You have 90K in tax debt. What other debts do you have? Also, I think we're beyond just selling a car. That's only going to make a small dent in the debt. It's time to consider selling a house or moving somewhere that has a much cheaper rent.

I would bet $100 that you are not keeping your business money separate and paying yourself a salary. If you did this correctly you would have no problems with estimated taxes other than getting the check in the mail.

I would also bet that doing this is going to reduce your subjective sense of wealth, so you will resist it. (You may even find out that your business is not sustainable as a going concern.)

But brass tacks: currently, you are not experiencing the perquisites of wealth anyway; you are in hock to the worst creditor in the US.

Post your budgets vs actuals. Household and business.

How does this even happen? How much do you make a year? Do you pay everything in quarterly taxes? Is nothing withheld by your employers?

My DH has to pay quarterly taxes as well. We put aside $12,000 from each pay check to make sure we have enough to pay his taxes each quarter.

Since this seems to be ongoing, are you constantly paying the fines for the prior year??
Have you tried to work with the IRS on a payment plan? I don’t know if they are able/willing to do that since you are also in arrears for current year.

Agree with others that you have a spending problem. Does spouse also work? If so, and he or she is an employee, crank their withholding way up so the taxes are being withheld and never hit your bank where it seems the money goes out really fast.

You do need to stop spending and consider selling any assets that have good value such as car.

What do you mean the CPA went awol? Were they doing your tax return or were they trying to help you do your current year calcs?

Op, you should be paying the estimated quarterly ahead of tax bill.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not judging but we need to understand how everything got so out of whack. How do you end up owing these huge amounts?

Every year we are behind on taxes, so I spend the first 9 months of every year playing catch up on the previous year’s taxes. This year I saved 35k by April (put down partial payment on our total 60k bill and paid state taxes in full). I just can never catch up.

Then you don’t have a tax problem, you have a spending problem. Give us your budget and we can tell you what to do.

I agree this seems to be a budgeting problem.

Agreed, OP. You have a spending problem. Do you use a budgeting app? If so, which one?

Anonymous wrote:

Anonymous wrote:Not judging but we need to understand how everything got so out of whack. How do you end up owing these huge amounts?

Every year we are behind on taxes, so I spend the first 9 months of every year playing catch up on the previous year’s taxes. This year I saved 35k by April (put down partial payment on our total 60k bill and paid state taxes in full). I just can never catch up.

Then you don’t have a tax problem, you have a spending problem. Give us your budget and we can tell you what to do.

Anonymous wrote:

Anonymous wrote:Not judging but we need to understand how everything got so out of whack. How do you end up owing these huge amounts?

Every year we are behind on taxes, so I spend the first 9 months of every year playing catch up on the previous year’s taxes. This year I saved 35k by April (put down partial payment on our total 60k bill and paid state taxes in full). I just can never catch up.

You know you need to stop living beyond your means to stop this unhealthy and unsustainable cycle. Cut every expense that is nonessential. Cut till it hurts.

Anonymous wrote:Not judging but we need to understand how everything got so out of whack. How do you end up owing these huge amounts?

Every year we are behind on taxes, so I spend the first 9 months of every year playing catch up on the previous year’s taxes. This year I saved 35k by April (put down partial payment on our total 60k bill and paid state taxes in full). I just can never catch up.

By not paying what you owed for 2024 you are incurring big penalties. Your extension doesn't protect you from that. I don't advocate for cheating on your taxes, but with the IRS in the worst state it's ever been in, staffing-wise, this is probably the best time to consider it. Do you own an expensive car that you could sell?

Not judging but we need to understand how everything got so out of whack. How do you end up owing these huge amounts?

What happened to the money you earned to incur the taxes? Is it already spent?

Anonymous wrote:We have an extension, but still owe 40K for 2024. Haven't paid my quarterlies for 2025 (24K each). I have 20K in bank, and maybe another 10K going in this month (I am self-employed consultant, so next month may not have this much income). I have no idea what to do. I paid a shit-ton for CPA and that person is AWOL. Please talk me off the ledge and give me some good solid (nonjudgmental and) realistic advice, PLEASE

You have no other investments?

We have an extension, but still owe 40K for 2024. Haven't paid my quarterlies for 2025 (24K each). I have 20K in bank, and maybe another 10K going in this month (I am self-employed consultant, so next month may not have this much income). I have no idea what to do. I paid a shit-ton for CPA and that person is AWOL. Please talk me off the ledge and give me some good solid (nonjudgmental and) realistic advice, PLEASE