california real estate tax credit
offer and compromise tax help please oh please?
Here is my situation and any info on what I should do is appreciated! I have not filed taxes in 6 years. I probabley owe around $70k to $90K total within these years. I was a 1099′d self employed real estate agent. Now as you all know the mortgage crisis has just made it worse and here is where I am at financially:
1. No bank acct and no stocks or any form of assetts
2. Separated from wife which we have 3 kids and the state of California is helping her financially and also with health care which as of 30 days ago, one of my kids has been diagnosed with cancer and has been in the hospital for over a month and its expected to be for another few months (more money the state mIght go after me for).
3. I am now only making like $2000 a month W2′d and I should get some type of garnishment hitting me soon
4. is there a way I can do jail time to take care of my taxes that I owe or would they be willing to settle for like $5k? I also have a judgement for $10k on my credit by california
Sorry for you childs health issues.
First file you must file all your tax returns, before IRS grants any type of payment plan.Then submit Form 9465 Installment Agreement and Form 433F with the Form 433F you must submit your mortgage payment, auto payments, insurance, credit cards etc, bank statements and pay stubs for 3 months.
IRS will work a payment plan of some type with you. Include everything you pay or owe wit the Form 433 F so IRS can see you can’t pay. IRS can and will take any amount you can pay per month, giving you additional years to pay instead of the 60 months they accept.
Good Luck, just file and IRS will work with you; don’t ignore the IRS. An offer and compromise may be accepted after IRS see you can’t pay the full amount.
My prayer are with you and your family. And IRS is not going to put you in jail, because if they put you in jail how will they get their money then.
2010 Extended Home Buyers Tax Credit Presented by Nicole Lindler Prudential California Realty
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