Dr. Friday Radio Show – Jun 15, 2019 - a podcast by Dr. Friday Tax & Financial Firm, Inc.

Listen to this week's episode of the Dr. Friday Show, broadcast live every Saturday at 2:00pm Central on on 99.7 WTN!

Transcript

Announcer: No, no, no. She's not a medical doctor, but she can sure cure your tax problems or your financial woes. She's the how to girl. It's the doctor Friday show. If you have a question for doctor Friday. Call her now 737-WWTN that's 737-9986. So here's your host financial counselor and tax consultant doctor Friday.

Dr. Friday: I am doctor Friday and the doctor is in the house. If you want to join the show, it's really easy (615) 737-9986 (615) 737-9986 taking your calls. All my favorite subjects, talking about money, talking about taxes. Maybe you've received a couple of the love letters and you don't know what you're doing. The IRS, why are they sending you these notices? You don't have any idea. The letters are so confusing. Sometimes you'll get these that say we've changed your tax return, right? We've changed something on it, but you don't understand why they've changed it. What the letter doesn't give you is all the details that you were hoping for. So if you need to know more about how to handle those, or maybe you have a generic question, maybe you're starting a company and you're like, should I be an LLC? Should I start out with being a sole proprietorship, subcorporation? I keep hearing so much about the corporations and things like that. Maybe it's a better taxes. We've got a whole new tax law on the table guys, so if you want to join the show, (615) 737-9986 (615) 737-9986. So as we always say, I'm an enrolled agent, licensed with the Internal Revenue Service to do basically two things, representation and taxation. So when I talk about things like that, it basically just means if you haven't dealt with IRS, maybe you haven't filed taxes for a number of years, maybe you've gotten divorced and you were kind of stuck with some of the tax bill from being when you were married. Is there anything that can be done? Maybe we talk about collections, offering compromises. Really, What are they? How do they work? What is the purpose of an offer and compromise? Because everyone's like, well. Can't I just make a deal with the IRS? That sounds so great! Let's just make a deal with the IRS. I love the concept, but you know what? If you have assets, if you have equity in your home, if you have the ability to borrow from a 401k, maybe you have multiple cars in your house or collectibles or many different things. The IRS isn't just going to turn around and say, Hey, they have this much money. Let's just say you owe him $100,000 and you've got $25,000 accessible, but yet you make enough money where you could be paying them $500, $600, $700 you might not think so because you're like, we're living paycheck to paycheck. The government has a different story. They basically look at certain things. You have a limited life style as far as how much do you spend on utilities and rent? How much do you spend on food, entertainment, clothing, all of those are locked in. So you might think that it's great to be able to go out and eat every night, or you're able to go out and do things every night. But the IRS basically says you only have $150 a week for food, clothing, you know, all those different types of things, everything and anything, utilities, all of that. And so if you only have that kind of situation, what's next? If you're spending $300 and they say you spend $150 guess, what. They expect you to change your life. That's what it comes down to. They say that you can't have more than a mortgage of $1,700 in the basic numbers, statistics of things normally before you utilities and things, that's the maximum. Some people have $2500 or $3,000 so they're going to back those out. They're going to say that is a choice. Now some of these numbers don't make sense. I'll be honest with you, it would be really, really hard to live with the idea that you can actually pay that kind of

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