When I think about someone who I perceive to be smart I think about people who understand the concept of leverage- especially if they are talented enough to earn $50+ per hour. I dare say, If you’re smart, you should have some level of self- awareness and as a result, be able to ask yourselfContinue reading “How to Fix Your Tax Debt if You Earn $10,000+ per month”
Category Archives: Uncategorized
Where the IRS is headed and What it means for taxpayers, Part 1
I read the IRS Tax Payer First Act – First Report to Congress, January 2021 so that you don’t have to do it. Here are some thoughts about what the future looks like as the IRS tries to figure out what the next 2-10 years look like… The IRS is headed toward self-service. Expanding DigitalContinue reading “Where the IRS is headed and What it means for taxpayers, Part 1”
Kissing Tax Debt Frogs
I recently started reading a book called Very Important People by Ashley Mears. It’s about the international night club scene where the very wealthy spend ridiculous amounts of money. It’s not my normal type of read. However, I was intrigued to learn about the informal caste system nightclub bouncers and promoters used to classify andContinue reading “Kissing Tax Debt Frogs”
Mapping your emotions when dealing with a tax debt
The realization that you have a tax debt can often be a surprise. Also, it can represent a trauma that the stages of grief can help to explain. For reference, Here’s the Kubler-Ross Model for the emotions people experience when they grieve. Denial Anger Bargaining Depression Acceptance My experience in talking with thousands of peopleContinue reading “Mapping your emotions when dealing with a tax debt”
Tax Debt by Exploitation: Three Conditions
Owing the IRS is unpleasant but owing the IRS as a result of someone taking advantage of your education level, lack of understanding, immigration status or simply because someone knows they can get away with it is abhorrent. Three conditions: being an immigrant, unbanked and low information makes tax debt by exploitation commonplace. The unbankedContinue reading “Tax Debt by Exploitation: Three Conditions”
Confused about fairness of the tax laws? You’re not the only one.
Have you ever wondered about the fairness of taxes? At the federal level we have a progressive system where the amount you pay is correlated to the amount you earn. This is why you hear about tax brackets, higher earners pay a higher percentage of income as income increases, income from capital gains and rentsContinue reading “Confused about fairness of the tax laws? You’re not the only one.”
Tax Debt Scars
Dealing with a tax debt can be a traumatic financial experience. People come to grips with the mistakes whether intentional or not, then fight through the bureaucracy and red tape towards a solution alone or with a guide. Some people come out unscathed, others feel the effects but eventually manage and a third group areContinue reading “Tax Debt Scars”
Mistaken beliefs about tax debt, Part 2.
The US Tax System is voluntary so the government uses a variety of tactics to ensure compliance, i.e. carrots and sticks. The idea comes from the days of riding horses. You could get your horse to move faster by offering it a carrot – a reward. Or you could simply whip the horse into complianceContinue reading “Mistaken beliefs about tax debt, Part 2.”
Mistaken beliefs regarding settling your tax debt
If you go into something with a set of mistaken beliefs, what are the odds that someone will take advantage of you and mislead you? The world is complicated enough without trying to be an expert in every area. Humans, myself included, tend to compress knowledge and learnings for ease of storage and access. RememberContinue reading “Mistaken beliefs regarding settling your tax debt”
Can you manage having a tax debt?
Fourteen million people in the US are dealing with tax debts. This condition saddles them with another financial obstacle and can be a signal for other money worries like saving for retirement or children’s education or something more essential like not having health insurance. If they are lucky, they can get out of the taxContinue reading “Can you manage having a tax debt?”