We recently followed up with this caller on the show. Watch the follow-up here: kzread.infotUirmoXgvUI?si=jeGmM6zu6BpHvIlV&t=3247

For Dave to recommend cashing out retirement, you know it’s serious.

@adamduarte895

6 ай бұрын

Because the IRS can really screw up your life if they want to

@hornetguy9063

6 ай бұрын

Ya, Dave is terrified of the IRS. With good reason, too

@Needglory23

6 ай бұрын

😂

@adamseidel9780

6 ай бұрын

The IRS has unlimited power and resources to fuck up everything about your life. Avoiding having a problem with them or cleaning up any problem with them is at the absolute top of the priority pyramid. All other usual financial priorities become secondary.

@topsykretts2264

6 ай бұрын

@@hornetguy9063the Joker from Batman is too 😂

it will be waaaaay more than $100k. Their penalties are outrageous

In 2020 I found out I still owed taxes from 2016, 2018, and 2019. That was the beginning of my debt free journey along with my other debt.

@_2315_

6 ай бұрын

Smart! It was the opposite with me. They were my last 😂 I know I shouldn’t Fxck with the IRS but they offered a payment plan so I signed up for that, meanwhile I pay off the smaller debt.

@ThePeterDislikeShow

5 ай бұрын

how much in fees did they charge you?

@bobmalooga335

4 ай бұрын

How did you find out?

@Joshmarmolejo_

4 ай бұрын

@@bobmalooga335they sent me a letter saying I owe for 2018. And honestly I just ignored it a couple times back then I didn’t know how serious IRS was. Then when I finally looked up my account online I saw what I owed for other years.

The penalties and fees on that overdue money is going to be insane

@reesee175

6 ай бұрын

I ran into a similar problem years ago and used a tax law firm to remove all penalties and fees.

@stuff1784

5 ай бұрын

@@reesee175😳

there u go irs is slow as a turtle but when they come out they are faster than a tesla plaid

@stuff1784

5 ай бұрын

LMAO! Yes!

the KGB lol that was gold

@EsiriE

6 ай бұрын

I didn’t get that joke 🥴 can you explain please?

@froniccruxis1049

6 ай бұрын

@@EsiriE KGB was the infamous secret police for the USSR. They were well known for being ruthless and making people disappear, especially people impacted by bad policies from the USSR government. Russia today is basically run by the remnants of the KGB including Putin. Which is why it is still pretty bad over there but not as bad as under the USSR. IRS is pretty much the most efficient US government agency and because they gather taxes they can easily pull people into court for failing to file or pay taxes. Dave was just making a hyperbolic joke about the IRS

@scroogemcduckismyspiritanimal

6 ай бұрын

​@@EsiriE the KGB was the secret police of the Soviet communists. You did not want a visit from the KGB. Dave was saying the IRS is the American version

@EsiriE

6 ай бұрын

@@scroogemcduckismyspiritanimal ahh I see! Thank you

I didn’t file for 4 years and then called them and they worked with me on a repayment plan. The only thing I need to do is stay in compliance from this point forward otherwise the arrangement will be revoked. They won’t ask for a financial statement unless you want to do an offer in compromise.

@benjaminhough8804

6 ай бұрын

My number one question is, why? I cannot come up with any reason why I wouldn’t file my taxes. It’s really not complex (for the vast amount of Americans). It may be painful, but with just a bit of planning it’s just annoying. The government will never take EVERYTHING, only a minority percentage of overall income. So why? Why would you not file?

@Ich-cq9uu

6 ай бұрын

​ Mental or Physical health

@jayman3575

6 ай бұрын

were there any additional fees you had to pay?

@briandfallon74

6 ай бұрын

As a former IRS Revenue Officer and current Enrolled Agent, thanks for taking responsibility. Being accountable for making a mistake goes a long way with IRS compliance employees. Good luck on the payment plan!

@TonyCox1351

6 ай бұрын

@@benjaminhough8804not really that hard to figure out: people don’t file their taxes because they don’t want to pay them. I would never do that myself but it’s not hard to figure out the reasoning

The struggle some of these 1099 employees is mind boggling but it’s all about behavior and he already knew the IRS wants their piece of the pie.

