Why You Shouldn't Delay Paying your Taxes

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

ABOUT JASMINE DILUCCI, JD, CPA, EA

Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.

Now as a tax attorney and CPA, she works with individuals and business owners across the nation to on Tax Planning, CFO Advisory, and IRS Tax Resolution

How Jasmine Got Here…

18: Became an Enrolled Agent, licensed to represent taxpayers before the IRS.
22: Earned an Accounting Degree and a Master’s in Finance.
23: Became a CPA
24: Stepped into leadership as she took over her own CPA firm
26-28: Juggled full-time studies at SMU Law while she was growing her CPA firm.
28: Graduated from law school 4th in her class and became an Attorney, all while managing her CPA firm.
29-31: Expanded her CPA firm to seven figures, with a focus on delivering top-notch service and exceptional value to every client.
32: Launched Tax Leverage to offer free online education and combat the rise of “tax gurus,” aiming to provide real, accessible tax knowledge.
Today: She’s dedicated to running her firm and leveraging her expertise to educate and empower others, helping individuals and businesses navigate the complexities of taxes and finance.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.

# # #jasminedilucci

[norm]

So many people are really not aware of this. Amazing

[videozoom]

Even the joker paid his taxes to them. The irony that even he didn’t mess with IRS should say something.

[verigabs]

I love this channel… dispelling BS one reel at a time. 💐🌷

[danielleraso]

I just want you to know, I am a regular non wealthy person with pretty simple taxes and you have saved me from doing sooo many stupid things I heard from other people

[cuterpooter]

One of of the things I was taught as a youngster was the priority ranking for paying debts:

1, anyone who can take away your freedom - ie court costs, speeding tickets

2, anyone who can take away your property - ie taxes, mortgage, car loan payments

3, anyone who can garnish your wages - child support, alimony, service compny liens

4, anyone who can affect your basic standard of living/comfort - utilities, rent

5, anyone who can affect your future income or credit rating - credit cards

Some of these categories do sort of overlap, but in general it goes in descending order from jail time to a ding on your credit score to asking friends or family for a bit of leeway on their repayment schedule.

[kaleidoscopedreams]

You trip me out with the “actual tax law from an actual tax attorney” line at the end of your videos! Love it. Thank you!

[Quentyn]

FYI, taxpayers in Europe pay market rate plus 8%-10% on the unpaid taxes. They don't mind you not paying, because you'll pay it with a hefty interest.

[casualnerdjason]

Caleb always hitting those high notes 😂

[marlo]

You can get a payment plan. Even if you plan to pay it all off early, at least put the intention to pay out there.

[WanderingExistence]

Jasmine, if I train for marathon distances, how likely am I to be able to outrun the IRS?

[GAFB]

Another example of how uninformed people are about taxes. An extension is only an extension of time to file, it is NOT an extension of time to pay.

[LightningFan]

Love your videos. As you know, it is wise to file even if you cannot pay because the penalty for not filing on time is 5% per month while failure to pay on time penalty is 0.5% per month and interest per month is a little over 0.5% per month, which you would still owe if you didn't file.. (Please correct me if I'm wrong.) Question: Would paying off high interest CC debt be considered reasonable cause to apply for a payment plan?

[jordanmcgrory]

They are the most difficult creditor, but shouldn't be the first priority. If you owe debts on rent or utilities which threaten your home or your safety, logically those have to come first. Practically you can't address any other problems effectively if you are homeless or frozen or both.

[Fishyalex]

OMG it's a _DAILY_ compounded tax??? Whoa I knew that it was important but never knew how important till now. i always learn stuff in your videos, thanks for making them 😊

[AaronSmith-sxez]

This video should differentiate between late filing penalties (~5% of tax owed per month) and late payment penalties (~0.5% * months late * outstanding tax). The latter is MUCH less serious. In fact it can be common for small businesses to underpay quarterly estimated payments and then just catch up at the end of the year. Not fun to pay the extra penalties...but for some the liquidity can be more important.

[Rousecakes]

Yet I’ve been waiting over 10 months to get my return from the IRS; sure wish I could charge them late fees and interest.

[KikomochiMendoza]

Fr fr, when it comes to preference of credit taxes comes first before creditors. Though in some states there is an exception to employers and parents since payment of wages or child support comes first before taxes then creditors. It depends on the laws so always get aconsult from an attorney.

Only time IRS doesnt come first is when you have an agreed upon payment plan with them. Which they setup for you based on the current financial needs you describe. Its a whole process. And they can change those terms at any point and charge you an inconvenience fee for the changes.

[carlday-jyct]

I wish I could have seen this before making the same mistake. I owed the IRS money and filed extension, but they socked me with penalties and interest. Still have a tax lien to this day.

[pinakidutta]

Especially with the new 80, 000 agents and surprisingly with some well stocked armory.