My Tax Fella

07/17/2026

𝗪𝗵𝗮𝘁 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝗸𝗻𝗼𝘄 𝗯𝗲𝗳𝗼𝗿𝗲 𝘀𝗲𝘁𝘁𝗶𝗻𝗴 𝘂𝗽 𝗮𝗻 𝗜𝗥𝗦 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝗻?

Before you submit any payment plan request to the IRS, you need to read the fine print. Rushing into an agreement you cannot afford or do not fully understand creates long-term problems, like missed payments or defaulted agreements.

3 rules to understand before you move forward:
1. You must be current on your tax filings. The IRS rejects your payment plan request if you have unfiled tax returns from previous years.
2. Setup fees can vary. A short-term extension has no setup fee, whereas a long-term plan carries a user fee of up to $178.
3. Rejected proposals can give the IRS more time to collect later. Submitting a payment plan request pauses active levies, but it also pauses the IRS's 10-year deadline.

The goal is to choose a payment plan that you can actually keep, rather than just getting temporary protection. Ask yourself the following before agreeing to a plan:
𝘐𝘴 𝘵𝘩𝘦 𝘣𝘢𝘭𝘢𝘯𝘤𝘦 𝘰𝘯 𝘵𝘩𝘦 𝘯𝘰𝘵𝘪𝘤𝘦 𝘢𝘤𝘵𝘶𝘢𝘭𝘭𝘺 𝘤𝘰𝘳𝘳𝘦𝘤𝘵?
𝘞𝘪𝘭𝘭 𝘵𝘩𝘪𝘴 𝘮𝘰𝘯𝘵𝘩𝘭𝘺 𝘱𝘢𝘺𝘮𝘦𝘯𝘵 𝘴𝘵𝘪𝘭𝘭 𝘧𝘪𝘵 𝘮𝘺 𝘣𝘶𝘥𝘨𝘦𝘵 𝘴𝘪𝘹 𝘮𝘰𝘯𝘵𝘩𝘴 𝘧𝘳𝘰𝘮 𝘯𝘰𝘸?

07/16/2026

If you're within 10 years of retirement, dialing your savings in is key. We can definitely help you with #4:

Planning to retire in 10 years or less? Find out what you need to know and do for a smoother transition.

07/15/2026

𝗪𝗵𝗮𝘁 𝗜𝗥𝗦 𝗿𝗲𝗹𝗶𝗲𝗳 𝗼𝗽𝘁𝗶𝗼𝗻𝘀 𝗱𝗼 𝗜 𝗵𝗮𝘃𝗲 𝗶𝗳 𝗜 𝗰𝗮𝗻'𝘁 𝗽𝗮𝘆 𝗺𝘆 𝘁𝗮𝘅 𝗯𝗶𝗹𝗹 𝗶𝗻 𝗳𝘂𝗹𝗹?

Just because you can't pay all of your taxes right now doesn't mean you can't do anything. You have three main paths to look at:

𝗦𝗵𝗼𝗿𝘁-𝗧𝗲𝗿𝗺 𝗘𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝘁𝗼 𝗣𝗮𝘆
If you can pay the full balance within a few months, the IRS can give you up to 180 days to pay in full. There is no setup fee, though penalties and interest still accrue during that time.

𝗦𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗜𝗥𝗦 𝗜𝗻𝘀𝘁𝗮𝗹𝗹𝗺𝗲𝗻𝘁 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁𝘀
If you owe $50,000 or less in combined tax, penalties, and interest, the IRS approves payments over as long as 72 months without requiring detailed financial statements. An approved agreement drops the monthly Failure-to-Pay penalty from 0.5% to 0.25%, slowing the account's growth while you make payments.

𝗙𝗶𝗿𝘀𝘁-𝗧𝗶𝗺𝗲 𝗜𝗥𝗦 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗔𝗯𝗮𝘁𝗲𝗺𝗲𝗻𝘁 (𝗙𝗧𝗔)
This administrative waiver depends on your compliance history. If you filed required returns, paid prior balances, and avoided penalties for the past three tax years, the IRS can remove penalties for one tax period. It doesn't erase the tax itself, but it reduces the total balance.

You don’t have to sort through the IRS collection process on your own.

DM us to schedule an appointment to look at your situation.

07/14/2026

𝗗𝗶𝗱 𝗮𝗻𝘆𝗼𝗻𝗲 𝗲𝗹𝘀𝗲 𝗴𝗲𝘁 𝗮 𝘃𝗲𝗿𝘆 𝘄𝗿𝗼𝗻𝗴 𝗶𝗱𝗲𝗮 𝗮𝗯𝗼𝘂𝘁 𝗺𝗼𝗻𝗲𝘆 𝗳𝗿𝗼𝗺 𝗽𝗹𝗮𝘆𝗶𝗻𝗴 𝗠𝗼𝗻𝗼𝗽𝗼𝗹𝘆 𝗮𝘀 𝗮 𝗸𝗶𝗱?

Turns out the actual rules of that game don't translate very well to real-life financial survival.

Wouldn't we all love to settle a major, overwhelming debt by just giving the bank a tiny deed to Baltic Avenue? Or pull a piece of cardboard out of your pocket to instantly get out of a financial jam?

Dealing with mounting debt takes a little more strategy than just rolling the dice. Real recovery is built on a clear, step-by-step resolution plan that tackles the numbers head-on.

You don't have to navigate financial stress alone. If you need a concrete plan to get back on track, send us a message today and let's fix this together.

