I Haven’t Filed Taxes Since 2020

[Music] brought to you by the every dooll app start budgeting for free today Marcus is in Oklahoma City hey Marcus welcome to the Ramsey Show hey D how are you better than I deserve what's up uh I'll just be quick and to the point 2020 2021 I was working a mortgage company um they closed their doors in 2022 I was making quite a bit uh now I'm a teacher didn't file my taxes for 2020 and 2021 um probably 80% of that was um obviously commission so I did dumb uh I know I need to file those now obviously and I'm gonna owe quite a bit I was just going to see if I can maybe get some um advice on how to go about doing that in the the least harmful way ouch okay here here's the thing not paying taxes is not a criminal act not filing taxes is is a criminal act that's what's weird we do not have a debtor's prison they don't put people in jail for not paying their taxes but they do put people in jail about 2500 a year for failure to file okay so that's where that's the danger that you're in I'm more concerned about that than I am the payment plan I don't think you're in trouble and because 99% of the time that you're not some Pol not some public figure that you you come and self F you know you catch up your filings they're just all late um you don't get into any criminal issues but I want you to get it done now I don't want them to come find you okay I want you to go to them like immediately no later than the middle of January these documents need to be filed okay yes sir you know that's the Panic then the second issue is how do we pay it well number one we've got to assess the damage and figure out from the actual filings what you actually owe and then um you know your worst case scenario is you're selling some stuff and putting uh the KGB I mean the IRS on a payment plan okay so uh because I mean if you were doing mortgage origination in 2020 you made some Bank yes sir yeah like what' you make that year probably 2 250 and you paid zero taxes yes sir did you save any yeah yeah got got about uh probably a h 100,000 save oh good okay because you're probably GNA have a $100,000 tax bill oh yeah okay if you got two years of that you will yeah easy yeah so you're going to give them what you got to limit it and then you're going to work out the payments what you've got to have is a real tax Pro in your corner right now and if you'll go to ramseys solutions.com and click on the tax ELP for your area there and in Oklahoma City I know them they're good people they can sit down with you and help you first get the filings done and then secondly negotiate the payment plan and how much of this you got to throw at them to keep them off your bank account because we don't want them putting leans on everything after you file but also don't want them putting bracelets on you that connect because you didn't file yes sir so we need to get filed and uh and then we need to develop the the how tough the path is that we've got to walk through do you own a home yes sir what's it worth uh about 500 what do you owe about 200 okay well and and what is your household income nowadays um probably about 70 I have three jobs right now so I'm a teacher i' do some data entry at night and I do wait some tables on the weekends you have any money other than the hundred uh no you have any money in retirement you have money in retirement I do okay all right I do not tell people to cash out retirement for um for to pay off debt I might to pay off the IRS to keep from selling your home you follow me so that's what you've got to get into you've got to ascertain because let's just say this okay let's say it's 150 and you throw a 100 down and you say okay we're going to pay uh 20 or we're going to pay $1,000 a month for three years and will be out of debt that's okay but if it's a if it's 200 and you put a 100 down and you're going to be in debt for a decade you don't want that you need to you need to clean out something else the house or the retirement accounts and clean up the mess so the not filing and it's not the not filing the not paying and the not filing I hope it's not a ton more than the 100 when you get there it's going to be something more than that but you you need to get you need to understand the size of the the problem the uh the not knowing is a bigger stress inducer than knowing the details so you've got the cancer diagnosis you just don't know what the treatment is yet and you don't know whether it's terminal you you know so that first thing they do is they scare you to death and you go around for about two months with or two weeks with no information and then they start going okay well here's the treatment plan Oh you mean I'm not going to die well that would have been handy information about a week ago you know and that's kind of what you're dealing with here is that same of emotions so um you know the uh uh yeah get with a tax Pro today when you hang up open up Ramsey solutions.com click on taxpro ELP at uh Oklahoma City and go sit down with them this week I don't give a crap if it's Christmas uh you know you need to give yourself a gift to getting this monkey off your back oh man that's scary yeah and I hope he has he saves some money I hope he also has some writeoffs and records of that kind of stuff um so that he can you know the better the better your records the more you can limit this yes that's exactly right writeoffs and Records tax Pro here is huge though do not try to figure this out on your own no and don't go ask the IRS what to do oh yeah good Lord yeah it's like asking a dog if it's hungry you know no we don't do that so you know where did you get your tax information from the IRS oh my God you're a fool you know no no no no no no no we don't we don't ask them we don't ask the fox about the hen house hello yeah so yeah oh oh yeah they're tasty and by the way don't ask them for Grace either because they don't have any U this is get your tax Pro to help you gra I used to talk to Grace no used to talk to her weekly she called me all the time it's like from Christmas Vacation she died 10 years ago yeah yeah they they're just not going to be kind and a tax Pro here is going to be your Advocate and they know everything that they they can do they're they're worth it so don't try to navigate this on your own yeah and and there's and here's the last part of this okay the these commercials that are on cable TV do you have $10,000 or more in tax debt we can get it forgiven we have X IRS agents working for us just give us $5,000 and we will promptly do nothing for the next 24 months that's what that is that's a complete freaking scam there's a thing called the OIC an offer in compromise that you can get your federal income taxes forgiven about 1% of of them are approved you have to prove total popers ship meaning you don't have a house you don't have a job you don't have any potential income and you don't have any assets of any kind and then they will forgive your debt after fooling with them for about 2 and a half years don't answer those stupid butt cable tv ads go get a tax Pro and actually work a plan to get the mess cleaned up create your free every dooll budget today the simplest way to budget for your life