The Ramsey Show - App - My Sister Messed Up My Business Tax Returns (Hour 3)

Episode Date: September 7, 2021

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Thank you. Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Ramsey Show, where debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host, Christy Wright. Ramsey Personality is my co-host today. Open phones at 888-825-5225. Those of you who are enjoying the last bits of fall freedom here um we want you to come to nashville and enjoy our new not our new but our ongoing business boutique event it will be here very very soon and i'm scrambling here looking for the date as i said october 14th through the 16th october 14th through the 16th

there we go and uh christy Wright, along with me. And who all is speaking? So we've got Jasmine Starr, who is an expert on social media. She's spoken before. Always a huge hit. Nona Jones, Bianca Oltoff, Manit Chauhan, and Dr. John Deloney, in addition to you and I. And what I think people need to know, if you're thinking about attending this event, which, by the way, you could come to Nashville, come live stream, however you want to do it.

But we cover the topics that you need help with the most. That's how we built this event is based on your surveys based on your feedback. These are the things I need help with marketing, sales, money management, time management, pushing past your fear. So those are the topics that we hire and book speakers based on. So it's not just the name. It's also the topic that you need help with. So you walk out of there with the tactical action items of what you need to do to grow your business. But also, man, we fire you up. We want to get you, like you said a couple hours ago, a syringe of courage. I help you believe that you can do it because then that changes your actions when you go home and so the combination is really powerful yeah you know people need a

syringe full of courage right now there's a lot of uh there's a lot of fear out there and a lot of different reasons and uh this event is going to be absolutely incredible business boutique equipping women to make money doing what they love it comes from the number one best-selling book business boutique but it also comes from years of doing this event it's always a sellout it's always a big party everyone uh i mean 98 of the attendees are ladies and it is uh absolutely a blast to speak to and to be a part of and you will leave not only with information but you'll leave with the inspiration to go home and and start that business and get the things going. And like I tell you, coming out of 2020, even seasoned business people, we have a kind of fatigue, a little bit of a cloud over the future, over our hope, over our heads.

And I fight through it. Everybody fights through it but um it's a it's a real thing and i i would hate to think that your idea because it was still just coming through the ground just a tender little beginner idea uh gets squashed by covet yeah and it's interesting because there's something really powerful certainly if you want to join us on live stream let's find because there's something really powerful. Certainly, if you want to join us on live stream, that's fine, that there's something powerful about being in that room, being around a thousand, 2000 other business women, other women chasing their dreams, that the momentum and the energy is so powerful. You literally take it home with you. And so I just,

I can't encourage you enough to come in the room. And by the way, you mentioned Dave, it's 98% women, which it is. Uh, but if you're a man listening right now and you have a wife, a mom, a daughter that has a side business, buy this for her because there is such a pattern. It's her only what? 89 bucks or something. It's like one 29, one 29 or nothing. But it's interesting because so many women end up in the room because their husband or their dad or their son bought them a ticket. Sometimes women, especially when they're starting out in business. I was looking at a ladies' event the other day.

It was $1,200. Yeah. Yeah. It's unbelievable. So text boutique to 33789 to get tickets. It's October 14th through the 16th here in Nashville. It'll be here in 20 minutes. That's going to happen really fast.

That's about a month away is all. Yeah. Okay, so you can still get tickets. You can still get hotel rooms. You can still enjoy Nashville. It's a three-day event, and it is completely full. You will leave both excited and exhausted from the event. And, you know, plan an extra day or two on one side of this and enjoy Nashville while you're here.

It's one of the premier cities in america right now so text boutique to 33789 october 14 through the 16 jd is with us in lincoln nebraska hi jd how are you wonderful how are you guys better than i deserve what's up, I'm one of the few that you've talked about that has inherited millions, which turned me into a millionaire. But I own one of a piece of property that I would like to sell either to the partnership that already exists and let them own it or have the whole thing liquidated and put my portion into mutual funds because I don't see the return that I would like to see off of the piece of property, but I don't know that I can make it work. I'm just looking for guidance.

