IRS payment plan advice for struggling real estate business - 2022 returns

I found a way to solve IRS payment plan setup issues, watch this: https://www.youtube.com/watch?v=bsfnyQBnGKk

I went thru this last year. Make sure you have all ur docs ready when u call. They asked me for: - Last 3 months bank statements - Profit/loss statements - List of assets - Estimated monthly expenses Better to have too much info than not enough!

As someone who's been through this, I can't stress enough how important it is to stay calm and professional when talking to the IRS. They're people too, and they're more likely to help if you're respectful. Also, don't be afraid to ask questions if you don't understand something!

Just remember, you're not alone in this. The economy's been wild lately and a lot of small businesses are struggling. Don't be too hard on yourself. You're doing the right thing by trying to set up a payment plan. Rooting for you! 💪

I found a way to actually get someone on the phone at the IRS without waiting for hours. I used this site's (claimyr.com) calling tool that dials the phone menu, stays on hold, waits for a live agent to pick up, then sends the call to my phone. It does cost $20, but it works. Here's a video explaining it: https://youtu.be/_kiP6q8DX5c

To directly answer your question on approaching the IRS: Start by knowing that preparation is key. Gather all relevant financial documents, such as profit and loss statements, recent bank statements, and business expense reports. This will provide a clear picture of your financial situation. When you call, be honest about your struggles and show intent to resolve your debt. The IRS has various payment plans, like the Installment Agreement, where you can spread payments over a manageable period. Remember to ask detailed questions, so you fully understand the terms. Tools like Claimyr can indeed save you time and frustration, though they come with a cost, and alternatives like a tax professional might offer personalized guidance. Balance is crucial; while engaging with the IRS, also seek professional advice to ensure you're not missing out on potential deductions or reliefs.

Have you considered talking to a tax professional before calling the IRS? They might be able to give you some strategies to minimize what you owe or find deductions you missed. Could be worth the investment.

Oof, real estate is rough rn. I'm in the same boat, my dude. The market's been absolute 💩 lately. Hang in there!

Been there, done that. The key is to be honest and upfront about your situation. When you talk to the IRS, explain that your business is going through a rough patch, but you're committed to paying what you owe. They're usually pretty reasonable if you show you're trying to make it right.

Ugh, the IRS. 🙄 Good luck dealing with those vultures. They'll probably try to squeeze every last penny out of you.

Here's what you need to do: 1. Gather all your financial docs - income statements, expense reports, etc. 2. Figure out how much you can realistically pay each month 3. When you call, be polite but firm. Explain your situation clearly. 4. Ask about different payment plan options - there might be more than you think 5. Don't agree to anything you can't afford long-term 6. Get everything in writing once you agree on a plan Remember, they deal with this stuff all day. As long as you're honest and show you're trying, they'll usually work with you.

have you considerd just not paying? lol jk dont do that 🤣 but fr the irs is a pain in the ass. good luck bro