@jodylarson4697

6 ай бұрын

Makes you wonder what happened to that real estate company he was working for.

@Armyreaper

6 ай бұрын

@@jodylarson4697 maybe the IRS are looking for them . Hopefully they are good because they don’t play lol

The penalties and interest accrued for failure to pay are massive. Cash out everything you can to pay this!!! The penalties and interest DO NOT stop just because you are paying it off over time.

As a former IRS Revenue Officer, Dave’s right and wrong. Evasion of payment is a crime as is failure to file. Dave’s other advice is spot on. This caller needs an Enrolled Agent. Now. The IRS may have already filed substitutes for return. He needs to file now, he WILL have a notice of federal tax lien. The simplest path is to liquidate the 100k AND draw the retirement. You never never never want to owe your fellow taxpayers money the IRS collects. You are charged penalty on unpaid tax, and interest on unpaid tax and penalty. Failure to file for him will be 25% of the tax because of how old these returns are. Interest is charged daily. His solution is there - it will be a bit painful. Dave - I’m no fool. I worked for the fox and use the 15 years I did that job to now run my own shop as an enrolled agent. All in all, Dave’s advice is spot on.

@BobbyMucka

6 ай бұрын

Agreed, I'm an EA and my first thought would be to try an FTA and payment plan. I would not go to the retirement account right away unless it made sense. But yeah, that guy needs a solid tax pro.

@randomrendered1856

6 ай бұрын

I hope it was great working for KGB oh sorry I mean IRS ^⁠_⁠^

@_2315_

6 ай бұрын

What else can you say about the irs, just asking for a friend 😂

@MarkYeung1

6 ай бұрын

Thanks for your advice

@briandfallon74

6 ай бұрын

@@BobbyMucka I still have my compliance hat - I would not try FTA right now - he’ll still have unpaid tax. FTA will abate the assessed penalty from RDD to the 23C date BUT will accrue again next month. FTA does not prevent FTF and FTP from accruing on that tax mod.

We are all out here joking about not paying taxes, and this dude is out here actually DoING that

@MrNoName7474

5 ай бұрын

Me too lol. Is this something everyone has to do? I thought that was just for rich people?

@thatyounginjosh4531

5 ай бұрын

@@MrNoName7474I think if you make over a certain amount of money then you pay taxes

@MrNoName7474

5 ай бұрын

@@thatyounginjosh4531 I have an actual job now that isn’t just the latest restaurant manager of the month sliding me minimum wage cash under the table so I should probably figure out how to do taxes.

@erinlynch7259

Ай бұрын

$11,500. If you make that you pay 10% and it goes up from there.

I don’t recommend cashing out retirement for staying out of debt. I do recommend cashing out retirement for staying out of jail.

@TopShot501st

6 ай бұрын

Generally a good idea

@SMincy25

6 ай бұрын

💯

@briandfallon74

6 ай бұрын

When I was a Revenue Officer, taxpayers in that situation would ask for a “courtesy levy” on the retirement because it avoids the 10% penalty on early withdrawal. If the RO could document the taxpayer contributed to the retirement the year they owed for, you could generally get the approval to levy and full pay. Because that made logical sense, I believe there are now 84,312 hoops to jump thru to levy retirement

@JasonGroom

6 ай бұрын

He should be able to loan against his home or his retirement either one, not lose retirement gains, and save money over what it would cost him to cash out, or work a plan with the IRS

@briandfallon74

6 ай бұрын

@@JasonGroom he has sufficient assets (liquid 100K and home equity) that the IRS position will be full pay from assets. For him to get an installment plan, if I were his RO, I would ask for $80k from cash (leaving him 20k) and borrow on home for remainder. He would need to submit a lender denial letter of a bona fide application. Then the retirement is next depending on what he still owes.

This is scary. Rich people pay politicians to make sure they get access to taxpayer funds first when banks shutter or they're in jeopardy of losing all their money. I feel bad for the lowest paid workers that may be affected, but not CEO's. A lot of them have created this abusive corporate pay structure where they are paid 300 to 400 times above the salary of entry level workers. Most add very little value. They posture and perform with speeches, meetings, and excessive travel to provide the appearance of working hard.

@jimmydan12

5 ай бұрын

Very big con and that is why i have always maintained that people should never have their money in the bank! Get a financial advisor and even make so much more while saving!

