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Tax Related

I Owe the IRS. Will They Settle for a Lesser Amount in an Offer in Compromise or Do I Need an Attorney? – Diana

“Dear Jim, I owe the IRS $26,000. There were some years I failed to file taxes and some years I filed and owed, but they said I never filed, I have the copies. I have all the information except one year. My question is will the IRS settle with me for a lesser amount or do I need to hire ... Read More »

    I Did Not File My Taxes and Now I Have an Outstanding Back Balance. I’m So Depressed. – Dan

    “Dear Jim, I have aquired a huge mess by not filing my taxes and need advise. I am very depressed about my situation. I have an outstanding balance for back pay child support and now I have back taxes I owe. I have a wife and a six year old beautiful child. I am a contractor who is only maing ... Read More »

      We Did Not Pay Our Payroll Tax and Now Owe the IRS. What Should We Do? – Annitra

      “Dear Jim, My husband and I have a small business. He did not pay our payroll taxes. He used the tax money to run the business. The IRS has our account on hold at this time because technically he does not have a job. He says he is looking for a job and the IRS agent that we deal with ... Read More »

        Are the Monthly Fees I Paid for Debt Settlement Tax Deductible? – Susan

        “Dear Jim, I engaged Greensheild FS after loosing my job5/2009, due to @ 50, 000 in debt. I started paying their fee 7 2009. I was not able to get a copy of the the contract on line until two months before I found my account had been transferred to davenport law (@12 2010). Each month I was charged 330 ... Read More »

          I’m Freaking Out About Owing the IRS after Settling My Debt. – Jerry

          Ready to Collapse

          “Dear Steve, I completed a debt settlement in 2010 where I retired 160,000 in debt for about 60,000. I had to liquidate my 401k of 38k to help. I knew about the 1099-c thing but calculated I could claim insolvency. I am still working making good Money but my expenses where high and instill own my home I procrastinated with ... Read More »

            I Didn’t File Tax Returns for the Last Five Years But I Live on Very Little. What Do I Do? – Barb

            “Dear Jim, I am in my late 70’s and I have gotten neglectful and ill the last five years and did not file a return. I know I do not owe money since I usually owe them nothing(it is taken out) or very very little for many years. I am retired and live on about 10,000 a year. Do you ... Read More »

              I Got Behind on My Bills Because I Had to Pay the IRS. – Crystal

              Ready to Collapse

              “Dear Steve, I got behind because IRS was garnishing my wages and I got behind. How can I ever get debt free if no one would give me a chance to pay my debt down and get back on track. I been at my job going on 7 years and have steady income. I just need a chance to get ... Read More »

                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 »

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