriber
Not yet, I have one we are currently working on. Once it gets finished with the IRS, I will post on it.
What happens when a person has a 401k and has loans on it and the fund will not allow an additional loan... meaning that money is not accessible.... What would a person put on line 3b on the form ?
You will need to follow the form instructions, Amount in 401k, minus the current loan, times .8. The IRS is looking to see how much they are able to get if you withdraw the money. The IRS is not going to consider the additional amount you can get as a loan.
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