Okay. So the partners that are in this are your other relatives that inherited it with you? Correct. Okay. And how many of them are there? There are two others, but we are not equal owners. My uncle and I are larger share owners than my other aunt that is in it. And what percentage do you own? 41%. Okay. And how is this structured? Is it an LLC or do each of you just individually own a portion? No, it is an LLC. Okay. Does the LLC documents allow for sale of shares? As long as all three

parties agree. Okay. All right. So, um, how, how is the relationship with your uncle and your aunt? Uh, the relationship is good. I don't know if the, uh, interest to buy me out will be there. Um have been told that to sell this piece of property, it would have to bring a certain dollar amount, and I don't know that we're there to sell it outright for that. Okay. Well, I think I'd start the conversation with them and just say, I'm one out.

I'm one out. It's no disrespect to you all or to the family or to the person who left it to me. There's no disrespect to the memory of what's going on. It's an investment decision for me, and I'm one out. It's no disrespect to you all or to the family or to the person who left it to me. There's no disrespect to the memory of what's going on. It's an investment decision for me, and I want out. I want to sell my 41%. Now, how are we going to do this? Do you guys want to put the whole thing on the market, or can I discount it and let you two buy me out or one of you buy me out?

And I would discount it reasonably. It's found money. You didn't quote-unquote earn it. I don't want you to cut it in half, but if you, you know, what is your 41% approximately worth? About $590,000. Okay. And so if you got $490,000 for it, I wouldn't be mad.

Okay. I just made that up. But, I mean, my point is a substantial discount, but not a huge, huge, huge thing. So if you guys will get me out, I'll give you a deal because I need to move on. This is the right thing to do. And I don't think you guys want to sell it based on the price you think you can get that you want to demand for it. That's a signal you don't really want to sell it because it's not going to bring that. And I want out. And so let's start a conversation of how we can you don't really want to sell it. It's not going to bring that, and I want out.

And so let's start a conversation of how we can get me out. Do we sell it, or do I discount it to you guys and let you guys buy me out? How can we work this out? Let's start to talk about it. And I think you'll see what's going on. This is The Ramsey Show. Imagine a world where people never have to worry about money ever again. At Ramsey Solutions, our mission is to teach people how to get out of debt and build lasting wealth.

And if that means we have to take on the toxic money culture that says you need debt to get ahead, then we're okay with that. We've seen millions of lives changed, and front-end technologies. Or if you're a UX designer or an SEO and content marketing specialist, we'd love to talk with you. Together, we will disrupt the toxic money culture in America. Find out about all the available jobs by texting careers to 33789. Text careers to 33789 to find out about all our open opportunities. Christy Wright, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. If you're like most people, you've got more than enough on your mind right now getting kids where they need to be keeping up with the bills staying on top of work

and family it's exhausting and stressful money does not have to be one more thing you worry about when you have the right plan you can be in control with your money and consequently it affects being in control of your life we teach you that plan in control with your money, and consequently it affects being in control with your life. We teach you that plan in a thing called Financial Peace University. We've taught almost 10 million people that plan in FPU, Financial Peace University. The class shows you step-by-step how to pay off debt, save money, and become wealthy in the future, and outrageously generous.

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Text TRIAL to 33789. That's TRIAL to 33789. Chris is with us in San Antonio. Hi, Chris. Welcome to the Ramsey Show. Hey, how you doing, sir? Great, man. What's up?

