Any tax attornies out there? I haven't filed taxes in five years. I think I owe about $25,000. Whats the best course of action? Can I negotiate it down? I had a nervous breakdown about 2 years ago and gave about $30,000 away to the homeless (the actual homeless, not documented homeless charities). Unfortunately that was the money I had planned to pay the IRS with. I'm trying to rebuild my life and I'm afraid to go to the IRS on my own. Any suggestions?
2006-08-18 15:44:41 · 9 answers · asked by Bill D 1 in Business & Finance ➔ Taxes ➔ United States
They're not going to shoot you, or put you in jail. At worse, they'll probably talk very sternly to you. You might luck out and find someone helpful and sympathetic. They will want their money though plus penalties and interest, or at least a good part of it. They'll set up a payment plan, or if it's obvious you can never get it all paid off, they'll probably make a deal with you to take part of it.
If you have assets, they can levy them and sell them. If you don't have much, and are making a good-faith effort to pay what you can, that's not likely to happen. But if you've got four luxury cars and two boats, kiss most of them goodbye.
The money you gave away isn't deductible, nor will it help you any in dealing with the IRS.
They're not going to be real happy, but you're hardly the only person in the country in this situation. Call them and tell them your situation and ask what you need to do. If you can afford it, you might contact a tax lawyer, but if they're going to charge you really big bucks, might just dig you in deeper.
If you owe around $25,000, you'll be paying on this for a long time. You know that already. And filing bankrupcy wouldn't relieve you of the IRS debt.
Good luck.
2006-08-18 17:12:41 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
The IRS will draw and quarter you and hang you from the nearest yard arm for the birds to feed on.
You will need to hire a tax lawyer, sometimes they have been own to forgive a taxpayer, if you will stand on your head, and write I will never do it again, 25,000 times.
2006-08-18 15:55:59 · answer #2 · answered by Anonymous · 0⤊ 1⤋
money donated directly to the homeless people is not qualify charitable contribution... so they won't care if that's the reason you couldn't pay your taxes
so go get a lawyer... and hopefully that the decrease in tax penalty is more than the lawyer's fee
2006-08-18 16:08:56 · answer #3 · answered by bbbryan14 2 · 1⤊ 0⤋
I'm not an attorney, but if you throw yourself on the mercy of the court they will work with you....you will have to pay something, but they won't throw you in jail....don't worry. Showing a humble and cooperative attitude is what they want to see.
2006-08-18 15:52:46 · answer #4 · answered by nightcricket 4 · 1⤊ 0⤋
Well. If you have Proof that you gave that money, you can show that to them, you can then maybe, just maybe take about 25-40% off, But they still want most of there money. You can get a Lawer, speacil one for taxes
2006-08-18 15:56:42 · answer #5 · answered by John P 2 · 1⤊ 1⤋
Get a lawyer. They will help you settle.
2006-08-18 15:50:43 · answer #6 · answered by Anonymous · 2⤊ 0⤋
the IRS might be willing to work with you or they might tell you to put your head between your knees and kiss your butt good-bye.
2006-08-18 15:55:31 · answer #7 · answered by Anonymous · 1⤊ 1⤋
start filing and pay tax later.
2006-08-21 17:33:06 · answer #8 · answered by JMJolles 1 · 0⤊ 1⤋
bankruptcy?
2006-08-18 15:51:19 · answer #9 · answered by Anonymous · 0⤊ 3⤋