A similar thing happened to my husband and I. The difference was that his business wasn't profitable. In the end, I was the one who addressed the issue (he didn't want me involved). I actually got the taxes done, sucked it up, and called the IRs myself. The lady was a bit snarky at first, but I think she actually felt sorry for me in the end. We worked out a plan. The moral of the story is that you shouldn't have your own business unless you have business sense or at least want to learn it.
@@NealBurkard-ut1ooeven if a business loses money they have to file taxes. Filing taxes and paying taxes are two different things. You will go to jail for not filing taxes but you will not go to jail for not paying.
@bettysmith4527 Yes, but even with good intentions, people make bad decisions when they are young. The important thing is to learn from those mistakes and correct bad actions, which we did. I'm glad the IRS was more understanding than you seem to be.
Can anyone tell me , if that guy on this video , if he closes his company on paper and restart his legal business then what would be the consequences??
I dated a truck driver who was a 1099 employee. He hadn't filed taxes in 10 years and finally went to an accountant 3 years ago and took care of the back taxes. He then started the whole thing over again. Hasn't paid a penny in taxes since then. Dated... past tense. He was completely irresponsible with his handling of money.
My husband is a bury-his-head-in-the-sand kind of person. If he ignores something, it will go away. No, it doesn't, I end up cleaning up the mess. He grew up this way and even though he lived through the stress, anxiety, and destruction that was brought on by his parents burying their heads, he cannot stop doing it. Because of it he no longer handles things like taxes and such. I hired a CPA. He gets a chance with things, he screws up, I either handle it or high professionals to do it.
@Moolarkey Yes, this is how I would describe my husband as well. He learned his lesson and is happy to work for others. There's no shame in knowing yourself. I honestly think he was trying to live up to his father's dream.
Dude needs to hire a CPA asap! We have an awesome CPA and we communicate monthly. If there is an issue, they take care of it. They know how to work thru it. Yes you pay them, but we have peace of mind. It's the one expense i am happy to pay for and never complain about.
@@Chet_24 Because without the roads and infrastructure that we build as a society through taxes, it would be impossible for most businesses to make any profit at all.
@@penguin12902 No, sorry, taxes are not "the price we pay for a civilized society". Taxes are the price we pay for an incredibly bloated and completely out of control government. Around 75% of your tax dollars are completely wasted. And often used against both you and your nation.
I know so many people who think they can have a small business and fly under the radar and not pay taxes. I always tell them they're playing with fire. I've been a small business owner with multiple side gigs for many years. I'm meticulous, and we still sometimes get a surprise when our CPA does our taxes. We try to get our taxes done in February so we have time to regroup if the amount owed is higher than expected. But man, just do your taxes. The CPA fee is the best money we spend every year. It's not that much and it eases our minds that someone else is taking care of the calculations.
IRS is actually pretty reasonable if you're willing to work with them. Get on a payment plan--they prob won't even charge interest. EDIT: I'm a CPA and well aware the IRS can and does charge interest/penalties. This is low hanging fruit though at only low six figs, and I've found they're more interested in just getting their money than punishing, ESPECIALLY if you're reaching out to them and not ignoring/ghosting them.
Yes, this is true for most people. I have 4 friends who were audited and they all had great IRS experiences. Two didn't report some extra income. One did report the sale of stocks. One didn't report the proceeds from the sale of an inherited house. Most IRS agents want to work with you. It is the people who lie and keep trying to evade taxes. This is not to say some IRS agents are rabid dogs.
@@dawnr6381 They can/do... but as the guys said, being proactive and working with them goes a long way. I'm a CPA myself, and more times than not, I see them forgoing penalties/interest in these types of scenarios. They usually save that for people who avoid and ghost them.
@rose_6400 Yes, they can/do, but as the guys said, being proactive and talking with them goes a long way. I'm a CPA myself, and more often than not, they are pretty reasonable in these scenarios. Interest and heavy penalties are far more common when people avoid and ghost them. At the end of the day, they're not really a criminal punishment agency... they're main job is just collecting money. Make that easy for them, they'll make it easy for you.
That's not a mistake. You intentionally chose not to pay the taxes, plain and simple. A mistake is something accidental, like a pencil slipping out of your hand and falling.