@pineedbydmoon

5 ай бұрын

Thank you for your advice, it's challenging to find a reliable investment advisor here. Seeing the success you have achieved through investing I would love to have access to your investment advisor.

@Dave_East

5 ай бұрын

I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Stacie up and send her a message. You've truly motivated me. God's blessings on you.

I remember doing a guys taxes that did the same thing. His only savings where what he saved from not paying it taxes. sadly the way the IRS is right now they are going after people with vengeance and they are more likly going to throw the book at him and fees, penalties and liens. I wish him luck.

As a teacher you can be fired too for this sort of thing. Teachers sign a form when obtaining their teachers license agreeing to be held to a high standard of both professional and personal conduct.

@kbanghart

6 ай бұрын

Right, hopefully he keeps his mouth shut. Other professions are the same, pastors, etc

@jet4415

6 ай бұрын

But not the president of the United States….

Daym 4 years due bro 😳

Marcus, the really bright side is Oklahoma City is in the process of building a brand new state of the art Prison System (as you already may know). It will still have that new smell. --Fellow OKC person

I've been watching financial audit with Caleb on here and it is crazy the percentage of people that don't file taxes from just the ratio of ones on there and the random ones like this guy. That's why the government wants those 80k agents....

@TonyCox1351

6 ай бұрын

I was told that the IRS wants 80K agents so that they can kick the doors of honest hardworking Americans, not because the country is full of dumbasses who deserve to be investigated

@hiteshadhikari

6 ай бұрын

The govt could try and tax Boeing & LM etc but nope

@sblijheid

6 ай бұрын

Or they could recoup the 7Bln they gave to build to EV charging stations that were never build or the hundreds of millions they gave to chip companies that make great profits. They want to hassle the little guy to give the money to their rich friends.

@alladreamwedreamed

6 ай бұрын

​@@sblijheidoh you noticed that too 😅

@HoffyRS

5 ай бұрын

Income tax was deemed unconstitutional until the tyrants made the 16th amendment after 1913 im done paying. Idc. “Let us steal your money or we’ll fine you and throw you in a cage” lolololol and were free? Yeah okay

Best line: that first 'Yes, Sir.'

I would be thinking about “right sizing” my life. After the IRS resolution I would consider some lifestyle changes. A $500K home in Oklahoma is pretty substantial. You can still get nice there for less. That will also result in less taxes, utilities, and maintenance. You could wind up yet with a nice house, a retirement account, and cash.

Cashing out retirement would be idiotic when he has 300k in home equity. That loan will be cheaper than the IRS fees and interest, and cheaper than the penalties and taxes from a cashing out retirement. That is not even mentioning the loss in growth and reduction at retirement time. If he can loan against a retirement, that could be an option, but this is one of the few times that a debt is going to be cheaper.

@talyahr3302

6 ай бұрын

Hopefully the pros he hires tells him that too

Dave and Ken are the best duo lol 👍

Excellent advice. Get a tax professional NOW. A CPA or Enrolled Agent. They can help him get into compliance and get the debt taken care of. And by all means, DON'T listen to those scammers on TV.

That's my favorite Christmas movie LOL

They could force the sale of his house but unlikely if he's able to pay the $100k and work out a plan.

@briandfallon74

6 ай бұрын

In the heirachy of IRS enforcement actions, getting to a primary residence is tough. Seizure required federal judge approval and is unlikely due to the mortgage. Foreclosing the federal tax lien is unlikely because he had others assets that are less invasive to levy and dont require the DOJ to file suit. You dont want to be the RO recommending that and DOJ asks why you havent levied the liquid 100k and the retirement. Source: my 15 years as an IRS Revenue Officer and now an Enrolled Agent in private practice

@russiasvechenaya58

6 ай бұрын

he probably owes 200k

@briandfallon74

6 ай бұрын

@@russiasvechenaya58 agreed. Failure to file is 5% each month (caps at 25% of tax owed); failure to pay is 0.5% per month; interest compounds daily

@HoffyRS

5 ай бұрын

@@briandfallon74like dave said its not illegal to not pay. Its illegal to not file. Stop handing these people your hard earned money out of fear lmao. Thats what they prey on

@briandfallon74

5 ай бұрын

@@HoffyRS evasion is a criminal act. Just keep your records, file an accurate tax return and pay what is owed. Use every legal means available to reduce your bill, but pay your taxes. It’s not hard. Render unto Caesar…

He should have paid some amount and filed for extension and then another extension. The interest and punitive is on the unpaid amount plus interest.

weird that he didn't inquire about the back story on why the caller blew off his taxes.

