Helpful videos: - How to File a Tax Extension for Free: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Juiqby1LcVY.html - How to File Taxes for the First Time: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-71vwVX67KNM.html
Finally filed my 2018 taxes recently & I feel relieved! I owed a few thousand dollars for my balance due plus late fees & penalties but it’s off my back now & I’m no longer afraid of being garnished. Even if you’re scared do SOMETHING.
@@djaccold I had to purchase the 2018 tax software online (Turbo Tax) then complete my taxes with that software & then I called the IRS & they gave me a number to fax my 2018 taxes to.
@@Unknowno590 I think that you’re asking if you have to pay all the money that you owe to the IRS? Yes, you do. Whether it’s money owed from taxes 5 years ago or the previous tax year, if you owe it you must pay.
I’m thinking the IRS will extend the deadline to file and pay taxes to either June or October 15th due to COVID 19. However, we’re working as if there won’t be an extension. Again, Great Video - real, honest, right to the point.
Anthony, there are way too many variables to take into consideration for that one. Each entity has its pros and cons. If you ask what you're trying to achieve then we can push you in the right direction. If you say "pay the least amount of taxes", then it would be an S-Corp. If you say "pay the least amount of taxes but take on foreign investors", then you are disallowed from being an S-Corp. If you say "sell the company for as much as possible in 5 years" then I would say go a C-Corp. Then there are also reasons to go the LLC partnership route as well. You need to find an accountant and get some professional advice. Don't go cheap on this one.
ClearValue Tax That’s awesome! I’m a realtor from the Chicago suburbs but I’m in the city all the time! You have a future client in me for my 2020 taxes keep up the great videos
I would just like to let you know that ever since I subscribe to your Channel I appreciate the good and hard work that you do and all the knowledge that you bring to the community I just want to let you know I hope you have a wonderful Easter and thank you so much for being you you're going far in life brother
Say I owe 3000 in taxes, I file on time but I can’t pay the full amount until 120 days how much money would I have to pay in penalties? Thanks for answering😁
Thanks! I just have to buckle down and pay this dang thing. Then I have to file for this year. I’m not used to owing them money. Hopefully my business will pick up the slack next year. I hate society.
I find it so frustrating that so many people dont know about taxes or updates & the irs still kicks people while they are down. They should just take the money and stop bothering folks
I thought when you file an extension, you are supposed to send an estimated amount that you owe the IRS; otherwise, there will be a penalty when you actually file in Oct.
I forgot I had to pain short term capital gains on 29K my tax guy says I have to pay that on top of my regular income. Putting me in the 22% tax bracket that's like 8k or something I'm soo nervous because I'm broke till next year have to live paycheck to paycheck. I'm scared asf... I'm getting raped by the IRS this year. God I need help... I'm thinking extensions and payment plans. God it's soo nerve recking... thanks for your video...great content.
making around 33k a year my company doesn’t take taxes they give us a 1099 basically gonna have too pay around the same amount trust me it’s stressing because i know i can’t afford that
That would be awesome in my opinion. However, I don't believe so because the IRS needs their money now. If the payment deadline was also extended to October 15th, then I imagine that vast majority of people would wait to pay. If it is extended, I'm going on vacation immediately because the sense of urgency is eliminated. Thank you Henry for all your support, I appreciate it!
Can you do an episode about sending money from another country into an account in the USA small to large amount. Bank to bank, western union, pay pal, and etc. What are the tax implications.? And what are some loop holes. Thanks
Hi Veterans Blog, there are no tax implications. There are tax implications for having or being an authorized party to a foreign account. There's reporting requirements on the 8938 Form, that's part of your tax return, and also FBAR Reporting.
I am retired. But received a lease payment last year that put me in a higher tax bracket. I failed to save enough to pay my taxes even after getting loans. I lost a large amount in the stock market but only allowed to claim 3000 per year. Is it possible or likely the irs may allow more than the 3000 since im not currently working and my gross income will be about 1100 a month if i cant find a job?
Irs ask payment for taxes in different state that I didn't do. I received letter April 6, and they sent it March 6. May 5 pass, no one responded I couldn't resolve problem so I sent email. so now I don't know will be in God hands. Hopefully they find who did that
I have a question: in the video, you said that the irs doesn't know how much you owe until you file your return, dont they get a copy of your tax documents and know your tax situation? Cant they go after you before you file?
