How many of you have heard this? NEVER talk to the IRS…YOU WILL LOSE YOUR HOME…IRS WILL SEIZE YOUR ASSETS…IRS WILL GARNISH YOUR WAGES?
How many of you are familiar with this advice? “NEVER engage with the IRS…OR YOU COULD LOSE YOUR HOME? In this post, we will talk about some tips to help you determine the most suitable among these www.TaxRxCenter.org Tri-Tax methods for YOUR situation! To achieve that, let’s draw a parallel to fixing a toilet as an illustrative example. Should you undertake the toilet repair yourself, seek guidance from a plumber remotely, or simply delegate the task with a “handle it and update me” approach?
Start by assessing your capabilities. Do you possess the necessary tools? If you find yourself without the required tools, then it’s essential to factor in the tool costs when calculating the overall repair expenses. Furthermore, consider the prospect of future toilet issues, and the tools needed to address them. Next, evaluate your familiarity with the tools. Can you differentiate between a crescent wrench and a pipe wrench? If you lack this knowledge, it might be prudent to allocate some resources, whether in the form of time or money, for attending informative sessions at Home Depot on Saturday mornings. Alternatively, you could enlist the expertise of your friend, Pat the Plumber, who could provide insights for a mere $50. Perhaps you even decide to invest $100 to have him take care of a specific portion of the project while you collaborate—disassembling the toilet, acquiring the required replacement part, and working in tandem with Pat….or you might opt for a more hands-off approach, instructing Pat to independently handle the repair while you enjoy some leisure time at the pub. In this scenario, a payment of $500 to Pat covers the comprehensive repair process.
Keep this in mind when you decide it’s time to start dealing with past tax debt.
Kelly Coughlin, CPA,
CEO, EveryDayCPA.com
Founder,TaxRxCenter.org