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Video instructions and help with filling out and completing Are Form 843 Taxpayers

Instructions and Help about Are Form 843 Taxpayers

Melissa is in st. Paul hi Melissa how are you hi I'm good this is such a pleasure so thank you for taking my call thank you how can I help okay so my husband has a small business he's a carpenter we have made a mistake by not paying taxes year-round so now it's tax time we owe the IRS 12 grand my question is what is the best way about paying back this money I am an FPU I'm a baby step number 2 but I am I assume I should pay taxes before everything correct work um do I put ledger house what is your household income pre-tax is about 70 grand okay and so he is running his own business yeah and have you now set up a separate checking account for his business and any money that goes into that account any money he makes in the business goes into that account and only business expenses come out of that account and any money you pull out of that account to bring home called profit you set aside 1/4 of it in a separate savings account starting today so that your withholding or your holded withholding on yourself so that this doesn't happen again okay that's first and foremost you have to stop the leak first and foremost awfully we need to stop it yes yes your 1/4 of his income a quarter of whatever he takes out of the business and brings home is your profit okay yeah and a quarter of your profit and you set that aside for taxes and you're supposed to pay quarterly estimates on a small business like this so you're supposed to pay in once a quarter and it's a one-page sheet it's not real difficult to fill...

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