I personally don't think there's anything wrong in owing the IRS some money. I prefer this over a refund. Why? Because owing money means you got a ZERO percent interest loan from the IRS versus them getting the interest free loan from you through a refund. The only thing I would want to avoid is the underpayment tax penalty. There are 3 ways to avoid that and I talk about that in the video below.
I did a Facebook live of the 5 different filing status of your tax return.
In this video, I talk about the most important component to pay attention to when you're on subsidized health insurance here in the US. If you don't estimate this correctly, you might owe thousands of dollars when tax time comes!
Apologize for not writing in awhile. My change in career last year have made me neglect my site a bit. I will work on trying to get regular posts in as I have a lot to share when it comes to finances.
So what have I been up to? Last year, I switched careers to be in corp finance doing FP&A (financial planning and analysis) from more than a decade in the Data Analytics (DA) field. I wanted to be in finance at my day job as working with numbers (especially money) really excites me so I decided to switch. Plus I was getting really bored with DA and don't see much of a future there. When I finally got the job, I was really excited to learn everything about finance, our business partners and the different products that our company Visa had to offer. It was a very exciting time for me indeed; and have consumed a lot of my energy. Now that my excitement have calmed down a little, I'm back to putting more attention to my main passion - helping individuals achieve financial freedom!
Aside from my day job, I continue to have sessions with my coaching clients outside the regular business hours. I also continue studying and learning whatever I can get my hands on to help me be a better coach. I've been studying tax as I get a lot of clients who ask for tax advice during our session. I started with taking the class at H&R block, then working for an individual tax preparer last year, and then this year I decided to volunteer for VITA preparing taxes for low income households (picture at the VITA site below). For more information, please refer to this link. I realize that I really enjoy doing tax as well so I want to take it to the next level by studying and committing to getting my Enrolled Agent (EA) by end of this year. So stay tuned for this service to pop up. I am really looking forward to offering this so I don't have to refer my clients out. This will make it a lot more convenient for both of us.