I Owe $94,000 to the IRS!

[Music] caesar's in chicago hi cesar how are you hey how you doing dave hi how can we help okay little nervous here sorry first time caller first time listener i discourage you remember last summer started listening to you i couldn't sink in into a party about a month ago i'm roughly a hundred and thirty thousand dollars in debt which is uh ninety four thousand dollars and hopefully irs uh i'm trying to do what i can to um to figure out what's the best way to tackle this uh most of most of the other stuff is car car loans and credit card debt i just went to carmax uh this weekend and sold on a vehicle which i had some positive equity uh with 6500 i don't know what to do with this money at this point what in the world how do you owe the irs 94 000. it's a mess i mean in 2015 and 2016 we had a business you know i oh i started a business with my wife uh i pretty much try to manage the business myself to you know try to do everything myself and i kind of screwed things up and didn't help that i had a bad accounting uh hey i contacted the irs and then there seems to be an issue i guess we have to file a 1040x form uh to try to amend those taxes uh you know but while this is in process i mean i still have to you know start making some kind of painting because i'm getting some uh letters on the mail as far as okay wait wait wait wait stop stop stop stop so you're saying that the returns were filed improperly and you may not actually owe this money when you file amended returns exactly okay but you have you have some money you said you had six thousand dollars from sale your car yes 65 i am currently on baby step two so i got my thoughts you're gonna spend some money right now on a tax attorney or a tax professional that is a stud of some kind and um if it costs you six thousand dollars it won't but if it costs you two thousand dollars this is job one right now yeah is you can you can take your 130 000 and wipe out 94 or a big portion of 94 with some simple proper filing you don't do that yourself that's how you got here you go get a tax pro uh check daveramsey.com and click on our tax elps if there's not one in your area start shopping around talk to some business guys that are that are competent business people in your area ask them for advice on who a good tax attorney or a tax pro is and let them dig in i don't you don't need to do anything you don't worry about baby steps no this is job one irs yes job one that's what you're doing and and cesar make the area focused don't come up with excuses pick up the phone call set up a time to go sit down gather up find out all the documents you're going to need because you're going to have to do legwork here but trust me if worth it because it's dealing with the irs yeah you you you're a good tax professional can tell you if you need to get on an installment plan and what level you need to do to get the barking dogs off your heel while you get this stuff filed but dude you don't wait 30 seconds you get this stuff filed now this is an overdue term paper and you've you know this is killing you yeah and these people have unlimited freaking power it is unbelievable what they can do to your life if they choose to so i really really really want them um to go away yes i want you to get the paperwork done and you don't have anything that's more important in your life for the next two weeks other than get all of this filed as soon as possible don't don't drag it out three months don't drag it out two months file the stuff get with somebody get the work done yeah you stay you know get you a cup of coffee and work into the work into the wee hours of the morning get this done baby because here's the reality it's some tweaking and the proper filings again has the ability to wipe some of this out this is a this is a huge opportunity it sounds like a good portion of it can be wiped out it's like they've impugned it on him because he didn't do proper filing and they guessed that's right and the irs never guesses low low it's a rule of theirs it's written somewhere in a book i'm sure i've dealt with them oh god the interest in the penalties on this stuff and it all goes away with properly amended filing or a large portion of it does yeah then get that's the stuff you should have been working on all these years a long time ago yes and then once that's out of the way you're down to just 40 000 worth of debt now you go attack yourself that's right

Channel: The Ramsey Show Highlights

Views: 62,496

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball, I Owe $94, 000 to the IRS!, irs, tax, taxes, i owe the irs, personal finance, debt, money

Id: lnHITq7hHsM

Length: 4min 57sec (297 seconds)

Published: Mon Aug 10 2020