You'd be surprised how many W-2 employees who become business owners have this idea that someone should have told them that they needed to pay taxes. Anyhoo, set the taxes aside first as if the money doesn't exist...because for you, it doesn't. Pay the quarterly estimated and let it make you angry, feel free to complain...but pay them.
John's face... LOL! One of my daughter's friend's father didn't pay taxes and he went to jail for many years leaving his family to survive on their own!! It's not worth it.... They had a nice house with a beautiful pool though!
You work for 42yrs to have $2m in your retirement, Meanwhile some people are putting just $20k in a meme coin for just few months and now they are multi millionaires I pray that anyone who reads this will be successful in life
He just needs a really good CPA that can maximize every single possible deduction for him for the last 7 years, and represent him in getting a reduction in taxes owed. This is very fixable.
I recently found out a good friend of mine hasn't filed taxes in over 5 years, despite being a W-2 employee and having a decent job with zero assets. He just got married, and his new wife had no idea and only found out about it when she started to get her own taxes in order and began digging and prepping to file jointly. And she discovered he has debt that he had no idea about. I would be livid, getting an anullment. They are a mess.
His situation isn't that bad. Since he filed all the years, his situation isn't that bad. He just needs to amend the last 3 years. And please don't call the IRS. An accountant will take care of it. It won't be that bad.
@dan.b i would be surprised if his business was set up as an S-Corp or C-Corp. This means that all he had to file is a schedule C. I believe the worst-case scenario all he has to do is go back 3 years and amended to include the schedule C.
Unless he overspent, if he was using all the proceeds from the business to pay for his living expenses, he was not making a profit, which will reduce his tax liability. The sooner he files his business income tax returns, the sooner he will be subject to penalty and interest, BUT exempt from prosecution and maybe jail. The IRS doesn’t fool around.
If this guy didn't pay taxes, no way he was keeping track of expenses and kept receipts. Good luck to him, might be going on a vacation to club fed. Funny enough its pretty sad considering when i did gig work in college, I managed to keep track of everything and pay my taxes, and I barely knew what I was doing.
As long as he tries to do the right thing now, he's very unlikely to face criminal charges. The IRS just wants to get paid. They aren't in the business of punishing people. That's just a means to an end to get paid. He probably won't have all the records he should have, but they'll just estimate things. He'll have bank statements, so unless he was dealing in cash (which would look very suspicious), they should be able to figure it out.
I had zero sympathy for people like this. If you make money you should pay your share like everyone else and if you don’t make money just file you won’t pay much in taxes. What do they think that everyone else that pays taxes just doesn’t need the 10-20% extra money that they have to pay in taxes.
I didn’t achieve financial freedom until my 40s, and I’m still in my 40s. I’ve already purchased my third home, earn a steady monthly income through passive sources, and have accomplished 4 out of my 5 main goals. I just want to encourage anyone who might feel behind-no matter where you are right now, you can start TODAY! Your age doesn’t define your future. Invest wisely and transform your life! Choosing to invest in the financial market was one of the best decisions I ever made. Fantastic video!!
Well, whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as JULIANNE IWERSEN NIEMANN, who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner.
My CFA, Julianne Iwersen Niemann, is a renowned figure in her field. I recommend researching her name online; you’ll find all her credentials and everything you need to work with a reliable professional. With many years of experience, she is a valuable resource for anyone looking to navigate the financial market.
Delony: Tell them you’re sorry that you are Terrible and that you’ll fix it Caller: I already did that Delony: I know, you suck feel terrible! Make them see that you are terrible but that you are fixing it 🤪
Dead Man walking!!! Anyone asks me about advice on going into their own business, I tell them this is number one. 1) GET AN ACCOUNTANT! 2) PAY YOUR TAXES FIRST! When I started my business in 1993, 25% of every dime that wasn’t an expense, was set aside for taxes. It didn’t matter what we had in the bank account.
It sounds like he lied on his taxes... He said he has been filing on his w2 income. He falsely told the IRS that was all of his income. That sounds bad...
This caller is just another in a long list of self-employed people that should NOT be self-employed. You may be good at whatever your business is, but many do not have the knowledge OR common sense to take care of the debits and credits such as filing and paying taxes AND that will get you every time!!
