the IRS just sent me a notice of intent to seize my property or rights to property in order to pay off 20K in back taxes. i can't pay them now but will be able to pay it off at some point within the next 6 months. is there a way that i can set up a payment plan that allows me to pay a couple hundred bucks each month and then pay the rest of it as soon as i get a lump sum of money? i'm not trying to dodge taxes and am going to call them this week to set something up. i just want to know if they're going to enforce some ludicrous repayment plan or actually come after my property or if it's just a bluff and i still have time to pay them without setting up the payment plan.
before you fucks ask why i'm behind: i'm self employed as an independent contractor attorney and was promised this lump sum in 2017 for a case i was working on. the attorney who promised it was a brainlet and the case has dragged on for another year. i spent all of the money i'd set aside for taxes on student loan repayment thinking i would get the lump sum in 2017 or by June of 2018 at the latest. but here we are...
damn. take out a loan 12 month no interest loan for 40k pay taxes with 20k, buy bitcoin with the other 20k.
Grayson Murphy
Yes there are IRS payment plans, and they are required to allow you to do them on amounts lower than 25k. Look it up
Justin Perry
>seize my property Holy fuck. Tax is literally theft.
Kayden Clark
Theres still an old law on the books that if you send the IRS a pre1960 one cent coin they have to defer payment for 5 years.
Jonathan Gray
Welfare recipients need those lobster dinners my man they won’t vote for free
Wyatt Bailey
considering this but my credit is fucked and probably won't get approved. i legit ran out of money a few months ago and have been selling all sorts of shit to get by.
i researched it but you have to fucking pay them to apply for a payment plan and there is absolutely no information on their site regarding what the payment plan would be like other than the vague "short term or long term" language. if i could just pay something like $150 a month until i get this money i'd be fine with that. when i logged into the irs website to apply for a longterm repayment it said it wasn't able to complete my request and then said "contact the IRS" in red lol. i called and never got thru and the automated machine said i'd have to provide income and expense information to them so i figured i'd get some feedback around the internet rather than put myself in a situation where they could literally take everything i have out of my bank account and start seizing non-essential stuff that i've purchased or plan on purchasing in the near future.
i don't mind paying taxes as long as the government tries to work with me. i'm about to make a shitload of money from this case.
you mean defer collection?
i know i know
Robert White
So this was for 2017? The reason I'm asking is I still owe 45K in taxes for crypto from 2017 and its 2018 and my crypto is only worth 23K right now so I'm fucked.
Did you pay anything at all and file an extension or just didn't pay?
Also, how did they find out so early? Doesn't it take them a few years to figure out when you owe?
Jeremiah Cooper
i filed an extension but didn't pay anything. i'm not sure why i'm getting hassled right now for the 20K although i had some back taxes from 2013 from a readjustment they made but it's only like 250 bucks which i'll pay off this week. i just can't hand them anything close to 20K until this case settles.
i hope they'll work with me man, i have no problem paying them but just can't for a few more months.
Zachary Reed
You have to pay even if you made an extension. The extension just lets you put off sending the tax info in, you still have to send them the money.
Lincoln Brooks
Shit man, well I hope it works out. I just looked it up online and anything under 50K, you can get an installment plan for up to 72 months.
So for you that is 20K / 72 = $277 a month.
Well, the total owed is 60K (made a trade on December 2017 for shitcoin to shitcoin, that created a capital gain, and in 2018 it crashed but I still owe. I was ignorant and didn't understand this, but now I do. Unfortunately, I'm fucked for the time being).
so I paid 15K, but still owe 45k. And basically have a month to come up with it, but it looks like it's not going to happen (23K in tether right now).
Jayden Reed
Call the IRS and talk to them. They will make a payment arrangement.
