ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 189: What Are Your Options If You Get Behind on Your Taxes?

Back-taxes are accompanied by repetitive, concerning, and somewhat threatening letters from the IRS and third-party collectors. It can be intimidating. And it should be. The IRS is no joke. That’s when tax resolution companies take advantage of your vulnerability and attempt to sell a miracle pill. The reality is: you only have so many options with the IRS and as an ER doc, it’s very unlikely anything but paying the balance back is going to be available to you.

So on today’s episode, we’ll discuss the over-promise and under-deliver nature of tax resolution companies and get transparent on what actual tax resolution looks like.

Topics Discussed:   

  • The reality of tax resolution companies and those letters you may be getting in the mail.
  • The Fresh Start Program and what it really is.
  • What someone on the inside of tax resolution revealed about the process.
  • What your (more reasonable) options are to handle payments and reduce tax liability.
  • The tools available via the IRS and what you need to know about settlements.
  • Why getting behind on taxes is one of the worst financial decisions an ER doc can make.
  • What you can do to start dealing with back-taxes in an effective way.

Resources Mentioned:

Tags

back-taxes, owing taxes, behind on taxes, tax resolution, IRS letters, collections, tax resolution companies, financial planning, financial planner, emergency medicine, ER docs, emergency doctors

by 
Scott Wisniewski, EA