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We Filed. But Did We Actually Learn Anything?
Happy Tax Day. We survived another season. Some of us got refunds. Some of us owe. But here's the question that matters more than either of those outcomes: did we actually learn anything? Or did we just white-knuckle it and move on?
That's where this week's episode with Morgan Anderson starts. And it gets uncomfortable fast. Not because we're trying to scare you. Because the numbers are real and most people have no idea what's coming.
The Stats That Should Keep You Up Tonight
Morgan's team has been researching what happened last filing season, and the data tells a story none of us should ignore. Over 44 million individual taxpayers filed with a balance due to the IRS. That's a 10% jump from the year before. More than 30% of those people couldn't address it. They got hit with collection notices.
And right now, 80% of taxpayers who owe the IRS are not in any formal agreement. No installment plan. No offer in compromise. Nothing. Just sitting on it hoping nobody notices.
The IRS has been understaffed and distracted for the last couple of years. That's over. After this filing season wraps, collections are ramping back up. Hard. They're going after 401(k)s, home equity, CDs, investments. If you've been sitting on a balance thinking nobody's watching, that window is closing.
Killing the Noise: Tax Myths That Keep Costing You
We broke down some of the biggest tax myths floating around social media. Every single one of these is costing people real money.
"If you owe, you did something wrong." No. You probably just have your W-4 withholding set up badly. There's literally a trend telling people to claim 9 or 10 dependents on their W-4 to keep more in their paycheck. That's going to blow up in their face come April.
"Refunds are free money." Absolutely not. That's your money the government held all year and gave back to you at zero percent interest. You lost control of that cash for 12 months. Put it in a CD. Put it in a short-term investment. At least earn something on it.
"Estimated payments are only for rich people." Wrong. If you're self-employed, if you have capital gains, if you're getting a K-1, you need to be making payments at least four times a year. Treat it like a car payment. Make it manageable. Make it consistent.
Your Passport Is on the Line. Literally.
This one genuinely shocked me. Under the FAST Act, the IRS has the authority to freeze your passport if you owe more than $66,000 in individual tax debt. Right now, over 279,000 taxpayers have frozen passports. The act actually gives them the power to cancel an active passport too. They haven't gone that far yet. But they could.
With the IRS rebuilding its enforcement after years of being gutted and restructured, this is a program they're actively renewing. If you owe and you're not in a resolution, you need to deal with it now. Installment agreements can run up to 72 months. You can pay extra. You can pay it off early. But get into one. Because a $50,000 debt sitting untouched turns into $90,000 with penalties and interest before you even blink.
The Plan: What To Do Right Now
Tax season shouldn't be something you survive. It should be something you learn from. Get a professional. An actual CPA or enrolled agent who sits down with you quarterly. Not an app. Not a free file system that spits out a return with zero strategy behind it.
Your W-4 can be adjusted throughout the year. Your estimated payments can be calculated using last year's return as a baseline. Your plan can change as your life changes. But none of that happens if you're only thinking about taxes one time a year in April when you're panicking.
Stop getting tax advice from TikTok. Start building a real plan. And if you don't know where to start, that's exactly what the Power Hour is for.
💥 Book a Power Hour: https://www.blackmammoth.com/powerhour
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