Death and taxes. For many of us – particularly millennials – we worry more about the latter than the former. After all, the Grim Reaper isn’t known to visit on the same day every year.
The Tax Man does.
Of course, like anything else we’re responsible with, we pretend it’s not important until it absolutely is. So somewhere between our St. Patrick’s Day hangover and the April 15 deadline, we hastily collect our paperwork and “DIY” it or shell out whatever our parents’ or friends’ CPA charges for a tax return. And that’s the problem.
For many of us, Tax Day means finding out whether we get the biggest pay-out of the year or whether we have to write a check to Uncle Sam. And we usually just accept the verdict from a single, all-knowing source without question.
The point is, we don’t anticipate. We don’t manage. We react.
In my experience working with the everyday American taxpayer — including helping my Mom fight the IRS on 5 years of unfiled taxes — I found the personal world of tax to be very different from my corporate year-round, tax-planning gig.
Fortune 500 companies don’t react to their tax realities. High-networth individuals don’t react.
Simply put: smart tax planners DO NOT react.
That realization propelled me to start TaxHack. A content-driven tax service for the everyday taxpayer.
TaxHack is about serving the new life-blood of the economy. The entrepreneur who bartends by night; the Lyft and Uber driver; the aspiring artist. That is, TaxHack exists to help people like my friends and family — the people I care deeply about.
Taxes are not a chore. They are everyday expenses. And like weeds, simple yet effective anticipation and management can mean the differences between:
(1) Choking – what you want to grow (for example, surprise taxes resulting from higher income); AND
(2) Nurturing – what you love (for example, reinvesting post-tax income).
One simple solution is to get clear on your (a) taxes paid and (b) taxes owed for the year. Your refund and payment is a simple offset of those two items. If (a) is bigger than (b), you get a refund and if the other way around, you owe Uncle Sam.
There are two ways we recommend to do this.
One way is to use the IRS calculator. Another is to use the Tax Hack income tax calculator, which you receive as a client. For more information, reach out to a Tax Pro by calling us or Getting a Free Quote.
We’ll walk through your specifics to calculate your taxes owed and any penalties and interest.