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How To Put Your Problems Behind You


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2/13/2014
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In my experience, tax problems are just the tip of the iceberg. Tax problems give rise to a multitude of other issues. What may seem like an isolated problem may actually embody something much greater.

  1. Acknowledge the issue: Many people simply ignore their problems. Perhaps this is most likely attributable to fear. If you believe that ignoring your problems will make them go away, you are simply wrong. In most cases, there are solutions to every problem. Acknowledge the issue and you will take the first step to finding a solution.
  2. Create a list of goals: Identify what you want to do. Is it a tax problem you want to resolve? Include it in your goals. You goals should be formulated to acknowledge everything you want to accomplish. Be as detailed as possible; include dollar figures, dates and times. It is better to develop detailed goals that include as much detail as possible rather than broad goals with just one objective. Perhaps one way to view it is as a game. Everyone wants to win the game. Very few people will put much effort into strategizing their victory.
  3. Come up with a game plan: So far, you have established that you have a problem and have established a list of goals to resolve it. The next step is to implement the goals. You want to resolve the issue, but how can you do it? If it is a tax issue, how will you proceed? If you feel that the problem is too great for you to resolve on your own, find a representative. It is very important that you analyze the extent of the issue and develop steps along the path to reach your goals. For a tax related issue with unfiled returns, the steps should be:
  1. Figure which tax years need to be filed
  2. Gather all relevant documents needed in order to prepare the delinquent returns
  3. Arrange to have the delinquent returns prepared
  4. Analyze how you stand financially. If you owe money and cannot pay what you owe in advance, come up with a proposed solution. What can you afford to pay? Timeframes are very important in this step; if you owe $100,000 and want to be able to arrange a payment plan that will eliminate the liability in 5 years, expect to allocate about $20,000 a year to the tax debt.
  5. Follow through to prevent similar problems from developing in the future.
  1. Follow through: It is very important to follow through once you decide to take a specific approach. If you feel that a particular strategy is not working, you can always adjust. Remember, the worst thing you can do is not do anything. Taking aggressive action to resolve a problem is going to give you the best result.
  2. Cut the fat: Do not let unimportant things tie you down or hinder you from achieving your goals. This not only relates to tax troubles but to practically every event in your life. If you allow yourself to worry about unimportant events, you are doing yourself a disservice. Let things go and focus on what’s at hand.

Getting into trouble is easy. Getting out of trouble is not as easy. Keep in mind, we all make mistakes. We are not responsible for making mistakes; we are only responsible for correcting them. Do not let past errors hinder you from achieving future goals.



Category: Tax Law

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