Nearly impossible to do when you're self-employed and not even giving yourself a W2 wage. As long as he calls him up and works out a reduction and a payment plan, it's not going to go any further than that.
I makes me furious when people are 'doing well and living a lavish lifestyle but are not paying taxes. This dude probably bought a huge truck and told people he paid for it in cash. He can be rehoused in jail.
His business might not have turned much of a profit in the earlier years, so he may not owe much in taxes for the business for those years. He says the recent years were great, so he will owe taxes on those profits.
All he needs to do is tell the IRS what's up, tell them you need to pay your taxes, use a tax service to get your sh*t together, and they will help you make a payment plan. They will work with you. YOU WOULD ONLY GOTO JAIL IF YOU WERE TRYING TO SCAM THEM OR HIDE. Just be honest.
I have a feeling this guy didn't make as much profit as he thinks he did. If this has just been a side gig for the past few years, chances are he didn't make that much money. Problem is he probably didn't keep receipts or do any proper bookkeeping so he may not have many deductions.
How would the IRS even know about the income? Were checks made to a business or to himself? Can't believe they didn't ask this as the IRS may not even know about the income. That said he likely wasn't even that profitable, so maybe he owes $30k. Get on a payment plan and knock it out In a year. No biggie!
The caller didn't do this alone; his wife knew or should have known. My point in commenting is that it will take both of them to get out of this mess and will most likely empower them as a couple in the future. Take accountability, work together, get this season behind you and thank God every day for the blessings He bestows upon you. Pray for guidance and patience; He wants to help.
As an American and Republican, I don't want the government thinking that they have any say of what can and can't be said in church. I'll support the church that teaches what's in the Bible and not on the social issue they like but contradicts the Bible's teaching. I give pretty close to 10% to my church. New subscriber here. I have been to Baden-wurttenburg many times for work. I love the area and miss my travels there. I love visiting the cathedrals when I visit. - John
if no one has 1099'ed him over the years, and the IRS has no idea of the earnings... well DROP IT man lol... MOVE ON.... Filing will ONLY cause problems for him in the future... NOTHING GOOD will come of this, AT ALL....
I really don’t know how anyone lets this happen. Taxes aren’t a secret, everyone knows they must be done. Do you somehow think you can avoid the US Government and it’ll all just go away? What exactly is their thought process? I can’t understand it.
Dude, call a good tax accountant instead of the Ramsey show. George is absolutely wrong about the IRS reducing penalties by just calling them. No one at Ramsey is licensed to give tax advice over the air.
A similar thing happened to my husband and I. The difference was that his business wasn't profitable. In the end, I was the one who addressed the issue (he didn't want me involved). I actually got the taxes done, sucked it up, and called the IRs myself. The lady was a bit snarky at first, but I think she actually felt sorry for me in the end. We worked out a plan. The moral of the story is that you shouldn't have your own business unless you have business sense or at least want to learn it.
Which taxes do you pay if the business isn't profitable?
@@NealBurkard-ut1ooeven if a business loses money they have to file taxes. Filing taxes and paying taxes are two different things. You will go to jail for not filing taxes but you will not go to jail for not paying.
To me*
I didn't happen to you and your husband, YOU CHOSE IT!!
@bettysmith4527 Yes, but even with good intentions, people make bad decisions when they are young. The important thing is to learn from those mistakes and correct bad actions, which we did. I'm glad the IRS was more understanding than you seem to be.
I’m a general contractor and I paid $130,000 in taxes last year. When you’re self-employed, you’d better get on top of these things.
Unless you get paid in cash and self employed .🤗.
@@miketheyunggod2534 yeah till someone asks how you bought that house with no declared income for the past 10 years lol
@@Drive-n-Vibeyeah. Unless DJT sacs the 10k new IRS agents an audit is incoming
Can anyone tell me , if that guy on this video , if he closes his company on paper and restart his legal business then what would be the consequences??
@HetulTrivedi-pt4xrhe still owes all of the back taxes on his profit
I dated a truck driver who was a 1099 employee. He hadn't filed taxes in 10 years and finally went to an accountant 3 years ago and took care of the back taxes. He then started the whole thing over again. Hasn't paid a penny in taxes since then. Dated... past tense. He was completely irresponsible with his handling of money.