Hey, listen, we started working the baby steps, which I'm really grateful. We ended up, we tested positive, had to go in the bubble for a couple weeks, and there kind of went our emergency phone which you know hey that's where what it was for but i was kind of offered and i want to ask you about this our um we were honestly and this is part of my fault we were right up to like that 30 day mark with our mortgage as far as being late. And before we hit it, you know, which that was, I was wanting to get caught up here pretty quick, but COVID kind of caught first. So anyways,

they offered me like a forbearance plan. And I'm wondering what your thoughts are on a forbearance plan. I was applying for it for maybe just like a month, well, actually for like two months, just to kind of get past that little hump. And they're like, oh, man, you can take up to a whole year. And I just want to ask your thoughts on that, because everything they're giving me, they're like, there's no ramifications down the road,

but, you know, I'm calling you to see what's going on. Well, if you don't pay your payments in a year with their permission, you're aware you have to start paying those payments and catching all of that year up later. There are ramifications. Okay. They don't waive the payments for a year. Okay. They just delay them. So it's like building a pipe bomb in your basement and you don't know what you're doing. It's eventually going to go off and blow you up, but

we're not going to know what happened because the whole house is going to cave in on you. That's what's going to happen. No, no, no, no, no. Your gut instinct was this is too good to be true, wasn't it? Yes, sir. Yeah. And you're dealing with somebody on the other end who it has no ramifications for them at all but um yeah it definitely has ramifications because you have to catch up all those payments someday somehow somewhere and so the last thing we want to do because in my head of of course in my head i'm thinking oh yeah let's let's put this off a couple more months and then i could pay off something else but i was like

there is something wrong here. You're right. You smelled a rat, and you were right. You got rat problems. Yes. So, no. Now, let's catch up, though, and let's give you a solution that's real. Because usually the best financial solutions that are the best ones hurt in the short term

to give you the best uh outcome in the long term not the other way around they feel if they feel good in the short term they almost always give you a bad outcome in the long term and so um it you know so it it feels good to have to skip all those payments right now but the bad outcome is you got to make them all up later and it's a problem it's a ticking time bomb so uh then on the other hand uh you're how many payments behind today you owe august and september so i owe like one month and i may be about halfway you know the two weeks you owe august first payment we owe yes sir. You owe July's? No, no. Okay, so August and now September because September 1st has passed.

Right. Okay, so how much is your house payment? It is right about $2,000. Okay, and are you guys back to work, both of you now? I'm the only one working, but I mean, I could get cut up pretty quick. What do you make? I make right about $100,000. It's a little hard to gauge because everything just kind of started,

but I'm going to say roughly $160,000. Okay. Have you got a student loan debt? No. Okay. I have one car payment, which we're're about two thousand dollars away from paying off that's our second one we're going to be able to pay off what do you guys what do you do chris uh elevator mechanic and i'm on the the service side of the industry now which i gotcha i see

why you were out okay for a lot of overtime so yeah so can you get a lot of ot now oh yeah so you can chat you can jack it up and then the next 30 days make how much uh you you just sent my calculator down the river there that's okay all right i mean if in 30 days in one month if you worked all the ot they would give you, what do you think you would make? No, I actually went from making before OT was about 90, and then now I'm calculating just what I can, you know, it's about one, because I've been scooping up pretty much everything that I could tolerate. Yeah, yeah.

Okay, so here's what I want you to do. I want you to work like you're losing your house. Okay. For the next 30 days. I want you to scoop up everybody's overtime, yours and six other people's. I don't want you to sleep. Yeah, I have no problem handing it over. Yeah. I want you to work like an absolute crazy freaking wild man because four thousand dollars catches your house up six thousand dollars pays off your car and catches your house up and then you can rest because if your house was current and your car was paid off wouldn't you be a little bit more relaxed than you are today yeah that's worth 30 days of no sleep that is true okay let's let's pour it on for 30 days like your freaking life depends on one more can i throw one more little thing in the mix

because you dug a little deeper than i was wanting you to and i feel like i need to ask you this okay hey um i also owe the irs okay and And I kind of, I owe them. I'm guessing, honestly, I don't even know because during COVID, it was like impossible to try and get a hold of anybody. Yeah. I tried and tried. What do you think it is? They were just out too much.

