Todd Whalen of Advanced Tax Solutions was recently interviewed by Willie B of KBPI about IRS tax problem help. Below is an excerpt of the interview:

Willie:  I had a tax time lunch with this man across the table here about a year ago.   It was supposed to be a 30 minute lunch; but when l left that lunch, I was like “We gotta bring this guy on the air and explain some things to our listeners who need IRS tax problem help.  If you have a job, if you have any sort of company, you need to pay attention.   Welcome to the show, Todd.  Gimme a little rundown on yourself and your company.

Todd:  Well thanks for having me in, and thanks for the breakfast!  We’re Advanced Tax Solutions, and what we do as a company is, well … everything we do revolves around tax.

Willie:  There’s a lot more of ‘em nowadays!

Todd:  Oh yeah!   Things are changing and everything seems to be going up.  But our claim to fame, what we do a TON of, is IRS controversy.   So, people having IRS trouble, people who haven’t files in 10 years …

Willie:  Yes, my listeners know – there was a point in my life where I didn’t file for 4 or 5 years.   Those are the guys who need IRS tax problem help.  And you do that in ways, and we’ll get into that a little later – that are astronomically important in what you end up paying vs. what the IRS tells you owe them.  So, tell us a little about this year.  Many people have gotten their paychecks in 2013 and noticed some changes.  Our salary is the same, so tell us, why our salary isn’t actually the same?   What taxes have they already increased?

Todd:  Oh, you are making me talk about all the bad news!  It seems that it doesn’t matter, where you’re at in this whole process, your taxes are going up.  Most people with a paycheck probably already noticed with all things being the same, their net pay went down.  That’s because of the 2% withholding tax that they had waived the past few years; they brought that back.   So Social Security kind of went up for you 2%.  And then on the higher income, there’s an excess Social Security tax … They brought that in for the first time ever.  And then tax on net passive income, which is interest – dividends.   Capital gains have gone up dependent on your income range.

Willie:  Now when you say dividends, what do you mean by that?  To me it sounds like a slice of pie!

Todd:  (laughs) Ok, when you have stocks, and they’re paying you income either monthly; generally quarterly or maybe even once or twice a year — you’re getting cash from your stockholdings. That’s versus the capital gains you get for your stocks; at the end you hope to sell it and get a profit.  Some stocks pay at different periods, and that’s dividend income.  In other words the things you don’t earn for.  Things you don’t get an actual paycheck for.  Bank interest would also be passive income.  The tax on the higher incomes; the higher your income is, you will be taxed a “special tax,” let’s say.

Willie:  So if you work hard, bust your butt; you’re gonna get taxed more!

Todd:  And if not, you’ll get taxed more too!

Willie:  It’s all things that people need to know.  And if you are one of those guys who haven’t filed taxes in a few years, you look at that stuff.  A lot of taxes are being increased, what can people to do to alleviate having to pay come tax time?

Todd:  Well, you could always quit your job! (Laughter) But seriously, right now the number one thing you could probably look at is the opportunity to do a 401K.  If you have a company that has a 401K, that’s probably one of your primary ways to save money.   If you don’t have that, there’s always IRAs.  There are the Traditional IRAs and the newer ROTH IRAs.  The Roth is probably better for younger people.  There’s not an immediate tax savings, but you will never be taxed on the interest of a traditional IRA.   A traditional IRA is different.  If you want the tax break right now, you are taxed on the interest.  Depending on how old you are; if it’s going to sit in there for a long time, you might want to do a Roth and never pay tax on the interest.

Willie B: Well we need a break right now, but how can people reach you?  I promise there are people in the BPI family who need help with IRS tax problems.  Gimme a phone number we can give out…

Todd:  It’s 303-753-6040

Willie B: And you have a website?

Todd:  It’s

Willie B: Well that’s easy enough!  Advanced Tax Solutions!

End Part I of Tax Time with Willie B and KBPI 


To listen to the full interview, click here:   Todd Whalen KBPI Interview