@sblijheid

6 ай бұрын

Some people just don't think about it. I met two people who just didn't bother.

Agree he needs a tax pro to deal with this so he doesnt have to deal with the IRS directly. Also if there's state taxes unfiled or past due, sometimes states will run amnesty programs that allow for reduced payoffs. A good CPA will be aware of such programs or other opportunities to reduce the tax burden or penalties.

Ramsey is correct, file immediately!

I think I'd take out a heloc or something before cashing out retirement... Interest rates are 7% or something? Beats a 10% penalty plus taxes

You can negotiate as well .. Don't be a fool and try to lowball them . I cut mine in half . It was only $3600 . But i sent a check for a $1000 c to show I was serious with my offer . They said send another $800 ASAP and you are clear .. I got a paper cut writing the check that fast .. Just my personal experience .. But it worked . And you better not fail to follow through on any payment agreement .. Thery will crack you off..

As a business owner, writing that check for my tax bill sucks, but it would suck more to be in hot water with the gestapo, I mean the IRS. He will sleep better after he gets this sorted lol.

Just waiting for the whole thing to come down... :)

I wonder if his salary was a w-2 which would have withholding or a 1099 where it would also be subject to self-employment tax. It could be OK or it could be awful.

Do uber and then start writing off everything. lol

I didn't do taxes for 10 years from the ages of 24-33 and at which time I was absolutely flat broke. I was in the military for part of that time and driving a delivery truck for the rest. I knew that I would have a refund owing to me for each year and the end result was that I was owed $22k and after the tax agent fees, I received around $20k. I used $13k in 2003 as a deposit on a house which I still live in 20 years later. After 5 years (2008) I used the equity in that house to build an investment property. Then 10 years later I used the increased equity in both to buy another investment property (10 years because of the GFC which really slowed real estate growth). Then in 2018, things really took off again with the real estate market here in South Australia, so 3 years later (in 2021) I had enough equity to build 2 more investment properties. So in 20 years (2003 to 2023) I turned that $13k deposit into a real estate portfolio worth $2m with $1m owing. You can achieve a lot in 20 years, no matter where you're starting from!

@jodylarson4697

6 ай бұрын

Thank you for your story.

@sblijheid

6 ай бұрын

You cannot get refunds older than 3 yrs in the US, but the IRS can charge you for 10yrs of back taxes.

@Munromad

6 ай бұрын

@@sblijheid dang, that's unfair!

@HoffyRS

5 ай бұрын

@@sblijheidfuck extortion

ive met a guy in his mid 30's, at work lol who has never filed, not once. lol this is canada so i dont know if that means anything but yeah, took me for a loop

I remember years ago, I worked for a company, and at one of the locations, some people were arrested that hadn't filed taxes.

“I know I need to file those now…” You needed to file them then bro…

@choicemeatrandy6572

5 ай бұрын

Bro liked having 100k in the bank lol

I've got a former coworker that didn't file taxes for the any of the years I worked with him - dunno what he's done since. He's into that that sovereign citizen baloney. Funny thing is he worked for a company that withheld taxes so he's probably out of pocket as much today as if he'd filed. I wonder if the IRS has caught up to him yet...

@HoffyRS

5 ай бұрын

Sovereign citizen is an oxymoron. It was a term created by the southern poverty law center to demonize people who value freedom. Prior to 1913 income tax was deemed unconstitutional period. Then the tyrants made the 16th amendment. Fuck extortion 100% im done paying em. Come take the money

My friend is a LVN hasn’t paid taxes since 2006! And he just purchased a house with 8% and 3000 monthly payment with 2 kids! 🤦🏻‍♂️

@HoffyRS

5 ай бұрын

Good for them. Im 100% anti extortion

Im terrified just listening to this. Uncle Sam is a SCARY man.

Country fell in 1913 with income tax...