What do you think it is? I don't even know. I'm guessing maybe $10,000, maybe. Okay. After we get the car paid off and the house caught up, here's your first rule. Before you do anything else, you take care of what we call the four walls, food, shelter, clothing, transportation, and utilities. Then we worry about other bills, and the IRS will be at the top of the other bills,

but they do not come before your family eating or having the lights on or whatever, right? Okay, we're going to take care of your family first, and then we're going to pay the IRS. Now, then let's go get some OT and knock those puppies out. You do not want those people in your life. No, I don't. They don't mean to be mean people. Some of them mean to be mean people. But they have unlimited power, ridiculous interest rates and penalties penalties and you want that puppy gone as fast as possible so

go ahead and click on ramsey solutions.com and go to our website and click on the endorsed local provider for taxes in your area and you can get a tax person to help you navigate first putting the IRS on payments. And then secondly, I want them paid off by end of January. So no IRS, no car debt, and the house is current, and you're on a budget all by the end of January. But you're going to be tired, but you'll be okay. This is The Ramsey Solutions on the debt-free stage, Brittany is with us. Hi, Brittany, how are you? I'm great, how are you? Better than I deserve. Where do you live?

Akron, Ohio. Wow, welcome to Nashville. And here to do a debt-free scream, how much have you paid off? I paid off $95,000 in 15 months. Wow, good for you. And what kind of, how long did that, I'm sorry, one more time I'll ask. What was the range of your income during that time? $66,000 to $110,000. All right, good for you. $95,000 in 15 months. What kind of debt was the $95,000? So the biggest

chunk was student loans. I had over $72,000. I had about $10,000 in credit cards, $10,000 in a car note. I was making payments on my iPhone. I was making payments on her saxophone. A little bit of everything. Yeah. Payments on the payments on the payments. Kind of a great American nightmare. Yeah.

So what in the world happened that started you on this intense journey 15 months ago so it started to be honest um in like november of 2019 um i got a letter saying that my student loans were about to go back into payment and my monthly payment was going to be more than my rent, almost $900 a month. And I was intimidated by my $500 car note. So there was no way I was going to be able to afford that. So I was very frightened. That Christmas, my mom bought me and my siblings the Total Money Makeover and your workbook. And it was probably January or February that I cracked it open and read it at work and went through the workbook. And it just,

it was like it clicked. It all made sense. I started listening to the podcast all the time. There was no radio in the car. The kids got very frustrated with that. It was the podcast all the time. And the debt-free screams. There was one show in particular that you did where you talked about, because I couldn't imagine how I was going to tackle this, making $66,000. It was like, there's no way. And there was one show where you talked about you've got to get a bigger shovel. I was like, all right, game on.

I got a part-time job. I started picking up all the overtime I could get. I lived at work. I was only home to sleep and eat and shower. Yeah, I went full. We drank the, what is it, the Kool-Aid, is that what you're saying? So you went for 15 months, you just went crazy. Yeah.

My mom would kind of look at me occasionally and be like, why don't you take a break? Because there would be times where I would work. You took that book a little serious. Yeah. I wouldn't have a day off for like two, three weeks at a time. I was working one or both jobs in one day. What is your main job? I'm a nurse.

Okay. And what was your best side hustle hustle did you just do more overtime so my part-time job i did home care i work yeah um my full-time job is inpatient hospital and then i pulled up home care wow wow and that's a good good side hustle makes good money but it's also you're just working all the time all the time it's what we were just talking about at the short-term sacrifices, short-term pain for long-term results. And 95 in that income in 15 months is crazy town. What are some of the things you cut out,

some sacrifices you made to get it done, to get it finished so quickly? So I'm definitely more of a free spirit. Okay. I made great money, and I just never knew where it went we'd go to the grocery store we saw something we wanted we bought it um go shopping at the store we didn't need clothes but we bought them um so it was just like more discipline for sure we cut out everything we started shopping at goodwill the kids didn't get you know brand new clothes for school we went to good brit new to us.

