Paul came to Tax Matters Solutions in November of 2007. The accountants explained the gravity of his situation and the extent of his tax liability in one of their initial visits. Marc Jernigan, CPA has worked to create seven years of income statements with a March 31st deadline.
First, Paul and Marc dug for information. At a cost of $6000 in bank fees, Paul retrieved records of all the checks he has written. His data took up an entire buffet table. Tax Matters Solution minimized his liability by over $100,000, using tax savings strategies.
Paul has since put himself on a militant budget and eliminated all unnecessary spending. “He was floundering – spending money for no reason,” reports Marc Jernigan, CPA of Tax Matters Solutions. “At one point he owned twelve vehicles for personal use.” With his new budget, he will have a $500,000 liability paid off by the end of 2008.
Paul and his wife are undergoing marriage counseling, because his wife considers Paul’s silence about this issue the equivalent of adultery. With the help of counseling, they hope to close the communication gap.
Paul hasn’t made his tax savings by negotiating with the IRS. He made them by communicating effectively, digging for more information and working to resolve the underlying issues. His solution was about coming up with the least, and most correct, amount of taxes owed on the front end.
Marc has this advice for his clients:
1. Deal with your tax problem sooner rather than later.
2. Work on the underlying issues.
3. Implement an accounting system
Following this advice will not just save you money. It will save you years of your life, give you peace of mind and add to your quality of life.
If you would like help resolving a tax problem, you can contact Marc Jernigan, or his partner Nick Sutton at www.TaxMattersSolutions.com.