Did you know that fear of income taxes and the IRS is so real that there’s an actual physiological name for it? It’s Forosophobia. Tax debt in particular can be a daunting issue, affecting not only your finances but also your peace of mind. On this episode of CFO at Home, Vince talks with Morgan Anderson, a tax resolution expert, about the complexities and solutions surrounding tax debt, from understanding the common causes of tax debt to exploring viable options for resolution. You can learn more about Morgan and her firm, Golden Lion Tax Solutions by going to GoldenLionTaxSolutions.com

Key Takeaways:

• Common Causes: Tax debt often stems from unexpected events such as illness, death, inheritance issues, or business setbacks.

• Initial Reactions: The most common fear among clients is the possibility of going to jail, exacerbated by the intimidating image of IRS collectors.

• Resolution Options: The most common solutions include setting up monthly payment plans and seeking penalty forgiveness for justifiable reasons.

• Offer in Compromise: While enticing, this option has strict qualifications and is not suitable for everyone.

• Proactive Approach: It's crucial to be proactive in addressing tax debt rather than avoiding it, as early action can prevent further complications.

• Vetting Professionals: When seeking professional help, it's essential to verify credentials, ask about experience with similar cases, and listen to your instincts.

Key Links

• Website - GoldenLionTaxSolutions.com

• Book - Tax Debt Rule #1: There's ALWAYS A Solution

• Facebook - Golden Lion Tax Solutions

• LinkedIn - Morgan Anderson, EA, NTPI Fellow

Contact the Host - vince@thecfoathome.com

For so many of us, when we think of budgets and managing our money, what immediately comes to mind are things like restriction, sacrifice, or even conflict if money fights and disagreements are what we saw in our households growing up. If you have a partner who you manage money with, this can present challenges whether that person is you or them. But what if there’s another, healthier way of managing your money? That’s the discussion on this episode of CFO at Home with Aqura Nicholson, a money coach who empowers women entrepreneurs to master their money. You can learn more about Aqura by checking out her website AquraNicholson.com or her podcast Women Talk Money on your favorite podcast app.

Key Takeaways:

• Understanding your personal financial goals is crucial for effective money management.

• A healthy approach to managing money involves spending on what you truly enjoy while still working towards financial goals.

• Open financial communication and respect for individual preferences are vital in relationships.

• Avoiding extreme financial restrictions can prevent financial burnout and relapse.

• Building cash reserves and stabilizing expenses are essential steps before tackling debt payoff

Ways to Contact

• Aqura Nicholson

• Women Talk Money on Apple Podcasts

• Aqura | Money Coach for Small Businesses (@aquranicholson)

Contact the Host - vince@thecfoathome.com

Most of our time on this podcast is spent talking about how to prepare ourselves financially for the future; saving to meet different life goals, investing for retirement, things like that. What we don’t spend nearly as much time discussing are other topics that are just as important; things like finding meaning along the journey, be it through your job or other pursuits, and preparing emotionally for retirement. On this episode of CFO at Home, Vince dives into these topics and more with Michael Kay, Certified Life Coach and the creator of Chapter X, a community for men transitioning to life after their careers. You can learn more about Michael and Chapter X by visiting michaelfkay.com

Key Takeaways:

• Understanding your personal values and interests is crucial for a fulfilling retirement.

• Men often struggle with identity and purpose after leaving their careers due to societal conditioning to be competitive and independent.

• Building interdependent relationships and being open to new experiences can help ease the transition into retirement.

• Early emotional preparation for retirement is as important as financial preparation.

• Exploring personal interests and hobbies can provide a sense of purpose and satisfaction post-retirement.

Key Links:

• michaelfkay.com

• The Feel Rich Project

• Michael F. Kay | Facebook

• Contact the Host - vince@thecfoathome.com