Are you ready to transform your financial future? Welcome to the 2nd Look Services Podcast, where we reveal the secrets to earning more money, recovering funds you're owed, and building generational wealth that lasts!In this episode, Don Zavis and Michael Jesse discuss the power of the Offer In Compromise (OIC) as a crucial tool for businesses facing significant IRS or state tax debt. Michael shares real-world success where an OIC helped a company reduce a $25,000$ debt down to just $5,000$. The co-hosts emphasize that the IRS is often willing to negotiate with individuals and businesses to settle tax burdens.Learn how an OIC provides a clean slate, why it's a better option than bankruptcy for tax debt , and why taking a "second look" at your finances and proactively addressing scary IRS letters is essential. Don and Michael stress the importance of working with certified professionals, like an enrolled agent or tax attorney, to avoid dangerous tax schemes and ensure you are legally and honestly resolving your financial issues. Finally, they provide advice on how businesses can move forward with better planning to prevent future tax problems.Don't just work hard; work smart, and let us show you how to build the financial legacy you deserve.🔑 Key Takeaways & Discussion Points: Taking Your Financial Second Look[00:00] Introduction: Don Zavis and Michael Jesse on the "Financial Equalizer" call[00:24] Don's perspective on the business world getting "serious again" on Mondays [01:42] Introducing the Offer In Compromise (OIC) [02:13] Michael's experience: Businesses with huge debt to the IRS[03:00] How the OIC can reduce a tax debt by an average of 80%[03:51] The legal seriousness of unaddressed tax debt and tax evasion[04:41] Don asks why people don't use the OIC more often[05:56] Michael's thoughts: Lack of awareness and reluctance to spend money to resolve debt [07:04] Why bankruptcy is not a solution for government tax debt[07:46] 2nd Look Services' policy: No charge unless they successfully reduce your burden [08:32] The IRS wants to work with you and will only pursue drastic measures when options are exhausted[09:43] Warning against social media tax scams and the need for certified professionals [12:31] The IRS "look back" period: You have three years to look back and make corrections [16:47] Deducting bad business debt from your taxes[17:48] Being deemed "uncollectible" and its financial consequences[18:49] The fear of IRS letters and how to interpret them[21:12] Moving forward: Proactive planning and quarterly/monthly tax filing[24:00] Don's closing advice: Review your expenses (checkbook) to find money you can get back or reduce[26:16] Michael's closing advice: The importance of planning, budgeting, and ensuring all expenses are deductible [27:39] The legal home business deduction as an example of a valuable, underutilized tax strategy🚀 Ready to take the next step?🌎 Visit our Website: Discover more resources, services, and expert insights at https://www.2ndlookservices.com.🗓️ Get Your Free Consultation: Book a personalized, no-obligation session to discuss your financial goals!https://meetings-na2.hubspot.com/meetings/michael4🔗 Connect With Us:📧 Subscribe to our Channel: Never miss an episode!➡️ https://www.youtube.com/channel/UCJx4a1oDc4V-o5vAt5wMROw➡️ Follow us on LinkedIn: https://www.linkedin.com/company/107150293➡️ Like us on Facebook: https://www.facebook.com/61576614189080/