@amireallythatgrumpy6508

6 ай бұрын

Country fell in 1776.

@GardenerEarthGuy

6 ай бұрын

@@amireallythatgrumpy6508 Agree that George Washington was a rigged election to force federal government and the fake constitution on the people. After Washington had his coup he used the military against people not wanting to pay them taxes in The Whiskey Rebellion. People back then knew that taxation was slavery and Washington was a traitor.

@HoffyRS

5 ай бұрын

Yup income tax was deemed unconstitutional before tyrants made the 16th amendment its pure extortion. Most are just scared and brainwashed into paying

My father is always like a year behind in taxes (self employed) and it blows my mind.

@briandfallon74

6 ай бұрын

I’m a former IRS Revenue Officer and current Enrolled Agent. Many self employed file extensions so that they can request an income transcript in June to ensure everything is reported. If you have a refund due, there is no penalty charged - as failure to file and failure to pay are based on the amount of unpaid tax. It’s not a prudent course to consistently file late. Does he have an Enrolled Agent?

@bobcantstandzyobitz9778

6 ай бұрын

I hope I don't get behind. I'm having trouble finding an accountant as mine is retiring. I've contacted about 10 of them, only 1 responded. I'm trying to avoid H and R block. it feels too complicated and risky to try to learn accounting and payroll myself. Having an S Corp, I need an accountant, and so does anyone who is self employed.

@TopShot501st

6 ай бұрын

@@bobcantstandzyobitz9778 i did H&R block while doing 1099 work for Amazon it was pretty simple.

@stuff1784

5 ай бұрын

@@bobcantstandzyobitz9778H&R Block SUCKS!! I used them one year to file my taxes. They were horrible!

@HoffyRS

5 ай бұрын

@@briandfallon74why work for such a criminal agency? “Let us steal your money or we’ll fine you or throw you in a cage” LMAO. Quite the extortion racket. I still dont get why people pay the shit. Its out of fear, were not all pussies

Most (not all) former and current athletes - current and former actors- current and former musicians/singers fall into the IRS trap! Why don't people think they do not have to pay taxes. There are also people that think they are a sovereign citizen that have the idea that they don't have to pay taxes or have a driver's license to drive a car on the road!

@HoffyRS

5 ай бұрын

Sovereign citizen is an oxymoron. It was a term created by the southern poverty law center to demonize people who value freedom. Income tax was deemed unconstitutional before the tyrants enacted the 16th amendment its criminal af. “Let us steal your hard earned money or we’ll fine you or possibly even throw you in a cage” let that sink in

@HoffyRS

5 ай бұрын

Sovcit is an oxymoron. You cant be sovereign and a citizen.

What happens if your employer has never given you any tax forms for 10 years so you couldn't file?

The state taxes owed might be worse than the federal, because the IRS will put you on a long-term payment plan, but my state, at least, only gives you a few months to come up with everything you owe OR ELSE.

Anyone else catch the part where he almost said politician but substituted public figure at the last second

If I was in situation, I would refinance the house to cash out, just enough to cover all the taxes owed or get personal loan.

@aolvaar8792

6 ай бұрын

And get rid of that 1.85% mortgage for a 6.5%?

@butskiiueepp1625

6 ай бұрын

@@aolvaar8792all of that goes out the window when you owe the IRS money

You can't hide for long from the IRS, this will follow you until it is resolved.

I’m here in the UK, we only have to do a tax return if we are self employed or a high earner, the majority of people who work for companies do not have to do this, the company takes the tax out of our pay every month & pays it to our Government. Is there a reason why the US can’t do this?

@johnc2438

6 ай бұрын

Basically, what you describe is how it is in the U.S., too. This caller didn't do what you say you "have to do": file a tax return if you are self-employed (and especially if you are a high earner, as was my brother, a cellist who was a 1099, self-employed person for his entire career). You have to do this in the U.S., as well. But it's the "have" that got him: He simply decided, "I don't have to." This is the difference between being "in-law" and being "out-law." If you are a 1099 worker (that is, self-employed), you need to follow the law and file your taxes (it's common to file taxes quarterly if you're getting paid as a self-employed person) -- except if you decide to become an outlaw as the caller admitted. If you are "the majority of people who work for companies," yes, here in the U.S. "the company takes the tax out of your pay" every payday and turns it over to Uncle Sam (and the state you live in if there is a state-level income tax). This is how it was for me from 1967 through 2016 (a half-century). No, there is no reason "why the U.S. can't do this" because it does do this in virtually the same way as it does in the U.K. Rule Britannia!

