Ten million people with tax debt can still move forward with a normal financial and personal life

Millions of Americans are saddled with tax debt that prevents them from moving financially. That financial struggle impacts other aspects of life including mental and physical health and relationships. I’ve observed that the key to resolving these problems – even when they seem insurmountable in the beginning – is to establish a supportive professional relationship that can help build a healthy balanced approach toward a solution. A professional experienced in both financial planning and tax law is essential; a track record in long term client relationships in financial recovery is a bonus.

People affected by tax debt are vulnerable to scams that can make the problem even worse. Typically “tax resolution firms” advertise on lat night TV or the internet promising to settle tax debt for pennies on the dollar in exchange for payment of a substantial up-front fee. These firms rely on the stress that taxpayers feel to trigger them to make an poor financial decision in hope of an easy fix. That’s exactly the wrong initial approach! I recommend a holistic approach that addresses all of the aspects of life together. In other words, it makes no sense to put normal life aside in order to serve a tax authority. Likewise, it makes no sense to continue on the same path of normal living without addressing tax liabilities. I have clients with $5,000 tax debt to over $500,000 tax debt. In each case, the tax debt crushes the financial confidence and self esteem of the individual.

I know that a good adviser provides stress relief, confidence, technical expertise and stability over the long term to resolve tax debt. I also know that building that type of successful adviser relationship starts with a conversation. I am pleased to have that initial conversation to outline your situation and brainstorm for possible initial steps toward a strategy and solution.


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *