Every tax season I run into people who have been abducted. That’s right. They have been kidnapped by unidentified financial obstacles- that is a term that I coined that is very top secret. These ufos come along and teleport the money right out of their pockets and when it comes to tax time they sometimes are in a position where they don’t have the money to pay their taxes.
Warnings that you may be a victim of ufo incident?
1. You have cashed out a 401K or retirement account early and haven’t put aside at least a third of it for taxes for the Federal government or the state.
2. You have received a cash prize, gambling winnings and you have spent it all without putting money aside for taxes.
3. You have received a bonus from work and the taxes don’t seem to be taken out however you already know that it will show up on a W-2 as income at the end of the year.
4. You have sold a screenplay and made a lot of money. If so, congratulations!
Folks, do yourselves a favor and force yourself to put aside at least a third of that money for paying taxes. Lock it in an interest bearing account or worse case, a checking account, and please try not to touch it. If you can, pay the money at the nearest financial quarter that you can or wait and make sure that at the end of the year that you have the money to pay for any taxes that are due.
Aliens laser beaming cities are almost welcome if when it comes tax time you find yourself owing thousands of dollars.
Whether you are planning on starting a business or dealing with day to day tax planning, please take the time to account for paying your taxes. I understand it isn’t a popular position to take, but it is a dirty job and somebody has to do it!
While I am speaking about ufos, since they are unidentified financial obstacles, please try and get a savings program in place and definitely an emergency fund so when they ufos attack, you can fight back with cash.
If you are dealing with a person with special needs, I don’t have to tell you about the money that gets disintegrated frequently when trying to make ends meet. That is all the more reason that you should try to be sensitive to any financial gifts that happen to come your way.
Be profitable (and happy and healthy)!
Questions or comments? Let me know about them! Thanks for taking the time to visit and for more information or to get back to the beginning of the blog, go here.
Kim Greenblatt talks about ufos, unidentified financial obstacles, in this profitable entry.
Tags: Business, debt, expenses, getting out of debt, Kim Greenblatt, money, no money, planning, profitable, saving money, special needs, special needs planning, tax preparation planning, taxes, ufo, unidentified financial obstacle