Ask HN: Owe over $100k US backtaxes. Not sure what to do.
I did not file for a couple years while doing affiliate marketing. I got an estimated IRS tax bill of well over $100k. After a CPA filing, I still owe over $100k in backtaxes and I don't have it. I emptied the bank account and worked out a monthly plan, but basically the IRS wants all my after tax earnings for 5 years. I'm not really sure what to do now.
I know I deserve snarky you are stupid and you are an idiot comments. I'm wondering if there's anything else I can actively do to lessen the burden, or interest or penalties, or if there is something outside the you're screwed for next 5 years plan. I have already talked to a CPA, but they seem to vary greatly in quality and knowledge. The one I got to file my taxes seemed pretty cookie cutter. I haven't talked to a tax attorney, and considering my stressed finances, I'm not sure if it makes sense to.
edit: I am now a salaryman. The installment plan monthly amount due to my high cost location ends up being total after tax dollars minus rent and very frugal and basic living expenses. I could move to a cheaper location (which I am considering), but that doesn't seem to address the more immediate and core problem.
I know I deserve snarky you are stupid and you are an idiot comments. I'm wondering if there's anything else I can actively do to lessen the burden, or interest or penalties, or if there is something outside the you're screwed for next 5 years plan. I have already talked to a CPA, but they seem to vary greatly in quality and knowledge. The one I got to file my taxes seemed pretty cookie cutter. I haven't talked to a tax attorney, and considering my stressed finances, I'm not sure if it makes sense to.
edit: I am now a salaryman. The installment plan monthly amount due to my high cost location ends up being total after tax dollars minus rent and very frugal and basic living expenses. I could move to a cheaper location (which I am considering), but that doesn't seem to address the more immediate and core problem.