“I’ve Made A Huge Mistake”

[Music] brought to you by y refi refinance your defaulted private student loans today at y rei.com Ramsey I started uh my I'm in the construction industry I started my business in 2017 um ran it for till the end of 2019 then started working for somebody and then picked up my business again in 2022 until recent until uh today still and uh I never paid taxes and I've never filed business taxes and I'm at a point now where I don't know where to I don't know what to do I don't know where to start have you guesstimated how bad it is um or let me ask you this way have you made money have you done well over the last few years uh the past two years have been very well okay um do you have any money currently you got money saved I mean we probably around 10 grand is is it oh boy and I don't know I don't even know where to begin and um trying to do everything right and this is something that keeps me up you you cuz you knew day one all right I got a business I make money I got to pay the piper what caused you to go I'm going to bury my head in the sand did it just become too much after year one or two or what yeah the first year was a little rough um just trying to make it and then the second year was was pretty decent but um it was still you know still rough I I was basically using everything to just pay for my life um pay for my everything and so when was your last tax return that you filed what year so I I I did one last year and I so I I have my business and I and I still work full-time um with a company so I have a W2 that I have filed so I've been filing W W2s but it's the it's my side business that's been that's been uh so if if if you had to Ballpark the last seven years um what you've made minus what you like like like uh you know your profit your profit um times 35% yeah um what's I mean what's 35% of that profit number do you think are you talking $100,000 you're talking $500,000 no it's not not near that it's probably around 100,000 at this point okay I would say um what what's your call the conscience is it just like new year new you like 2025 we got to get this thing right no no I've been I've been I've been trying to figure out what to do for probably about a year now and I I'm at I'm at the point now it's I've got to I I have to secure you know the rest of my future and with my family and I got to everything's I have to be I have to do everything right now so George is going to walk you through it but I want to tell you two things number one um we could sit here and beat you up for being dumb over the last seven years you got a family not going to do that I'm G to tell you I'm proud of you for today being the day we're going to come clean we're going to get this thinging right okay yes I appreciate that second thing is you have put an extra 10 years of life miles on your heart and on your brain yeah and let this be the moment that if you have a hard conversation with your wife with your kids with your kids schools with what an employee that we're going to handle that stuff as they come up day of so that we don't add any extra miles to our soul right absolutely good on you all right it's gonna hey this gonna suck all right it's not gonna be fun um but we're gonna get on it we're gonna do it right so Chad the first thing like John was talking about we need to assess the damage so you need to get all the financial records you can figure out what amounts are owed income payroll taxes federal state local you name it get all the documents you can get expense records prior tax filings once you have all that you need to contact a really good CPA and if you go to Ramsey solutions.com tax we have a network of these Pros that can help walk you through this but you're going to need a pro this is not a DIY situation I I knew that from yeah I mean that's where but I don't I I'm like a at the point where I was like do I need to get an tax attorney I mean not just a CPA I don't know what to do well they'll be able to direct you and say hey this is attorney level it may not we don't know yet I think you'll end up there unless you can come up with a big chunk of money but that that's a problem for future you let's just do the next right thing right in front of us right and the goal is you want to be proactive calling the IRS explaining the situation that can actually reduce your penalties and likely what they're going to say is well how much can you pay now because that's going to help you reduce penalties in the future and then what does this payment plan look like yeah and so it's you're gonna have to pay the piper here but the goal is to now minimize more Dam like more damage being created and so that's where being really Pro proactive explaining the whole situation getting with a good CPA and then figureing out how to game plan and the next few years of your life are going to look drastically different you're going to have to learn to live on 30 40% of your income because the rest of it is going to pay for the past right I mean that's the hardest part is the sacrifice your lifestyle is about to take but it's not as hard as going to jail for tax evasion exactly oh no yeah that's that's those are your options yeah yeah yeah I literally I I've literally thought about every scenario you could ever think of and that's that's where I'm at I'm how old are your kids brother do um um my daughter's a she's out of high school now so I don't it's not a young family but it's it's still my wife you know she's she's wanting to start a business and and it's just like we're we we need to get everything done 100% right now I me can I can I tell you what's going to free you yeah it's going to sound nuts after you call this um once you get online like George said and get with the Ramsey tax Pro and I want you to sit down and say I've made a huge mess I don't know where to start I need some help and they will give you a step-by-step guide okay okay that's number one okay there's a chance that um with your business not being so great most of the time and your expenses and buying tools and wood and whatever else you're doing you it may not be as bad as as us just sitting here thinking it is right right yeah but there's an existential part of this and I want you to sit down with your wife and your daughter at your kitchen table and I want you look them both in the eye and say I'm messed up and I think my wife my wife's aware and she's I know but I want your daughter I want your daughter to participate and see what it looks like when a man tells the truth right and when a man says the words their dad says the words I'm sorry and here's what I'm doing now because your daughter's going to be a your wife's going to be a part of the sacrifice moving forward like George said right you're going to have way less disposable income daughter may not have the car that she was hoping to get she may not be able to go to college she was hoping to go to right maybe yeah that's where where I'm at maybe not but I you're going to be free because you're going to have put everything out on the table for her and she needs to know dad has a plan dad's calling a professional dad called a couple of Knuckleheads on a on on a YouTube show on a podcast and so that was huge um but dad's got a plan we're moving forward and in this house from this day forward we're people of Integrity we do things the right way right I really that yeah I really appreciate that you got it it it free you if you do that yeah a lot of this is the emotional just buildup of seven years of burying this in bearing this and now we got to do some Excavating that's right it's 2025 listen conflict deferred is conflict Amplified whatever hard conversations or tough decisions you need to make right now will be worse the longer you wait make 2025 year you just head straight into these things and get them over with why refi refinances delinquent private student loans for struggling borrowers learn more at yy.com Ramsey