brought to you by the every dollar app start budgeting for free today jeffson indianapolis

hi jeff welcome to the ramsie show hi dave pleasure to talk with you too what's up my wife and i are in our

early 70s uh my son lives about a mile from us he's in his early 40s he. He relocated back here to Indiana from California about 11 years ago from L.A. where he was working in a music business.

And he was going to take over my insurance agency a few years, I retired about nine years ago. So he did take that over.

He got into tax problems when he was in California because he was working for a music composer

that actually treated him as an employee but paid him as an independent contractor.

So he didn't know anything about paying taxes.

Got behind with the state and the IRS, end up owing them 30 or 40 grand, I think. We helped him work out a structured

repayment plan as a condition to him coming back and getting into insurance. And that's been

paid through wage garnishment since then. I discussed with him before he came back the need to stay

on top of his taxes and finances

because he's never been good with money.

During that period of time, many times I'd ask him if he was on this and he just blow up and wouldn't talk to me about it.

Three months ago, he called us and told us that he was in tax debt to the IRS again

and wanted his mom and I to bail him out, basically,

using our share of our state when we die. We thought he probably owe about $50,000 or $60,000.

Turns out he hasn't filed any state or federal tax returns for the past four years,

nor has he paid any estimated

taxes for 2023.

We're meeting with our accountant next Thursday to go over all this to get specific numbers,

but I'm guessing from what I've seen, it's going to be over $200,000, and about half of that

is just interest in penalties.

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