Experienced clothing. There you go. Our kids wore some experienced clothing from consignment shops. And you know what? None of them are in counseling because of it. Right. Not to my knowledge, anyway. They don't tell me what they say in counseling.

So you brought the two kiddos with you. And what are their names and ages? So this is Marguerite. She's 13. And my son Casey just turned nine last month. All right. Very cool. So how long have you been a single mom?

Oh, goodness. Six, seven years. Okay. All right. Oh, wow. You are a hero. Yes, you are. And you know who really knows you're a hero?

The one standing to your right and to your left. They watched mom do what it takes to go win in a really tough situation when she was scared and she went to fight. And she got it done. You're amazing. Yep. They're my why. They're a good why. But you don't even know what you set in motion by them watching you do this. I mean, Christy's mom is a single mom.

Raised her and running a bakery. And the stuff that she learned watching her mom, by far better than anything I've ever taught. And that's what it comes down to. You're not teaching them work ethic and character and perseverance by sitting them down and talking about it. You're living it out in front of them, and they're picking up on that. And they're going to have those character qualities that are forged in the fire of what they've watched you do, but what they've been in it with you. That's so key.

See, I think as parents, we want to insulate our kids from any hardship. The fact that they were at Goodwill, shopping for clothes, experiencing some sacrifice short term. Oh, and by the way, they're here when she wins the Super Bowl. That's right. On the stage. That's exactly right. Yeah, we got new boots. And they are awesome.

We get to see the end of the story, too. The cowboy boots. The next chapter in the story. That's right. It's absolutely incredible. So you're truly a hero, lady. It's impressive. You're amazing.

You are amazing. This is a great story. All right. So single mom with a couple of kiddos is out there listening right now, and she's scared. How does she get out of debt? What's the secret to getting out? I think you need to decide to not be a victim anymore.

My marriage was abusive, and I got a tattoo to remind me of it, and Proverbs 31.25, you know, and I got a tattoo to remind me of it. Proverbs 31.25, you know, she's clothed with strength and dignity and laughs without fear of the future. I decided not to be a victim in my marriage, so why be a victim anywhere else in my life? That's powerful. You're neat.

You are so neat. I love this lady. That's awesome. Wow. Wow. And you have officially changed your family tree uh pretty impressive how's it feel to be free it's incredible yeah was it worth all that work oh 100 yeah because now you make 60 to 100 somewhere in there depending on how much i'm

gonna make like 130 this year at least okay Okay. Without all the OT? With OT. With some OT. Yeah. You don't have to work as hard. You're out. Well. Slow down a little bit. Baby step 3B.

I want to buy a house next year. Yeah, I know. But just it's your, man, she's a sucker. You're an almost stopper. Hold her back. Hold her back. Yeah, it's awesome. Yeah, wow.

Get them. Get them. I love it. Well done. Well done. Well done. Powerful,ful story. It really came down to

you just needed a path and something you believed in and then you just went all in. I just needed instructions. You just went crazy. You just poured on gas on the fire like crazy. That's impressive such a heroic thing just very very well done love it love it love it love it love it well done we

got a copy of the legacy journey for you because you have changed your family tree and that is the next chapter in your story you're going to be a baby steps millionaire one of these days and i'll be talking to you about that it's not not not as far off as it might feel like in your emotions mathematically you're closer than you think. And very, very impressive. And I'm going to give you a copy of the Total Money Makeover so you can give it away to somebody that you know might be a little scared.

It might take them a month to read it. Then when they pick it up, maybe they'll get some hope. And that's the idea of paying it forward. That's what we give it to you for. So, very, very good stuff. Alright, Brittany, Marguerite, and Casey from Akron, Ohio. Absolute heroes. $95,000 paid off in 15 months, making $60,000 to $110,000.