@amberlynn5273

6 ай бұрын

Lobbyists.

@joycewright5386

6 ай бұрын

So I’m confused. In the UK you can’t deduct charitable contributions, property taxes, mortgage interest to reduce your taxes? Our employers pay our taxes but very often we can get some back and if we increase our income by selling stocks etc then we owe more. How do you do that in the UK?

@adamseidel9780

6 ай бұрын

That’s basically how it works here too, but this guy had a small business or was an independent contractor and so had a more complex tax picture with an individual responsibility to manage and file. Even if you’re a typical single wage earner with just one normal job you still file and may be able to get some back because you had your company over withhold or because you have some credits and deductions. Also, obviously if you have multiple jobs the direct only system falters pretty quickly.

@iaing9028

6 ай бұрын

@@adamseidel9780, here in the UK, if you have multiple jobs, you still don’t have to do a tax return. We have a tax free income each year & we pay tax above that amount. With more than one job you just inform the tax office which job you want to use your allowance with. We don’t have to file a tax return as an employee, but unbelievably many pensioners have to do a tax return as they have multiple incomes which aren’t taxed at source, even the state pension is taxable but paid untaxed.

Cash is king.

So he all along he was filing taxes,,, coming 2020 and 21 he decided not to, file,,, taxes So he call Dave to the rescue,,, makes sense,,👍

Better work a night job & weekend job to pay that off ASAP.

Shit. I haven't filed taxes since 2010. What are the rules when you move out the USA ?

Al Sharpton needs to call in...

“Not paying taxes is not criminal act but not filing taxes is a crime.” Learn something important today 😮

Moreover, all of the penalties and late fees on $100 or $200,000 - OMG.

Can’t agree with the grace thing. If they don’t have the feds at your door on April 16 then I’d call that grace.

Rich people: I just won’t pay taxes legally by finding loopholes Poor and middle class people: I just won’t file and pay God bless America

@EsiriE

6 ай бұрын

🤣

@JasonGroom

6 ай бұрын

Finding rich people that are breaking the law to not post though is nearly impossible. Don't like it, work to change the laws

@robloxvids2233

6 ай бұрын

What's wrong with exploiting loopholes?

@_2315_

6 ай бұрын

Facts! 😂😂😂

@williamsimonis4789

6 ай бұрын

Who do you think funds the government. It isn't the poor or lower middle class. It is people making more than $100k

He will owe more than 100k.

@Lisa-kz7vw

6 ай бұрын

well of course but not a whole lot more than 100K he just won't have any savings or retirement left have to start over

this is insanity.....

Good job Marcus admitting this in front of millions of listeners. Even better he told the IRS where he lives 😂😂😂

@stangotisan9297

6 ай бұрын

Lol IRS knows where everyone lives😂

@jcherestal

6 ай бұрын

He is coming foward to pay his dues are you paying attention?

@kbanghart

6 ай бұрын

​@@jcherestalyes..relax bro

@mistiinseattle

6 ай бұрын

probably fake name and location

@HoffyRS

5 ай бұрын

@@jcherestalpay his dues lololol. You mean extortion?

Refi the house with cash out, that will come up with the rest, and leave retirement alone.

I rather sell the house before liquidating the retirement account.

Money is dangerous, IRS and CRA , do not mess with them

ABS always be selling.

If you call and communicate with them they won’t force you to do anything. But you will be paying hefty fines…. Oh man what a mess

@adamseidel9780

6 ай бұрын

They can garnish your wages or go directly into your account and take your money. They don’t need to force you to do anything, they can take what they want from you without you doing anything at all.

@mike7933

6 ай бұрын

@@adamseidel9780 you would have to be grossly negligent and purposefully not paying your taxes. He would be a failure to file, and trust me he is on a list somewhere.

You can legally tile taxes every two years long as they owe you money but if you owe them money it's a whole new situation.

