Employer loan? 15k!? Help
Hi everyone, I’m in a tough situation! I owe $15,000 to the IRS this year. I work as a 1099 contractor, wholesaling real estate and holding an all-commission sales job. My current arrangement with my boss is that the monthly marketing costs are deducted from my commission, and then we split the remaining profit 50/50.
I’ve been with the company since December, earning $45,000 in commission. However, six months of marketing costs amount to about $60,000. My minimum commission requirement is $25,000, and I typically close one deal per month. Despite this, I’m still in a deficit and haven’t made any profit. I’m committed to staying with the company, but I need to pay my taxes.
I recently made a $20,000 sale, but I’m likely still -$5,000 until I start profiting. My tax bill is accumulating interest, and I’m unsure when I’ll be able to pay it.
I’m considering asking my boss for a $15,000 advance. How can I persuade him to agree to this? I know it’s a long shot, but I want to show him my loyalty and willingness to stay with the company, even though I’m not making money right now. Additionally, I’m not sure if it’s fair that he can write off the monthly marketing costs, but I can’t. What should I do and say?
Help??
Posted May 5, 2025, 2:07 AM UTC