I'm just over here worrying the IRS might be coming after me because I might have overestimated my expenses or mileage by $1
@@Zach-o6v I just notified the IRS. They'll be arriving at your house shortly to get everything straightened out.
@Zach-o6v *knock knock* Hi I'm IRS. You going to jail.
My husband is a bury-his-head-in-the-sand kind of person. If he ignores something, it will go away. No, it doesn't, I end up cleaning up the mess. He grew up this way and even though he lived through the stress, anxiety, and destruction that was brought on by his parents burying their heads, he cannot stop doing it. Because of it he no longer handles things like taxes and such. I hired a CPA. He gets a chance with things, he screws up, I either handle it or high professionals to do it.
Me and my autism. CPA is a disability aide
If theres no mental health issue, its weaponised incompetence.
@Moolarkey Yes, this is how I would describe my husband as well. He learned his lesson and is happy to work for others. There's no shame in knowing yourself. I honestly think he was trying to live up to his father's dream.
Sounds like a happy marriage
Dude needs to hire a CPA asap! We have an awesome CPA and we communicate monthly. If there is an issue, they take care of it. They know how to work thru it. Yes you pay them, but we have peace of mind. It's the one expense i am happy to pay for and never complain about.
I'll never understand why so many Americans dont pay taxes
What are taxes? 😂
If I stay in bed and go on welfare I get money from the state ,
Thanks for your Taxes
I'll never understand why people pay taxes. F the government.
@@Chet_24 Because without the roads and infrastructure that we build as a society through taxes, it would be impossible for most businesses to make any profit at all.
@@penguin12902
No, sorry, taxes are not "the price we pay for a civilized society". Taxes are the price we pay for an incredibly bloated and completely out of control government. Around 75% of your tax dollars are completely wasted. And often used against both you and your nation.
I know so many people who think they can have a small business and fly under the radar and not pay taxes. I always tell them they're playing with fire. I've been a small business owner with multiple side gigs for many years. I'm meticulous, and we still sometimes get a surprise when our CPA does our taxes. We try to get our taxes done in February so we have time to regroup if the amount owed is higher than expected. But man, just do your taxes. The CPA fee is the best money we spend every year. It's not that much and it eases our minds that someone else is taking care of the calculations.
IRS is actually pretty reasonable if you're willing to work with them. Get on a payment plan--they prob won't even charge interest. EDIT: I'm a CPA and well aware the IRS can and does charge interest/penalties. This is low hanging fruit though at only low six figs, and I've found they're more interested in just getting their money than punishing, ESPECIALLY if you're reaching out to them and not ignoring/ghosting them.
No they definitely charge interest and penalties. I'm speaking from experience. The interest clock is always running.
Yes, this is true for most people. I have 4 friends who were audited and they all had great IRS experiences. Two didn't report some extra income. One did report the sale of stocks. One didn't report the proceeds from the sale of an inherited house. Most IRS agents want to work with you. It is the people who lie and keep trying to evade taxes. This is not to say some IRS agents are rabid dogs.
They are pretty easy to work with but they definitely change interest and penalties.
@@dawnr6381 They can/do... but as the guys said, being proactive and working with them goes a long way. I'm a CPA myself, and more times than not, I see them forgoing penalties/interest in these types of scenarios. They usually save that for people who avoid and ghost them.
@rose_6400 Yes, they can/do, but as the guys said, being proactive and talking with them goes a long way. I'm a CPA myself, and more often than not, they are pretty reasonable in these scenarios. Interest and heavy penalties are far more common when people avoid and ghost them. At the end of the day, they're not really a criminal punishment agency... they're main job is just collecting money. Make that easy for them, they'll make it easy for you.
That's not a mistake. You intentionally chose not to pay the taxes, plain and simple. A mistake is something accidental, like a pencil slipping out of your hand and falling.
You'd be surprised how many W-2 employees who become business owners have this idea that someone should have told them that they needed to pay taxes. Anyhoo, set the taxes aside first as if the money doesn't exist...because for you, it doesn't. Pay the quarterly estimated and let it make you angry, feel free to complain...but pay them.
John's face... LOL! One of my daughter's friend's father didn't pay taxes and he went to jail for many years leaving his family to survive on their own!! It's not worth it.... They had a nice house with a beautiful pool though!