Hi Michael, they have access to certain documents, such as your W-2s or 1099s, however, not to all. For example, they don't know your charitable contributions. They don't know if you had another child, or perhaps three (triplets) or 10. They don't know many situations where you have business losses either. So they can't jump to assumptions (at least not for a while) and go after you. They actually can if they suspect you do and then they "recreate" a return for you, but that's usually after a few years.
health insurance provided by the fed is for low income people; but what if you are not sure if you'll be considered low income or not because you don't have a regular job; therefore, you may or may not qualify for it. what's the best way? in 2019 I applied for it, but at the end of the year i had to pay back 9K; is it better to buy my own health insurance? in that case will i be able to deduct the premium; i know that there are a bunch of rules when one can and cannot deduct medical expenses
I need help please. I got audit from the irs for 2017. I hired a cpa. All he did was organize all my purchases and submitted to the irs. They came back saying I owe them 68k. We asked to go to court and replied to resubmit every thing again. They are hitting me with penalties and interest like crazy. I've always payed on time. I also filled my taxes for 2018 and 2019 and paid it on time. Can you help me?
I owed back taxes. I just filed bankruptcy. Problem fixed. I believe in paying taxes, but when the irs starts being unreasonable. Well, I file bankruptcy..the irs told me it will effect my retirement. I told them, I'm not retiring. If I cant work ,I'll just be like the rest of the stupid out there that dont work and get food stamps... naaaaa. I'll keep working, hire people to do the work for me and live comfortable
Does this also work even after the deadline for this year? For example I own about $5k I made around $27,889 but at my old company they paid me my full check obviously imma end up payin.... can I pay the $5 a month after tax day with no fees or penalties (tax day- may17, 2021)
I worked a lot in 2020 due to covid and working in healthcare. I only make 14.50 an hour and I’m expected to pay $1600 in taxes. I filed 0 all year. Why? What am I doing wrong? I can’t pay it because I don’t make enough money to come up with that and now I’m freaking out on what to do.
Hi Emanuel, please see our other videos. We go in depth discussing those on our rental property videos. You can only use passive losses to deduct against other income if your income is under $150K, or if you have other passive income to offset your passive losses against, or the passive losses that are accumulated and trapped become released when you sell the property. If you have another question, you'll need to leave a new comment as I don't get notifications for replies, only new comments. But also, again, please see those rental property videos. Thank you Emanuel!
hello great video....i have a question...i already have a payment plan..and paying every month on time..i'm not woking now so cant pay what should do..the irs is'nt taking phone calls..what should i do.
Question Since the taxes are being delayed till July 15th because of COVID If I were to file my taxes at that time and request a short term extension payment 120 days do you think the IRS will accept it ?
do I just go ahead and send in my taxes and then wait until I see they have received it on line then go and set up a payment plan - it's not that much but not working at the moment - I can pay within a few months
Is State tax debt treated the same as Fed tax debt?? (Asking for purposes of filing ext./payment plan,etc.). I owe my state New Mexico money, for Not properly including, "Gross receipts... My state went back to 2013-2016, as well as to my girlfriend, we live together. Same thing to her. Now owe state 8K. They hit us both at the end of 2018. Thanks
Hi there, I’m trying to pay my taxes via the IRS website and it shows on my account that my 2019 Amount owed not available. I did my taxes in April and I owe, need to pay. I have not made any adjustments or request extension. Does anybody know why it shows amount owed not available for 2019. Need assistance, thanks.
I asked h&r if i had to file my taxes if i only made like 10,000.00 and i was told no i didnt have to because i didnt make ove.r 12,000.00. now edd says i have to show my tax return for 2019 for being self employed and receiving unemployement for co-vid, so am i going to be penalized and or am i going to have to repay my unemploment bac k?
Hi please help, i set up an installment agreement for money i owe for 2021, but 2022 tax return came up and now i owe more money. Does the installment agreement i already set up automatically include the new balance i owe from 2022 or do i have to set up a new plan for that??? I tried looking up online but irs doesn’t show any information
I paid real property taxes on the house I inherited when my father died ..... they sent me a second bill for fiscal year 2021 and I can’t pay it.. what can I do.... I have a million problems and am waiting on disability and medical assistance
If you have a debt from 2010 and you tried an installment agreement in 2017 but defaulted does that mean the statue of limitations starts from 2017 now?