Count it down. Let's hear a debt-free scream. Ready? Three, two, one. We're debt free! And the tears running down her daughter's cheeks say that her daughter will never be a victim. That's right. Not a chance.

And that was the takeaway. It wasn't financial. It was you're not a victim. That family tree has changed. Not a victim. That's right. Not a chance. And that was the takeaway. Not a chance. It wasn't financial. It was you're not a victim. Not a chance. That family tree has changed. Not a chance there's a victim in that lineage. Not a chance. It's changed. Wow. This is the Ramsey Show. We'll see you next time. christy wright ramsey personality is my co-host today our scripture of the day is jeremiah 29 13

you will seek me and find me when you seek me with all your heart. Thomas Edison said, Many of life's failures are people who did not realize how close they were to success when they gave up. That's a sad one right there. I often wonder the times I quit, did I quit just before? Or did I quit like a year too late? I should have quit sooner because it was not going to work, you stupid fool, you know.

Held on a little too long. I always get some fun feedback on Twitter when I post that quote. Winners never quit. Yes, they do. They quit doing stupid stuff on a regular basis. It's just knowing when. What's the stupid stuff? Who knew? I didn't know it was stupid when I was doing it. That's right. By definition. Bailey is with us. Bailey is in Fort Worth, Texas. Hi, Bailey. How are you?

Hi, Dave and Christy. How are you all? Great. What's going on? Okay. So I own a small business that I opened up earlier this year. I don't have any debt in the business, just my monthly expenses. And after paying for all my big purchases, like for equipment and stuff,

I have about $6,000 in my business savings. I don't pay myself yet. Luckily, we're able to live off of my husband's income. And so our plan was to save up a six-month emergency fund for the business and the business savings, And then I would start paying myself. Um, but a question that came up between me and my husband is we've been paying on, uh, the only debt we have are my student loans. So we've been paying on those since it's been zero interest this whole time, which has been pretty great. Um, we were thinking, should we just, you know, back the business savings down to $1,000 and pretty much pay myself until they start back up January 31st and just hit the student loans hard instead of... What does your husband make? He makes almost $90,000.

What's your business? Chiropractic office. Okay. Well, I'm just thinking through your expense, like what expenses you have, you know, because the whole idea of an emergency fund anyway is for an emergency. I'm trying to think of what you would potentially even need that for in order to hold on to any of it. So the reason why we were going to do that first is we are expecting um a child at the end of january but we already have money set aside to where all of all of like the delivery and all that cost is already going to be paid for so we did and you don't you don't count on the income from the chiropractic office anyway correct yeah so you're being off with the baby doesn't hurt that part of the

equation exactly okay so what is the uh what's the revenues coming into the chiropractic office look like today um well uh what like gross yeah yeah your monthly gross uh last month was 6200 so it's steadily going up like i said i just opened up um earlier this month starting from ground zero um but uh and you've already got six thousand in savings yes sir and that's after buying all my big equipment yeah okay here we use a different formula on business with entree leadership than we with Business Boutique than we do in personal finance. Okay? What I tell small business owners is this, and then let's adapt that idea to your situation. I tell them to pay themselves a basic living wage to support their household.

With what's left over after that, that would be called your profit. And that profit can be split between two things, paying off debt in the business and building up a retained earnings. You don't have any debt, but you don't have a ton of income coming in yet. So what I would do is start paying yourself something. Okay. And then putting the balance towards retained earnings. And so if you said, I'm going to pay myself $4,000 a month, and I'm going to put everything else in retained earnings until I get to six months. Once you're at six months of retained earnings and you have no debt,

then there's no reason to keep any more money in the office in the business unless you're saving up for a piece of equipment. Okay. So, I mean, you need to start paying. If you're grossing six grand, start paying yourself about four, and let's dump two in there, and let's gradually, and we'll call that a living wage for today. What's the balance on the student loans? Oh, my.