You work for 42yrs to have $2m in your retirement, Meanwhile some people are putting just $20k in a meme coin for just few months and now they are multi millionaires I pray that anyone who reads this will be successful in life
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Wow that's huge, how do you earn that much?
I'm 37 years old and I've been looking for ways to be successful, please how??
Yeah, 253k from Jessica Ramos looking up to acquire a new House, blessings.
I thank Jessica Ramos who has always been there to help me with detailed analysis and recommendations that I would not have had access to otherwise.
She’s a good woman🎉
I just notified the IRS. They will be arriving at your house shortly. Uncle Sam is livid.
He just needs a really good CPA that can maximize every single possible deduction for him for the last 7 years, and represent him in getting a reduction in taxes owed. This is very fixable.
Almost everything is fixable with money!
shouldn;t he hire a lawyer. Not file tax can put into jail. Unless he filed tax return, but just refused to pay.
I picture this guy sitting with wife and daughter: "I I've been I've been making a mistake, that's um... I don't I don't need a life like that."
I recently found out a good friend of mine hasn't filed taxes in over 5 years, despite being a W-2 employee and having a decent job with zero assets. He just got married, and his new wife had no idea and only found out about it when she started to get her own taxes in order and began digging and prepping to file jointly. And she discovered he has debt that he had no idea about. I would be livid, getting an anullment. They are a mess.
My brother in law avoided his taxes for a few years - they simply Accessed his account and took the money. Not sure what happened after that...
Sounds like he ignored their attempts to contact him by mail.
Don't call the irs! File your returns first
Geez, between this show and Caleb Hammer, am I the only one who pays their taxes?
You are not alone but it does seem that way- I am a Hammer fan too! 😂
Spend the $ on a good CPA.
His situation isn't that bad. Since he filed all the years, his situation isn't that bad. He just needs to amend the last 3 years.
And please don't call the IRS. An accountant will take care of it.
It won't be that bad.
He didn’t file any year for the business.
The business is a different entity.
@dan.b i would be surprised if his business was set up as an S-Corp or C-Corp.
This means that all he had to file is a schedule C.
I believe the worst-case scenario all he has to do is go back 3 years and amended to include the schedule C.
Idk how you don’t pay taxes…. Literally no excuse
Unless he overspent, if he was using all the proceeds from the business to pay for his living expenses, he was not making a profit, which will reduce his tax liability.
The sooner he files his business income tax returns, the sooner he will be subject to penalty and interest, BUT exempt from prosecution and maybe jail. The IRS doesn’t fool around.
Um you have no clue how taxes work. You don't owe taxes as long as you spent the money? Are you insane?
That's nonsense. If he had money left over after business expenses to put towards his living expenses, the business was making a profit.
Dave was needed here
If this guy didn't pay taxes, no way he was keeping track of expenses and kept receipts. Good luck to him, might be going on a vacation to club fed. Funny enough its pretty sad considering when i did gig work in college, I managed to keep track of everything and pay my taxes, and I barely knew what I was doing.
As long as he tries to do the right thing now, he's very unlikely to face criminal charges. The IRS just wants to get paid. They aren't in the business of punishing people. That's just a means to an end to get paid. He probably won't have all the records he should have, but they'll just estimate things. He'll have bank statements, so unless he was dealing in cash (which would look very suspicious), they should be able to figure it out.
So he thinks he owes $100k in taxes, meaning he made roughly 300k in profit, and only has $10k in savings to show for it 🤦
Exactly what I thought.
Hey we all learn and start somewhere. I paid off $100k in debt. Just one month at a time and set aside some money for small milestone celebrations.
I thought he said he made 100k over the 7 years from the side gig
Not paying your taxes is not illegal (they’ll charge penalties and garnish wages) lying and/or not filing your taxes is very illegal!
The caller said he's done very well, hasn’t paid taxes, and has only $10,000 to show for it? This doesn't add up.
Probably lived a very extravagant lifestyle
He has a wife and a daughter. Now add it up.
I have a guy who does construction/handy man. He doesn't file taxes for those jobs. Him and his wife drive expensive vehicles.
He's only got himself to blame. At least he's honest about it though.
