Video instructions and help with filling out and completing Fill Form 843 Revenue

Instructions and Help about Fill Form 843 Revenue

Hey you through this Erica and today I'm going to talk to you about the IRS so what I want to talk to you is about is how I negotiated compromise and offer for a debt of over $8,000 down to one hundred and eighty five dollars so if you're interested if you have a tax debt and you're thinking about it offer and compromise stay tuned so first things first I do want to issue a disclaimer say I am no way suggesting that you avoid paying your taxes that you're delinquent that you avoid the IRS no this is not about that so this is basically about me being not educated basically since 2009 and prior but my past debts I believe started around 2009 and continues to grow and grow and grow and I didn't make the necessary adjustments in order to rectify and satisfied those days so the way or the reason that I was in debt to the IRS basically I didn't have any children I wasn't in school what are you getting any write offs or vengeance whatsoever not also was basically I didn't have my like w-4 set up correctly so the Texas I was paying throughout the year weren't enough to satisfy what I was following year and I'm just just not educated and I was young I mean I got girls that just continued to accumulate year after year after year after year and it just became a point where I was like you know what I have to figure out a resolution to this so I'm going to give you information on an offer and compromise which is basically something that you submit or petition to the IRS to satisfy a debt a day for less than what you owe basically the way that they calculate it or figure it is they will consider it generally if they feel like that you wouldn't be able to satisfy it within two years or that your income wouldn't be enough to satisfy it within two years so under that day considered your offer to see if it's you know adequate in and doing something rather than nothing so as I mentioned before my tax debts over eight thousand dollars but I am Not sure my whole that because like I said this is going from tax year 2009 three tax year like 2015 literally um so basically there's a lot of sense I want you to be very important to educate it I can give you all of the information so as always I suggest that you research it yourself what I can tell you to start is at the forum and what you want to look for is booklet 656 so this is the author and compromise gives you all of the information on submitting an offer how to calculate the offer what you will be asked for what you'll be subject to all of that information but I'm just going to hit on a few PO I had a clip that was deleted but in that clip I was talking about how you compute your offer so on the form there is a section that asks about your total monthly income as well as your expenses and basically to make a long story short there is a national standard a chart that you can use so that you can maximize your expense column thereby lessening your offer amount but you don't actually have to put what you actually spin on things like food dining childcare and clothing things of that nature there is a chart that you can use based on how many people you have in your household you know to compute and indicate how much you would be allotted to use to reduce your disposable income for the month if you want to look that up it's called the national and died what's talking about the national standards another example is apparel and services if it's two people in the house you're allowed one hundred and fifty two dollars a month so you can put these figures in that column these are the maximum that the government will allow for you to put there so that significantly decreased my offer amount because it increased my expenses so with that a site from all right so the chi from that that being the most important that determines your offer here's a calculator or way to calculate on the form you know if you want to pay within twelve months if you want a within five months if you want to do this solvent to determine your exact offer amount because mine was one hundred and eighty five dollars my offer I agreed to pay that within one month of my excessive offer there's questions that they asked on here like how will you pay who will help you pay again when will you pay so it's pretty lengthy but the form I'm referencing is the booklet 656 and 433 a this will answer all of your questions so aside from that I submitted to offer including I believe savings from my wages bank statement like all of this you have to consider because the IRS will try they're trying to figure out any loopholes to not rent your offer and then have within two years to decide if they're going to accept or reject your offer if you don't hear anything or have a decision might be in there automatically capsule expenses my practice took a year and approximately two months because I just got my offer letter and just so no one will think I'm lying it does say here we have accepted your offer in compromise I think it says dated or we accepted it as of March the 8th right in there if you want to zoom in and then attach to that was my actual offer um let me find that page all right

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