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Tax Related

I Owe the IRS a Lot of Money and They’ve Put a Lien on Me. What Do I Do Now? – George

“Dear Jim, I own IRS appx 40,000., 65,000, with penalties and interest in back taxes. IRS recently notified me of a lien for almost 40,000. I want to set up an installment plan with the irs over 5 years to pay all the monies due. I am a retired federal employee and make approx 90,000., a year I am currently ... Read More »

    On Payment Plan With the IRS but Can’t Afford My Other Debts. – Thomas

    Ready to Collapse

    “Dear Steve, About a 5 months ago I went on a payment plan with the IRS for past due taxes of 5 years. 34000 – $578 monthly. After I went through my finances with IRS $578 is what I have left after all my living expenses. IRS dose not include Charge cards Payments as expenses which is the $578 I ... Read More »

      I’m Tackling My Tax Problems Before Filing Bankruptcy. – Lewis

      Ready to Collapse

      “Dear Steve, Left corp world 2006 started company with partner did okay for ahwile but economy hurst last 2 years. Now maxed out making 16-20k gross monthly but barely make credit card debts payments 3 autos etc – currently 100k cc debt (1/2 to help fund business) 3 mortgaes on house underwater 100k on that (600 k on 500k value) ... Read More »

        I’m in a Balance Liquidation Program and in Collections With United Recovery. Should I Consider Bankruptcy? – Jim

        Ready to Collapse

        “Dear Steve, I owe 64K in unsecured debt ,I have one card on a Balance Liquidation Plan , another on a 1 year customer care program, and one in collections with United Recovery . Also two smaller ones . I’m self employed and business is very off due to the economy . I have yet to pay any corperate taxes ... Read More »

          Can I Get Rid of IRS Debt in Bankruptcy? – Julia

          Ready to Collapse

          “Dear Steve, If I file bankrupcy will any of my IRS debt be forgiven? I owe for every year since 2000. Julia” Dear Julia, Yes, you can discharge IRS debts in bankruptcy. The taxes must be more than three years old at the time the Bankruptcy was filed. The three-year period begins to run from the time the returns were ... Read More »

            I’m a Police Officer and Having Debt Problems. – Abby

            Ready to Collapse

            “Hi Steve, My name is Abby. I am so happy to have found your website. I am really hoping that you can help me. This is my story: I am 35 years old. I use to be married. Had a great paying job. Owned a home. Had enough money to put away in an IRA. Pretty much living the American ... Read More »

              Should I Use My IRA and Tax Money to Pay Down Debt? – Tim

              Ready to Collapse

              “Dear Steve, My wife and I have accumulated considerable credit card debt ($70K)while she was out of work for 5 plus years while raising 4 children. I have approx. $120K in a SEP IRA. I am 47 years old and my wife and I combined make approx. $150K per year. I owe $190K on my mortgage, house is worth approx. ... Read More »

                Mortgage Company Sent Me a 1099-C. Do I Owe Tax On This? – Derek

                Ready to Collapse

                “Dear Steve, Last year I was hounded by my mortgage company to refinance my home. I had not been late on any payments. I was OK with my payments, not in any type of financial bind etc. I finally relented and listened. They offered to reduce my interest, but the rate wasn’t worth the charges. They came back and offered ... Read More »

                  Should I Use My Tax Refund to Pay Off My Credit Card Debt? – Cassandra

                  Ready to Collapse

                  “Dear Steve, I’m a 39 year old single-mom of two, who makes about $30,000/yr. I currently have credit card debt of about $7800. No savings. No 401K. I usually get a tax refund of around $4000. So, my question is, do I pay off as many credit cards as I can with the refund or do I bring the balances ... Read More »

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