I had zero sympathy for people like this. If you make money you should pay your share like everyone else and if you don’t make money just file you won’t pay much in taxes. What do they think that everyone else that pays taxes just doesn’t need the 10-20% extra money that they have to pay in taxes.
why do some people who start businesses dont pay taxes?? do they think they're amazon?? 😉
There is no way this guy would owe 35% in taxes. Especially on $100K.
Man dr.john really needs to just be quiet when it's a serious money phone call, his advice and communication is completely off topic
At least he didn't make the caller do breathing exercises this time.
Johns so awful
Not every conversation has to be a diagnosis
I didn’t achieve financial freedom until my 40s, and I’m still in my 40s. I’ve already purchased my third home, earn a steady monthly income through passive sources, and have accomplished 4 out of my 5 main goals. I just want to encourage anyone who might feel behind-no matter where you are right now, you can start TODAY! Your age doesn’t define your future. Invest wisely and transform your life! Choosing to invest in the financial market was one of the best decisions I ever made. Fantastic video!!
Well, whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as JULIANNE IWERSEN NIEMANN, who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner.
My CFA, Julianne Iwersen Niemann, is a renowned figure in her field. I recommend researching her name online; you’ll find all her credentials and everything you need to work with a reliable professional. With many years of experience, she is a valuable resource for anyone looking to navigate the financial market.
Delony:
Tell them you’re sorry that you are Terrible and that you’ll fix it
Caller: I already did that
Delony: I know, you suck feel terrible! Make them see that you are terrible but that you are fixing it
🤪
Dead Man walking!!! Anyone asks me about advice on going into their own business, I tell them this is number one. 1) GET AN ACCOUNTANT! 2) PAY YOUR TAXES FIRST! When I started my business in 1993, 25% of every dime that wasn’t an expense, was set aside for taxes. It didn’t matter what we had in the bank account.
It sounds like he lied on his taxes... He said he has been filing on his w2 income. He falsely told the IRS that was all of his income. That sounds bad...
He filed his personal taxes, but not the business taxes
He’s such a Chad 😅
The E-commerce and DeFi angle of Adaxum caught my attention. Might be worth considering.
This caller is just another in a long list of self-employed people that should NOT be self-employed. You may be good at whatever your business is, but many do not have the knowledge OR common sense to take care of the debits and credits such as filing and paying taxes AND that will get you every time!!
A great and expensive CPA pays for itself. Not hard to get an appt and hire them
Living and working now 2 hours from Dubai, they don't have any personal taxes here ))).🎉🎉🎉
So weird Hunter is calling the Ramsey show for advice.
🤣🤣🤣
Glad I got into Adaxum during the presale. The project has some promising elements.
Adaxum looks like a strong long-term play with its unique use case.
Solid utility backing ADX’s potential.
I owed $500 and was trippin out lol. Paid that off with the quickness
Adaxum is still early, but it has the potential to grow into something significant.
They are going to garnish his wages for a very long time.
Nearly impossible to do when you're self-employed and not even giving yourself a W2 wage. As long as he calls him up and works out a reduction and a payment plan, it's not going to go any further than that.
@@XennialGuyHe works full time with a company ...those wages will be garnished.
The Adaxum project has some strong points. Took a position while the presale is still open.
I makes me furious when people are 'doing well and living a lavish lifestyle but are not paying taxes.
This dude probably bought a huge truck and told people he paid for it in cash.
He can be rehoused in jail.
Adaxum’s focus on real utility is impressive.
I don't feel bad for him. He's a jackass. He knows he paid no taxes and did so for almost a decade while suckers like me are subsidizing him.
His business might not have turned much of a profit in the earlier years, so he may not owe much in taxes for the business for those years. He says the recent years were great, so he will owe taxes on those profits.
John's gonna ask, are you OK?
This guy owes the IRS, he's definitely not OK.
"Are you safe?"
All he needs to do is tell the IRS what's up, tell them you need to pay your taxes, use a tax service to get your sh*t together, and they will help you make a payment plan. They will work with you. YOU WOULD ONLY GOTO JAIL IF YOU WERE TRYING TO SCAM THEM OR HIDE. Just be honest.
Adaxum’s team looks solid, and the project seems well thought out. I’m cautiously optimistic.