IRS - it’s my $$$ and I want it Now…🤦🏾‍♂️

That's too bad. Its my money, and they cannot be taxable.

If he had proper tax withholding set up with his employer, he might not even owe anything. They're probably simple returns. Just file them, ASAP!

@butskiiueepp1625

6 ай бұрын

The $250k was commission based. He’s owe 30% of that

@butskiiueepp1625

6 ай бұрын

Not to mention whatever late fees he has accrued the past 3 years..!

@gottesma

6 ай бұрын

@@butskiiueepp1625 if caller was a W-2 employee, then his employer should have withheld taxes on all of his income, including commissions. In that case, all he needs to do is file those returns and he probably won't owe much. The IRS may even owe him money! But if caller was a 1099 contractor, he's going to have a major tax bill.

Dude WHY!!! Your 100 grand in gone between penalties and fees you're about to get rheemed!!DON'T MESS WITH THE IRS!!They even got Dave shook!!lol

100k in taxes for 2 years? At 250k income, he'll have to pay 100k each year prolly. The tax rates when you make a lot of money are outrageous

If someone is reading this help me understand if im fucked or not. I graduated highschool in 2020 i was 18 got a watehouse job and have been jus working since then im 21 now and have never filed am i going to owe?

Maybe this is a dumb/naive question but what possible reasons are there for people to not files taxes?

@scroogemcduckismyspiritanimal

6 ай бұрын

Probably anything you can fit in the "overwhelmed by life" category.

@stuff1784

5 ай бұрын

Mental health issues

At least this guy has some hustle. He doesn’t sound lazy

@ykook7000

6 ай бұрын

Lol still avoided his legal obligations at the time though!

@kendrapratt2098

6 ай бұрын

@@ykook7000He surely did!

@HoffyRS

5 ай бұрын

@@ykook7000legal obligations lolololol. Income tax was deemed unconstitutional prior to 1913. I wonder what changed? Tyrants made the 16th amendment smh

😬😬 dude file your taxes

This problem is bigger than the Ramsey Show. 😳

✝️

That's insane!

The failure to file penalty on $100K won't be fun! The IRS is currently forgiving the Failure to Pay penalty for 2020 and 2021.

So when can we watch a video about the 11 bitcoin ETFs??

Remember over 200k IRS be looking like 👁️👄👁️ if you make under 50k IRS 🙈

At least you get to go to the fancy prison

Totally noob and dumb question but: at what point is it worth to just leave the US lol? Pay the IRS 200k or transfer it and gtfo. Would be a nice buffer while you find work elsewhere. I'm wrong right!?

@Dan16673

6 ай бұрын

He aint wealthy enough

@EsiriE

6 ай бұрын

yeah because there aren't countries that aren't 3rd world 🤦🏾‍♀@novakd1530

@briandfallon74

6 ай бұрын

1. The IRS can prepare a substitute return and create a lawful balance owed. 2. The IRS can direct the state department to action the passport. 3. Read on on the writ ne exeat republica and come back to apologize for how wrong you are or admit Dunning Kruger applies here.

@phosphate66

6 ай бұрын

@@briandfallon74 Dog I literally prefaced it by saying "noob and dumb question" and then followed it by saying how I know I'm wrong. Thats like, on the far-right side of the Dunning Kruger curve. I stated how little I know. You really searching for that gotcha moment huh?

@amireallythatgrumpy6508

6 ай бұрын

America is just a 3rd world country with the internet. @novakd1530

He didn't pay any taxes at all? Was he an independent contractor?

@Dan16673

6 ай бұрын

Some employers let you without 100%

@countrymusicandcher8593

6 ай бұрын

Sounds like he was...comission based, selling something...Its possible the employeer reported base oay but in thag type of job comission is probably 90% of everything you make

@BrianW211

6 ай бұрын

@@Dan16673 Sure, but the federally mandated default is filing as single plus zero allowances. So, if he didn't pay any federal income tax, then he must've set that up intentionally. Also, he said that he got paid commissions and there are different withholding requirements for bonuses and commissions. Honestly, I wonder if this guy actually did pay taxes, but he just didn't file. It would almost have to be the case unless he was an independent contractor.

@Dan16673

6 ай бұрын

@@BrianW211 yeah. I wish theyd ask mote questions.

