Podcast Appearances
my wife and I are in our early seventies. Uh, my son lives about a mile from us. He's in his early forties. He relocated back here to Indiana from California about 11 years ago from LA where he was working in a music business. And, uh, he was going to take over my insurance agency a few years, uh, retired about nine years ago. So he did take that over. Um,
my wife and I are in our early seventies. Uh, my son lives about a mile from us. He's in his early forties. He relocated back here to Indiana from California about 11 years ago from LA where he was working in a music business. And, uh, he was going to take over my insurance agency a few years, uh, retired about nine years ago. So he did take that over. Um,
He got into tax problems when he was in California because he was working for a music composer that actually treated him as an employee but paid him as an independent contractor, so he didn't know anything about paying taxes. Got behind with the state and the IRS. Ended up owing them $30,000 or $40,000, I think.
He got into tax problems when he was in California because he was working for a music composer that actually treated him as an employee but paid him as an independent contractor, so he didn't know anything about paying taxes. Got behind with the state and the IRS. Ended up owing them $30,000 or $40,000, I think.
He got into tax problems when he was in California because he was working for a music composer that actually treated him as an employee but paid him as an independent contractor, so he didn't know anything about paying taxes. Got behind with the state and the IRS. Ended up owing them $30,000 or $40,000, I think.
We helped him work out a structured repayment plan as a condition to him coming back and getting into insurance, and that's been paid through wage garnishments since then. I discussed with him before he came back the need to stay on top of his taxes and finances because he's never been good with money.
We helped him work out a structured repayment plan as a condition to him coming back and getting into insurance, and that's been paid through wage garnishments since then. I discussed with him before he came back the need to stay on top of his taxes and finances because he's never been good with money.
We helped him work out a structured repayment plan as a condition to him coming back and getting into insurance, and that's been paid through wage garnishments since then. I discussed with him before he came back the need to stay on top of his taxes and finances because he's never been good with money.
During that period of time, many times I'd ask him if he was on this and he'd just blow up and wouldn't talk to me about it. Three months ago he called us and told us that he was in tax debt to the IRS again and wanted his mom and I to bail him out basically using our share of our estate when we die. We thought he probably owed about $50,000 or $60,000.
During that period of time, many times I'd ask him if he was on this and he'd just blow up and wouldn't talk to me about it. Three months ago he called us and told us that he was in tax debt to the IRS again and wanted his mom and I to bail him out basically using our share of our estate when we die. We thought he probably owed about $50,000 or $60,000.
During that period of time, many times I'd ask him if he was on this and he'd just blow up and wouldn't talk to me about it. Three months ago he called us and told us that he was in tax debt to the IRS again and wanted his mom and I to bail him out basically using our share of our estate when we die. We thought he probably owed about $50,000 or $60,000.
Turns out he hasn't filed any state or federal tax returns for the past four years, nor has he paid any estimated taxes for 2023. We're meeting with our accountant next Thursday to go over all this to get specific numbers, but I'm guessing from what I've seen, it's going to be over $200,000, and about half of that is just interest and penalties.
Turns out he hasn't filed any state or federal tax returns for the past four years, nor has he paid any estimated taxes for 2023. We're meeting with our accountant next Thursday to go over all this to get specific numbers, but I'm guessing from what I've seen, it's going to be over $200,000, and about half of that is just interest and penalties.
Turns out he hasn't filed any state or federal tax returns for the past four years, nor has he paid any estimated taxes for 2023. We're meeting with our accountant next Thursday to go over all this to get specific numbers, but I'm guessing from what I've seen, it's going to be over $200,000, and about half of that is just interest and penalties.
He also hasn't paid any 941 withholding or state unemployment tax. He has no business being self-employed, obviously. So my question is, we have the assets to do that, but we would have to sell off property and mutual funds. I don't know if you need our income or what exactly.
He also hasn't paid any 941 withholding or state unemployment tax. He has no business being self-employed, obviously. So my question is, we have the assets to do that, but we would have to sell off property and mutual funds. I don't know if you need our income or what exactly.
He also hasn't paid any 941 withholding or state unemployment tax. He has no business being self-employed, obviously. So my question is, we have the assets to do that, but we would have to sell off property and mutual funds. I don't know if you need our income or what exactly.
Net worth is probably about $2.3 million. And about roughly half of that is in two pieces of real estate, our residence here in Indiana and another home we own in Florida. I'm sorry, Jeff. Including the real estate, the majority of our assets are in IRAs, Roths, and 403Bs from what my wife taught. We've got about $130,000 in a money market fund.
Net worth is probably about $2.3 million. And about roughly half of that is in two pieces of real estate, our residence here in Indiana and another home we own in Florida. I'm sorry, Jeff. Including the real estate, the majority of our assets are in IRAs, Roths, and 403Bs from what my wife taught. We've got about $130,000 in a money market fund.
Net worth is probably about $2.3 million. And about roughly half of that is in two pieces of real estate, our residence here in Indiana and another home we own in Florida. I'm sorry, Jeff. Including the real estate, the majority of our assets are in IRAs, Roths, and 403Bs from what my wife taught. We've got about $130,000 in a money market fund.