I have a feeling this guy didn't make as much profit as he thinks he did. If this has just been a side gig for the past few years, chances are he didn't make that much money. Problem is he probably didn't keep receipts or do any proper bookkeeping so he may not have many deductions.
Adaxum leads DeFi’s next evolution.
How would the IRS even know about the income? Were checks made to a business or to himself? Can't believe they didn't ask this as the IRS may not even know about the income. That said he likely wasn't even that profitable, so maybe he owes $30k. Get on a payment plan and knock it out In a year. No biggie!
Hey all, Adaxum is shaping up to be an intriguing project. Definitely worth looking into.
The caller didn't do this alone; his wife knew or should have known. My point in commenting is that it will take both of them to get out of this mess and will most likely empower them as a couple in the future. Take accountability, work together, get this season behind you and thank God every day for the blessings He bestows upon you. Pray for guidance and patience; He wants to help.
Find a good CPA who handles taxes returns. They will hold your hand through the whole thing.
Adaxum’s roadmap is ambitious, but the concept is interesting enough to take a chance on.
Trying to have some sympathy but years of this is ridiculous.
As an American and Republican, I don't want the government thinking that they have any say of what can and can't be said in church. I'll support the church that teaches what's in the Bible and not on the social issue they like but contradicts the Bible's teaching. I give pretty close to 10% to my church. New subscriber here. I have been to Baden-wurttenburg many times for work. I love the area and miss my travels there. I love visiting the cathedrals when I visit. - John
John, are you sure you posted this on the right site? It has nothing to do with this podcast.
@@keithberlin4763 Scammer!!
Joined the Adaxum presale early. Hoping it turns out to be a good long-term move.
Zero sympathy he created the problem
ADX Adaxum is worth a look if you’re exploring new projects this year.
Feeling cautiously optimistic about Adaxum’s potential. Got my ADX tokens today.
Took a measured position in Adaxum. Hoping the project delivers on its promises.
He just chose not to file his business tax return because he was just greedy
I'd say the federal government is greedy. This guy might have been too.
"trying to do everything right". but hasn't filed taxes in years.
Weasel trying to justify the unjustifiable!❤
Adaxum is starting to get some attention. Glad I managed to get in during the presale.
Does he REALLY think they asked about his w2 taxes? He called about his expensive hobby. Gen. Ius.
Hey all, the Adaxum presale is happening now, and it’s worth checking out if you’re curious.
ADX ADAXUM has potential, especially with its E-commerce integration. Let’s see where it goes.
“Doing everything right” but you are not paying taxes ??
Happy I got in early with ADX.
The Adaxum ADX presale is progressing well. Glad I got my tokens before it’s too late.
Keeping an eye on Adaxum. The project seems promising enough to have potential upside.
I don't believe children should be involved in their parents finances.
ADX ADAXUM could be a game-changer.
if no one has 1099'ed him over the years, and the IRS has no idea of the earnings... well DROP IT man lol... MOVE ON.... Filing will ONLY cause problems for him in the future... NOTHING GOOD will come of this, AT ALL....
Adaxum seems like a decent project. Taking a cautious position for now.
congrats!
You have won an all expenses paid vacation for the next 10 years to Club Fed!
I really don’t know how anyone lets this happen. Taxes aren’t a secret, everyone knows they must be done. Do you somehow think you can avoid the US Government and it’ll all just go away? What exactly is their thought process? I can’t understand it.
Adaxum is looking like one of the better new projects out there.
Dude, call a good tax accountant instead of the Ramsey show. George is absolutely wrong about the IRS reducing penalties by just calling them. No one at Ramsey is licensed to give tax advice over the air.
Dr. John is proud of him for coming clean and wanting to pay his taxes? Hmm, interesting. I wish Dave got this call.
Hey, check this one out: Adaxum’s presale is live, and it seems like a good time to get in.
This dude is probably going to jail
Bought Adaxum during the presale. Solid project so far!
AVP 👽
.../ not a lot going
So wait you only have 10k in savings and you have not payed taxes for your business in the past 7 years?😕
Happy to have some ADX.
Hey everyone, Adaxum’s tokens are selling fast-don’t miss out on the presale.
Took a closer look at Adaxum and decided to take a small position in the presale.