Reply
New Member
tinker37
Posts: 2
Registered: ‎06-10-2007

i owe $30,000 in taxes

Im not sure what to do , i,m thinking about filing bankruptcy ,or how could i get a loan for this amount,my credit rating is about 670 average .
Valued Contributor
slyhouse08
Posts: 2,340
Registered: ‎04-08-2008

Re: i owe $30,000 in taxes

I don't know much about owing taxes...but I'm pretty sure they are going to sue you...and garnish your wages...is there any other way out besides bankruptcy...
Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008

Re: i owe $30,000 in taxes

You can not put taxes in a bankruptcy.  They WILL get your money, and there is no way you can stop it short of running to Mexico.  They will take your bank accounts, take money out of your checks, even come by your house and take your stuff! 
 
Basically If you owe the government there is no easy way out, and they will get their money.  Refi your home, get a loan, take whatever means necessary to come up with the money.
"WTB Access Number"
Established Contributor
Jesedmotherof5
Posts: 537
Registered: ‎04-02-2008

Re: i owe $30,000 in taxes

[ Edited ]
why so much? did you sell a home? get in repayment plan right now so they dont place a lein


Message Edited by Jesedmotherof5 on 05-08-2008 04:57 PM
6/9/08 FICO TU 697 EX698 EQ 618uti 6% (once new accounts hit) BIZ- DUNS 80, EX 35
GOAL 2008- 700s+ new car
2010 BE a first time buyer
Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007

Re: i owe $30,000 in taxes

[ Edited ]
I agree with Jesed........work out a repayment plan. Most of the time as long as you have an agreed repayment plan, they will not take legal action. Put any extra money you can towards this debt. Unless you can find other financing for it.
 
Is this federal or state taxes?
 
 


Message Edited by sidewinder on 05-08-2008 05:08 PM
-----------------------------------------------------------------------------------------------------
Free Annual Reports, Freq. Requested Threads, 5 Things We Don't Talk About, Common Abbreviations, Where do I start?, State Resources
Regular Contributor
nosxih
Posts: 137
Registered: ‎09-03-2007

Re: i owe $30,000 in taxes

I am not a lawyer and what worked for me may not work for you or be completely accurate but here are some things I can offer:

The IRS will help you if you ask. There is also the tax advocacy group. Their number is on the IRS web site. Just communicate with them and know drop dead dates. Work for extensions etc.

Before Anything else: Pay a lawyer 500 buck to stop the collection process. They can do it in no time and it is worth the money in the long run. Gives you time to work the situation out. They won't garnish your wages then. You can take care of the rest of the work yourself.

Forget about BK as was stated before. Taxes and Student Loans are among the things that even death cannot get you out of.

First thing after getting the collection process stopped, look at your taxes for the year(s) in question. It is possible to file an amended tax for those years. (if they are not to old. I don't know the max age) You may find ways of improving your already filed taxes and reduce the bill. This worked great for me as I had tons of deductions that I never knew to take as a new business owner.

3 Enter into a payment plan as soon as you are ready. If you get a lien and it is released you cannot get it removed for up to 10 years. But if you work out a payment plan you can file to have the lien withdrawn.

I am only telling you the things that I have personally experienced. there is much more.
Regular Contributor
vesper
Posts: 234
Registered: ‎03-23-2008

Re: i owe $30,000 in taxes

Call them!! Get on an installment repay plan ASAP. They will garnish your wages. I've been dealing with an audit for 2004 since Sept. 06. It's been extremely irritating dealing with the IRS. They are very ssssslllllloooooowwwww getting everything done. My feeling is that they love the interest and penalty fees that accrue during the audit. It took them 8 months to get back to me about their decision on the audit. I put in an appeal in February and 2 weeks later they sent a lien on my wages. When I called, the first guy treated me like he was a debt collector...even though my CPA sent in the appeal. 3 hours later, I called again and got a lady who gave me a completely different response. They put me on a payment plan until the appeal goes through. I just received a letter last week that they received my appeal. It's been such a hassle. And this whole time, they are making interest off of my payments. Better than a lien though!
Moderator Emeritus
fused
Posts: 16,243
Registered: ‎03-12-2007

Re: i owe $30,000 in taxes

I assume this is with the IRS. I would try and get an offer in compromise with them. It will require you to show a lot of documenation pertaining to your assets, income and expenses, but if they agree and you stick to the payment plan and DO NOT default, it's possible to avoid a tax lien being placed on your reports. Do whatever you have to do to avoid a tax lien, they can be a real PITA to have deleted from credit reports.
Member
Tristansmom
Posts: 8
Registered: ‎02-25-2008

Re: i owe $30,000 in taxes

Yes you can discharge taxes in BK.  I just did it last year.  The caviat is that your taxes have to 3 years old FROM THE DATE YOU FIRST FILED YOUR TAX RETURN that you owe money on.  I discharged over 75,000 dollars in back taxes.  They released my Tax Lien no questions asked.
Member
HappyBless
Posts: 9
Registered: ‎03-08-2008

Re: i owe $30,000 in taxes

I OWN THE IRS AND I FILE BK AND IT'S WERE IN WITH MY BK.
HAPPYBLESS

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+