Chiropractor, 200 grand? About 200? But a lot of them are, you know, just every trimester I would get a new one. So there's about 20 that build up that. You said the total is about 200? Yes, sir. Okay, if you pay you four for today, and it will be more later as your practice builds and after the baby and so on,

but that puts you at 48 plus 90 is 138 household income, okay, to attack 200 with. And so then it depends on how much you're going to burn the house down at home in terms of scorched earth on the lifestyle as to how much you throw back at that but if you throw 75 at it you're done in three years okay out of 138 and um and that's assuming your practice does not grow at all of course it's going to grow yes sir yeah so yeah you just but so i'd set a three-year or shorter goal for knocking that out between your income, his income. And no, you don't need to get any more than six months there. And right now, the $6,000 is just fine in this situation.

And if you add just a little bit to it, have a formula so you're adding a little bit to it. And, Bailey, way to go on starting this business with no debt because so many people call on this show, and they've got excuse after excuse of why they need business debt as if it's somehow some kind of different debt. And you didn't do that. You didn't add to your debt pile and you're going to knock this out. Way to go. Well done. There you go.

Josh is with us. Josh is in Boise, Idaho. Hi, Josh. How are you? Good. How are you? Better than I deserve. What's up?

Well, first of all, I appreciate you taking my call. Second of all, I'll give you call um second of all um uh i'll give you a tiny bit of backstory because i know you're busy um but uh i'm 31 year old male and uh i took over my dad's business about in 2009 right before the economy crash um, the, the whole, uh, residential crash. And, um, so when I did that, um, we were kind of struggling. I took the business over, it's starting to get good. Um, but, uh, I made the mistake of not educating myself on, uh, taxes and, uh, yes. And so what, what happened was, is I had my old man who I took the business over from, I had him talk me into having my sister do my taxes, who is not a CPA. And I got audited and I racked up quite a bit of tax debt. How much do you owe? of tax debt. Well, at the time it was about 15, um, thousand. Yeah. Um, which was kind of overwhelming for a young person like myself. Um, I'm now older and I understand what I did wrong.

Yeah. What's your question? Okay. That's yeah. My question is, is, um, uh, do you believe in the tax program where they kind of let you slide? What do they call it? Oh, I see. An offer and compromise? Oh, I see. Offer and compromise. Yeah. Offer and compromise.

Do you believe in that? I believe it. It actually does occur, but it occurs so rarely that in my 30 years of doing what I do, I almost never see it get approved because the IRS will only approve waiving your taxes if you are dead. I'm kidding you, but not much. I mean, you have to have zero income and zero assets and zero potential for income. You have to prove pauper status in a permanent version of it. I've sold my truck. I've sold my truck.

I don't care. I've sold my motorcycle. You have a potential to make money. It's only $15,000. You're much better off to go get a job or do something and get the thing paid. Is the business still open? Yes. Yes. They're not going to do an OIC. This is why I called you. Yeah, They're not going to do an OIC.

This is why I called you. Yeah, they're not going to do an OIC. Somebody wants $10,000 for you to do this, and they're not going to get it. It's not going to happen. Okay, so you're saying that $6,000 that I spent towards this company that said that they can get me off and compromise? You got screwed. Damn it. Yep.

Okay. Yeah. Get online at ramseysolutions.com and click on ELP for taxes and get with one of our real tax people who will walk you through what has to happen for an OIC. It's dadgum near impossible to get one through. I mean, I've seen like six of them in my whole life get through. And everybody tries it, and they all charge six to ten grand each to do it. It just doesn't work. I'm sorry. That puts us out of the day. The Ramsey Show and the books will be back with you.

Before you know it, in the meantime, remember there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. We want to know what you think about the show. You'll be entered to win a $100 Amazon gift card. No purchase necessary. Take the survey at RamseySolutions.com slash survey or text survey to 33789.