I know this is kinda old, but can you revisit this topic in light of the current pandemic. May 2020. Thanks in advanced. By the way, I'd already filed prior to the pandemic but aren't making what I was, (working as an essential for State Government lower level employment), due to budget cuts.
Brian, Quick Question: If you can't just write a check to pay taxes due, would another alternative be to get a 1 yr / 0% APR credit card, pay off the IRS with your card, and just pay the card off monthly?? I often play the balance xfer game with other debts. Any reason this wouldn't work with IRS? It sure would save a lot on the penalties and interest. Another great video, thanks!
Hi, hat will happen with the extension form if I mail it and this CV-19 halted everything? Will they open the mail and give the extension or do I do it online with the tact product?
I’m hoping you would help me with my question, I lied on my taxes I have an audit coming up do I really need a tax attorney? I mean is there really anything they can do when I lied I don’t have the proof of receipts for my deductions on my business so isn’t it better to save the money instead of getting an attorney who I feel can’t really do much if I don’t have the receipts anyways, can you or somebody please advise? Thank you
The question is how do we remove income tax and the IRS all together. Thomas Jefferson said: “…still one thing more, fellow citizens. a wise & frugal government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, & shall not take from the mouth of labor the bread it has earned. this is the sum of good government Implying They aren't wise and someone might get hurt for taking from us putting food in our mouths.
is it possible to apply for short term plan, and then if you still dont have the money go for the long term plan? or is it better to choose one or the other at the very beginning?
What is the best thing to do if I owe taxes from 2017 and it was around $1,300, and taxes from 2018 and it was around $750. I never asked for payment plans or extensions, obviously I’m going to be charged late penalties but I didn’t know about any of these things until just recently in the past 2 months. And I did file them at least, just never paid. I’m 22 btw.
Hey Sir I owed 4000 in 2010 am I off the hook then? is was due divorced hard ship bad ex-husband bad situation /Now I'm up to 11000 IRS had set me up with Conserve but they will not set up a payment plan until I don't file 2017 and I call to get things done but I think I messed them up more , I just contact a lawyer but If I can pay the IRS What makes me think I can pay a lawyer I'm going to take my free consultation Pls help Recommend someone Pls desperate I own nothing , I don't even have a checking account , I have a vehicle that it is dying take it SO can you recommend somebody. I get turn anxiety and very confuse .Thank you You are amazing
@@clearvaluetax9382 the guy in the video makes numerous claims of "your taxes". your is a possessive pronoun indicating possession or ownership. Perhaps the guy in the video can support the claim of "your" taxes as in support the claim that one can have, possess, or own taxes. other that the man in the video, who is claiming one has, owns, or possesses taxes?
Hi Chris, they have 10 years to collect from you. However, it's not as easy as it sounds when they start freezing your accounts and putting liens on your assets. However, it's easier if you live a nomadic lifestyle, I'm being dead serious.
It's a long story. I had a stroke in 2013 and couldn't work. So I was put on SSI disability. But I didn't know for the last 3 years that I was still getting paid because someone else was supposed to be handling all my finances. Now I found out that my taxes haven't been done since 2016.
I correctly exited the tax plantation after 2012 and haven’t heard from them since. Once you learn the truth about the US CORP and US CITIZEN slave status, you’ll never be the same.
Ok I need your advice. I got audit in 2012 and the IRS said I owe them $60k. I haven't pay them and now with penalties and interest, I owe about 90k. They deem me as uncollectable for years but last year I couldn't renew my passport so I had to call them to get on a payment for $200 per month. But now I got mail from the letters demanding that I pay the whole 90k lol. Should I stop paying them the $200 so by 2022 the statue of limitations will expire? Or try to offer a compromise payment like 5k or 10k to wipe it completely if the IRS they that offer ? I own nothing and live with my parents and make about 25k per year
@@clearvaluetax9382yes I everything I stated are facts, so should i call the IRS and Propose a offer and compromise? And how much do you think I can propose to pay them ? I can come up with 10k in a the next 2 months to pay them. Maybe I can hire you to offer and compromise
@@lifesabeach5405 no I haven't do an offer and compromise. But last year , i got back on a payment plan of $200 per month with them so I can get my passport. So should I stop paying the payments plan now so on 2 years, I can qualify for the uncollectable when the state of limitations expire lol?