Sebastian King
A lot of people got fucked from 2017 lmao So glad I made the decision to sell for taxes on December 31st, I would suggest anyone who trades do that every year to lock in so you don't end up owing more than you made
Liam Lee
Yeah, what do you speculate will happen to the guys like me who are underwater? I mean, we can't pay shit? I'm a NEET right now
you guys are just fucked. You will definitely have to arrange a payment plan and you're basically a debt slave until you can get that shit paid off. You're just as bad off as a dad who ditched child support at this point. Maybe worse because you're fucking with the IRS
Ethan Price
1. can it be tailored to my situation of being able to pay it in full when my case settles?
2. will they monitor my spending and ask for credit card statements and stuff?
Zachary Fisher
so can i just send this in with 150 bucks a month with an agreement increase at the end of 2019 for the entire amount? because that would be breddy good desu. i feel like that's too easy kek
Isaac Parker
what you want to do is call. they put a freeze on your garnishment so they wont seize property and they will give you a deadline to send in this form.
i called, waited an hour, chatted with someone, they "pre-approve" the installments, then you mail this form in. takes like months to process the first payment. im on 500 a month for 5 years
Julian Lopez
sigh...welp, guess that's why I'm bottom of the barrel. continue to make decisions that reaffirm that.
Colton Gomez
shit lmao, what do you owe for? by my rate, i'm gonna be on 625 for 6 years. in debt because I traded shitcoins with no value on a chink exchange (binance). I don't even...this...this is literally insane
William Fisher
so i will have to call instead of just mailing shit in? thanks for the responses fren, i was kinda stressing out about this shit but if i can do what i described about i'll be ok
Luis Gonzalez
Just move out of the country without paying anything. What are they gonna do? Invade the country that you move to?
Anthony Campbell
wait a sec did you cash out?
Jason Evans
there was a chunk of business revenue i couldn't write off. because any revenue remaining is counted as income and not withheld from typical w2 it is taxed and household income rate at a high bracket. ended up owing 30K
needless to say switching to s-corp. Luckily i can write off the massive amount i lost in crypto this year. considering i dont have student loans i would rather owe taxes.
How did you owe so much due to crypto? without taking profits that is
Lucas Powell
When Paul Ryan was running for Vice president back in 2012 he amended his 2011 tax return (before disclosing it) to include 61K of omitted income.
i get paid in what's called a contingency fee, meaning i don't get a dime until a case settles. all of my cases are in litigation right now. that's why i'll be able to come up with the money in the next few months or so
Kevin Allen
go suck the attorney's cock and ask for a 20k advance. explain the situation to him and write up a contract
Levi Reyes
nah fuck that guy i'd unironically rather go to jail until this case settles than owe him a penny
Isaiah Evans
is it a personal injury case? how much are you expecting to settle it for? did the other attorney decide to litigate instead of settling or something?
Bentley Turner
I cashed out like 50K, paid off 13K in credit card debt, and paid 15K to IRS. Made a shitcoin trade that I still owe 45K for. Current crypto is worth 23K.
I think I'll do the payment plan, and then basically wait for crypto to bull again. I think I can manage those payments until then.
Ah i see. sucks user. Owe 60K, paid off 15k. still owe 45K and currently my crypto is worth 23K
>t. NEET who was ignorant and traded shitcoins. has learned about taxes but is currently slightly fucked
Henry Campbell
fuck me, what steps do we do to not have that happen to us? don't trade at all? Don't cash out? Should we just hold everything for a year ?
Ethan Clark
yeah it's a huge PI case. my fee will be about half a mil. the other attorney didn't initially realize that there was an underlying federal issue (it's in state court) so the federal issue has been in litigation for a fucking year straight
Lincoln Collins
No at the end of the year, december 31st, cash out. On january 1st, get a bitcoin.tax or cointracking account, put everything in, know exactly how much you owe, cash that out and set it aside to pay the goyim IRS.
Then you can decide what else to play with going forward, but make sure you set aside your shekels for the IRS
Jordan Smith
lol how many boxes of paperwork do you have thus far
