Do you stress when dh has huge bills to pay...Update..

Log in / Sign Up

List of Forums + New Post Recipe Box Usergroups Following My Posts Bookmarks

Private Messages Advanced Search Rules New User Guide FAQ Advertise Contact Us

Forum -> Household Management -> Finances

1 2 Next

View latest: 24h 48h 72h

amother

Fri, May 14 2021, 10:22 am

If your husband takes care of all the finances, and has a HUGE bill to pay, which came up from one day to the next literally...are you stressed about it? Do you try to help with suggestions? Does it bother him?

My husband just found out that he needs to come up with $150k for today. Im stressed out, but he feels like he’s under enough pressure, and can’t handle my stress too....

How do I handle this right? FWIW he always comes through....with hashem help...

Update: he Bh was able to get the money together, and it’s basically taken care of....

amother

Burgundy

Fri, May 14 2021, 10:24 am

I don't understand how one can reach a point of needing 150k on the spot for bills. What type of bills? Hospital bills can be that high but they let you make a payment plan and often lower the bill.

groovy1224

Fri, May 14 2021, 10:26 am

150K? Is that a typo?

amother

Fri, May 14 2021, 10:26 am

amother [ Burgundy ] wrote:

I don't understand how one can reach a point of needing 150k on the spot for bills. What type of bills? Hospital bills can be that high but they let you make a payment plan and often lower the bill.

A tax misunderstanding.

amother

Cyan

Fri, May 14 2021, 10:26 am

Is this related to his business?

amother

Cyan

Fri, May 14 2021, 10:27 am

amother [ OP ] wrote:

A tax misunderstanding.

IRS?

amother

Fri, May 14 2021, 10:28 am

amother [ Cyan ] wrote:

Is this related to his business?

Sort of, but it’s on the personal return..

sub

Fri, May 14 2021, 10:28 am

Step back and let the accountant take care of it

amother

Oak

Fri, May 14 2021, 10:29 am

I daven. Make myself available for listening and no hand wringing. And just handle with care. If I add to the hysteria it will just distract him.

hodeez

Fri, May 14 2021, 10:33 am

It seems like you need a better accountant

amother

Burgundy

Fri, May 14 2021, 10:33 am

amother [ OP ] wrote:

A tax misunderstanding.

You need to be in touch with a good accountant regarding this. Maybe even a lawyer.

amother

Saddlebrown

Fri, May 14 2021, 10:33 am

Anyone would find it stressful to have to pay $150,000 bill unless one had so much wealth that you didn't have to scramble to come up with the funds.

I would probably find it even more stressful if I had no idea what the state of my finances were. Obviously if one's spouse has a business one is not going to know the exact finances unless one is going over the books as an accountant.

However, a tax bill doesn't come out of the blue and require immediate payment - especially one that is this large. One receives a notice of a problem with the return - assuming it is the US IRS. And one then contacts the IRS to find out what is going on - to explain it - and ultimately to negotiate it. Presumably with an amount this large, your husband has a CPA and/or lawyer who is knowledgable about the IRS and is handling it for him. You generally don't just receive the notice and then pay the amount the next day.

So there is something that is lacking in information - either because your husband is keeping OP in the dark or OP is not explaining all of the background.

amother

Fri, May 14 2021, 10:40 am

I’m not exactly sure the exact details, but something like the business usually sets aside quarterly $ so that taxes don’t add up, but they were based on last year’s financials and this year there was a drastic change.
Also a misunderstanding on our part about how much state tax deductions differ from Federal.
We’re up to the filing of the return still which is due shavuos, not the IRS coming back to request more money....

I hope I’m making sense....
And yes the accountant letting us know now only is something that needs to be dealt with , but first things first.

amother

Blue

Fri, May 14 2021, 10:41 am

First, they're not HIS bills, they're OUR bills.

And second, no one gets a notice from the tax authorities that $150k is due tomorrow.

You need a new accountant. If dh is hiding something from you, then you need to be more involved in the family finances.

I wish you calm and serenity as you figure this out.

amother

Burgundy

Fri, May 14 2021, 10:48 am

amother [ OP ] wrote:

Something doesn't add up here.

amother

Cyan

Fri, May 14 2021, 10:48 am

sounds like you have 150K due for payment with a return because of underpayment of estimated payments.

Take a deep breath. You'll pay what you can now - and your CPA will help deal with penalty mitigation on late payment of the rest.

amother

Cyan

Fri, May 14 2021, 10:49 am

amother [ Burgundy ] wrote:

Something doesn't add up here.

It makes a lot of sense actually.

OOTforlife

Fri, May 14 2021, 10:49 am

It sounds like OP's DH's business miscalculated the amount of estimated taxes they were paying throughout the year, and are just now realizing that business was better than estimated and they owe more than expected.

I don't think this is so outlandish or unusual, and I don't think it means OP's DH was hiding anything. Although it does suggest maybe the accountant was procrastinating on his work for the business.

amother

Saddlebrown

Fri, May 14 2021, 10:52 am

OK - it is quite a bit different when one fills out one's return whether it is personal and business and finds out that one owes money - especially when it is a LOT of money.

As others have said, the accountant is responsible for this kind of issue. A business pays their accountant to know what the tax liability is and not "misunderstand" the difference between state and federal deductions.

Maybe there is a way to get a payment plan from the IRS. It is my understanding that the IRS will allow you to pay it out over time with interest of course. This may or may not be better interest than one could get by taking out a loan but it is an option and it prevents one from becoming a tax non-payer with penalties which is a different category altogether.

This would prevent OP's husband from "scrambling" since he can always pay in full when he has a better source of funds.

I am empathetic because I own a lot of mutual funds and the mutual funds have internal income when they buy and sell stocks and I don't actually know what that is until I get a 1099. One year - and no one can explain why - I had an income that was four times what it normally was and so the amount of taxes I owed was extremely high as you can imagine. Luckily I also had enormous medical deductions so it wasn't as high as it might have been but I still owed a relatively large amount. I mean the good news and the bad news is that I am now back to my normal relatively modest income so no tax surprise this year. Smile

amother

Burgundy

Fri, May 14 2021, 10:52 am

amother [ Cyan ] wrote:

I meant to say that it doesn't make sense that they need to pay 150k at once immediately.

Page 1 of 2

1 2 Next