07/13/2026

𝗪𝗵𝗲𝗻 𝗱𝗼 𝗜 𝗵𝗮𝘃𝗲 𝘁𝗼 𝘀𝘁𝗮𝗿𝘁 𝘁𝗮𝗸𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝗼𝘂𝘁 𝗼𝗳 𝗺𝘆 𝗜𝗥𝗔?

Under current SECURE 2.0 laws, you must start taking Required Minimum Distributions (RMDs) at either age 73 (if born between 1951 and 1959) or 75 (if born in 1960 or later).

The IRS lets you delay your first distribution until April 1st of the following year.

But doing this forces your first two RMDs into the same calendar year, creating an artificial income spike that can push you into a higher tax bracket.

Unless you have a specific reason to delay, your next move would be to take that first distribution by December 31st of your initial eligibility year.

Don't let a simple timing error give your hard-earned savings right back to the government at the finish line.

07/10/2026

𝗖𝗮𝗻 𝗜 𝗰𝗹𝗮𝗶𝗺 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗲𝗮𝗿𝗹𝘆 𝗮𝘁 𝗮𝗴𝗲 𝟲𝟮?

You can, but doing so triggers a permanent monthly payout reduction of up to 30%.

Additionally, filing early changes your tax profile in two main ways:
• Taxable Benefits: If your provisional income crosses $34,000 as an individual (or $44,000 for married couples), the IRS can tax up to 85% of your benefits. Having a pension, part-time wages, or traditional retirement accounts can easily push you over this threshold.
• The Earnings Limit: If you keep working or consulting after claiming, your 2026 annual earnings are capped at $24,480. For every $2 you earn above this amount, the government claws back $1 of your benefits.

If you plan to start your benefits at 62, avoiding a surprise tax bill means watching your income sources closely to protect your check.

Depending on your situation, drawing from cash savings or Roth accounts first keeps your Adjusted Gross Income down, while tracking your part-time hours keeps you under the earnings limit.

DM us if you want to look at your other income streams before you lock in your Social Security filing age.

07/09/2026

If an unexpected $5,000 landed in your bank account tomorrow, where would that money go?
𝗮. 𝗗𝗲𝘀𝘁𝗿𝗼𝘆𝗶𝗻𝗴 𝗱𝗲𝗯𝘁: Knocking out a nagging credit card bill or back taxes.
𝗯. 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀: Putting it back into your business tools, tech, or growth.
𝗰. 𝗖𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝗮 𝘀𝗮𝗳𝗲𝘁𝘆 𝗻𝗲𝘁: Stashing it away so you can finally breathe easier.
𝗱. 𝗥𝗲𝘄𝗮𝗿𝗱𝗶𝗻𝗴 𝘆𝗼𝘂𝗿𝘀𝗲𝗹𝗳: Funding that personal project or trip you’ve been putting off.

07/08/2026

𝗛𝗼𝘄 𝗱𝗼 𝗜 𝘀𝘁𝗮𝗿𝘁 𝗰𝗹𝗲𝗮𝗿𝗶𝗻𝗴 𝗺𝘆 𝗰𝘂𝗿𝗿𝗲𝗻𝘁 𝘁𝗮𝘅 𝗱𝗲𝗯𝘁?

Clearing tax debt means taking these three steps:

Step 1 - Find out what you owe the IRS.
You can log into your IRS account or have a tax pro pull your IRS account transcripts to verify your balances and make sure all required returns are filed. And determine if you're dealing with payroll tax debt or income tax debt.

Step 2 - Make a plan for how you will pay what you owe.
If you can't pay in full, set up a payment plan. It must be realistic to what you can actually pay and still keep up on new tax deposits or estimated payments.

Step 3 - See if you qualify for a settlement.
There are a few different programs available with the IRS, including an Offer in Compromise.

And if you want help walking out those steps and determining what's the right move for you, comment 𝗧𝗔𝗫 𝗛𝗘𝗟𝗣 below or send us a DM.

07/07/2026

The 4th of July might be over, but it is not too late to declare independence from mounting tax penalties and unfiled returns.

Send us a message today and let’s build a plan to settle your back taxes and gain back your peace of mind.

07/06/2026

𝗪𝗶𝗹𝗹 𝗺𝘆 𝗰𝗵𝗮𝗿𝗶𝘁𝗮𝗯𝗹𝗲 𝗱𝗼𝗻𝗮𝘁𝗶𝗼𝗻𝘀 𝘀𝘁𝗶𝗹𝗹 𝗹𝗼𝘄𝗲𝗿 𝗺𝘆 𝘁𝗮𝘅 𝗯𝗶𝗹𝗹 𝗶𝗳 𝗜 𝗶𝘁𝗲𝗺𝗶𝘇𝗲 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀?

Yes, but starting in 2026, itemizers have a new threshold to clear first.

If you itemize deductions, only the portion of your charitable giving that exceeds 0.5% of your Adjusted Gross Income (AGI) can be deducted.

Here's a simple example:
• AGI: $200,000
• 0.5% threshold: $1,000
• Charitable donations: $5,000

In this case, the first $1,000 of giving doesn't count toward your deduction. The remaining $4,000 is potentially deductible.

That's why larger donors may want to start planning before year-end.

One strategy is a Donor-Advised Fund (DAF), which can allow multiple years of charitable giving to be grouped together in a single tax year.

If charitable giving is part of your tax planning, now is a good time to estimate where you stand for 2026 and see how these new rules could affect you.

Comment GIVE below if you'd like help reviewing your charitable giving strategy.