financial jam

Discussion in 'Lawn Mowing' started by environment, Feb 2, 2005.

  1. environment

    environment LawnSite Member
    Posts: 146

    my best friend is in a bit of a jam, he owes about 2 grand in taxes, and he doesnt have more than about 400 towards it, Unfortuantely I cant lend it to him either, I am up to my ears in bills myself. Any ideas on work that could be done to make approximately 1500 quick, keep in mind we are in NJ, very cold weather right now, and about 18 inches of snow on the ground. I will help him anyway i can, but i cant think of anything to do to make the money , any ideas from u guys
     
  2. grass disaster

    grass disaster LawnSite Silver Member
    Posts: 2,582

  3. bobbygedd

    bobbygedd LawnSite Fanatic
    from NJ
    Posts: 10,178

    bet on the eagles
     
  4. Turf Medic

    Turf Medic LawnSite Bronze Member
    Posts: 1,073

    First thing to do is to relax a bit. The payment needs to be post marked by midnight April 15th, that gives him about 2 1/2 months to get the money together. When April 15th rolls around, if he doesn't have the money he still needs to send in his return, best to send in as much as you can. About 2 to 3 months after that he will get a letter from the IRS requesting the balance or a proposed payment program. Most important thing is to send the return in even if you can't send a dime.
     
  5. atproperty

    atproperty LawnSite Member
    Posts: 62

    good advice turf medic
     
  6. scaglawnsnj

    scaglawnsnj LawnSite Senior Member
    from nj
    Posts: 435

    Get a job , Work till Spring
    I got a job
    If you need money, and you have no work right now. It's simple.
    Suck up all your pride and work on some-ones clock for a little while. Till times are good. Owe yes call the IRS and tell them your in a financial dispute
    they will work a payment plan for your convenience to pay. 50.00 weekly sound good they'll settle for that.
     
  7. traman

    traman LawnSite Senior Member
    Posts: 712

    yep i was in the same jam 10 years ago , like the other thread said, you still have 10 weeks till april 15 so thats only an extra 150 per week you need to come up with . but even if you cant just send in your tax statement and the irs will work out a tax plan to repay what you owe . of corse you will pay interest , but what else is new , does you friend have any other skills? may be rent a hauler around to remodeling sights and and pick up scrap aluminum big money in that
     
  8. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Posts: 4,900

    Loan Shark!

    Mac
     
  9. promower

    promower LawnSite Bronze Member
    Posts: 1,232

    I agree with turf medic. Last year I needed about a 3 month extension for payment, the IRS is actually pretty easy to work with.
     
  10. MMLawn

    MMLawn LawnSite Gold Member
    Posts: 3,569

    It really isn't a big deal. He can file and pay what he has and get a payment plan with monthly payments of up to 18 months with the IRS to pay it. The only down side is that he will also be hit with the Penalty and Interest for not paying it on time....(which is about loan shark rates ;) )... but they will do it for himvery easily.
     

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