@EsiriE

6 ай бұрын

yeah I think he said 80% commission based @@countrymusicandcher8593

If only everyone was like this guy, the irs can go away. Stop acknowledging their existence.

@TSGracchus

6 ай бұрын

Why? Don't you think older people deserve social security? You want them to work until they die?

@joelplatt2651

6 ай бұрын

⁠@@TSGracchus Yes. Maybe they should have saved a little. I’m 26 and I’m never going to get social security and I have to do it all myself. Would be even better if I wasn’t sponsoring other people’s lack of foresight while saving for my own retirement

@ykook7000

6 ай бұрын

How do you know you won't get sick or disabled one day just because you're 26 yrs old doesn't mean anything people get cancer or get hit by a bus every day don't be so high and mighty ​@@joelplatt2651

@eos_2366

6 ай бұрын

Romans 13:1 Let every person be subject to government authorities. For there is no authority except from God, and those that exist have been instituted. Verse 7: Render therefore to all their dues: tribute to those whom tribute is due.

@aaronqueen55

6 ай бұрын

@@TSGracchus you really think that’s a good argument? Lmao! First, social security is a Ponzi scheme. Second, it’s a TERRIBLE return on investment. Third, save your own money. There are plenty of ways to save money with compound interest. You’re clearly a product of public education. Sad.

Is this guy still alive? The irs doesn’t mess around

@xlerb2286

6 ай бұрын

Oh, he's alive. The IRS want's him healthy - until they've gotten their money out of him anyway ;)

@Rashaadthegr8

6 ай бұрын

​@@xlerb2286and they want him to rack up as much interest and penalties as possible.

@kbanghart

6 ай бұрын

​@@xlerb2286in my experience, the state of CA was harsher than the IRS.

@xlerb2286

6 ай бұрын

@@kbanghart I wouldn't doubt that a bit :)

@kbanghart

6 ай бұрын

@@xlerb2286 yeah, I can't remember the exact circumstance.. the one year we ended up owing quite a bit. Then they garnished my wages. That's one way to pay it off lol

Wow, that’s basically a crime…

Didn’t file for 2020 and 2021, not since 2020.

He gonna owe 200k get a 100k home equity loan pay the irs and be done with it

@mightyminifarm

6 ай бұрын

Terrible advice

@jasonleatherwood2172

6 ай бұрын

@@mightyminifarm or lose 40000$ in taxes by pulling 140k from 401k thats his only other option

You're employer sends your tax info already to the government. There's no need for you to file. Not less your self employed

The IRS usually ends up getting the money it wants.

@alfonsosalinas3026

6 ай бұрын

*always

Hey the government already knows your taxes You're employer, sends it to them.

I had a friend not file and pay taxes for 5yrs on 1099. Now he working a regular job W2. IRS hasn't touched him yet. Idk how long it takes them. He has nothing today, lives with mom and dad 43yr old man ex military and hooking up with any girl he can

@firstnamelastname3558

6 ай бұрын

The IRS will more than likely catch up within the next year. They had a mass hiring spree, so audits are coming.

@joeb1522

6 ай бұрын

If he never filed, then the statute of limitations never begins to run. I've seen the IRS send notices more than 10 years later with 1M+ assessments. It's scary to not file.

@SMincy25

6 ай бұрын

Oh, they coming. Believe me.

@Dan16673

6 ай бұрын

The algo WILL find him

@littlesongbird1

6 ай бұрын

The funny thing is when ever I worked for a place that gave me a 1099 I never owed any money because I deducted everything I could for those jobs. My most recent employer that did that for a tutoring agency so I deduct my gas and mileage for driving to students and every penny I spent on supplies. I owed nothing by the time I was done. .

The KGB I mean the IRS hahahahaha Our taxes aren't used to actually help

The IRS is eatching like a hungry 🐺 😋.

I haven't filed taxes in 10yrs- oh wait - I'm retired!!😮😅😅

@aolvaar8792

6 ай бұрын

You're not making enough in retirement.

@kjschroeder2010

6 ай бұрын

Oh I make more than enough -live a nice comfortable lifestyle - wake up & not have to worry about working (was a Chef)- I was taught & learned how to skirt the IRS & avoid paying taxes - nothing is in my name.