I have had a few individuals ask me to run them through a hypothetical case to see how the different items I have discussed apply in real life. So, with that request let’s talk about Joe and Mary. The names used and the dollar amounts have been changed.
- Joe and Mary owe $187,000 in Back Taxes from 2014 – 2018
- Joe and Mary owe Utah $28,000
- Joe is 45, Mary is 43
- Joe was a contractor and was self-employed but is now a W-2 employee
- Joe earns $90,000 a year, Mary earns $48,000 a year
- Joe and Mary live in Salt Lake County
- They have two children, ages 17 and 14
- The family CPA filed tax returns for 6 years – 2014 – 2019 – more on this later
- They have set up a payment plan with Utah for $500 a month
In my next post I will discuss their assets. If you or someone you know has tax problems, feel free to reach out and contact us. (801) 532-7080 – ask for Kent. https://strongandhanni.com/attorneys/attorney-kent-brown/
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