<prompt> Human: I guess a little backstory before I start this one.I work as an independent contractor for a major car rental company. They model their off-airport agencies as an operator model, which means that I apply for the job, make a business which they then contract for me to manager their store. They own the cars, pay rent, own assets, and everything else, I just assume liability for the store itself if someone slips on a banana peel. That being said, my cut is 12 of all revenue, deposited once per month in my business bank account.I went in without a clue about tax laws and just started taking draws from my bank account my business is classified as a S-Corp, and of course being a young guy with not financial discipline, went crazy after making 100k last year for the first time in my life.I blew it all, winter came, which is when the industry takes a giant dip, and revenue instead became necessary for me to pay bills on time and get groceries, but absolutely nothing else. Then I got my tax bill, which instead of going against my corporation goes against my personal taxes since its S-Corp, and now I owe the IRS 17,000 for untaxed income last year.Heres a breakdown:RentUtilities - 2200 going to be moving in with my fiancees mother in JuneCar payment - 400Credit Cards - 400 just minimum paymentsWorkers - 1000My commissions for the past 3 months have been 4000-4500 per month. Between April and September they go from 8kmonth to 20kmonth. Ive got two guys working for me so that I can have two days off per week, and I pay them 12.50hour. This time off is critical to me because I worked 7 days per week for the past 2 12 years non-stop, and it drove me to attempt suicide, and Im afraid if I lay them off to save the money, Ill head down that road again.At this point, Im at a crossroads. Business will pick up starting this month and will be pretty good through September usually where 60 of the years revenue is generated, but again, all of it is non-taxed, and I dont want to end up owing double what I owe now. Hell, I dont want to owe anything by the end of the year; but Im terrified of digging myself a bigger hole.My plan so far is to set up a payment plan with the IRS and start sending them as much money as I can afford while also putting as much money as I can in savings, and of course through all of this setting up payroll so that I dont take any more draws and my income is taxed as normal.However, since Ill be having to pay tax on my collected income for the current year on top of the massive debt from last year, will I be throwing straw on a burning house? Would it be better at this point to file for bankruptcy?  <response>: Definitely set up a payment plan with the IRS - youll feel a lot better if you dont have this hanging over your shoulder. And, as youve figured out by now, pay your quarterly taxes on your current income. Im assuming you are paying payroll taxes on your employees, but if youre not youll definitely want to get started. Those debts follow you personally as well and you can get in A LOT of trouble not paying payroll taxes.Also, you cannot discharge most tax debts in bankruptcy - there are a lot of hoops you have to jump through and most likely at the point you get there, youll have a tax lien assessed. Best to make payments now and get it behind you. 