Empathy and Taxes: A New Approach with Hannah Cole (pt 1)
“I think you need to hold space and have empathy for yourself, about looking at it [taxes] and attempt to look at it as information and as neutral, even though you're probably going to have these stories that swirl in your head.”
How can understanding taxes strengthen your marriage? Our host Ed Coambs tackles this intriguing question alongside Hannah Cole, an artist turned tax educator. Hannah's journey from shying away from the business and taxes side of things to becoming a beacon of support for self-employed individuals is nothing short of inspiring. You’ll find yourself nodding along as Ed and Hannah discuss the common feelings of judgment from tax professionals and the vital role empathy plays in making money conversations less awkward and more productive.
Facing the emotional turbulence of tax season can be daunting, especially within the context of a marriage. Hannah helps us navigate this rocky terrain by shedding light on the vulnerability and shame many feel when revealing personal financial details. Ed and Hannah reflect on the need for a more human-centered design. By emphasizing the importance of relational support and empathy, the aim is to alleviate the anxiety often accompanying financial discussions and improve mutual understanding between partners.
Hannah and Ed also explore the concept of financial innocence and the idea of money as a neutral tool. They discuss practical advice on understanding self-employment tax, paying estimated quarterly taxes, and the consequences of neglecting these responsibilities. The discussion touches on the psychological and moral development necessary for a balanced perspective on money and the importance of confronting deep-seated fears about feeling broken or flawed. Tune in next week for a continuation of this rich, informative discussion designed to make financial conversations more approachable, empathetic, and productive.
Key Topics:
- Welcome, Hannah! Taxes, Artistry, and Financial Intimacy (02:03)
- Importance of True Understanding for Personal and Business Growth (04:27)
- Design Flaws in the Tax System (12:40)
- Taxes, Representation, and Financial Literacy (16:50)
- Tax Responsibility and Challenges for Married Couples (22:01)
- Money Agency and its Impact on Financial Decision-Making (27:49)
- Psychological and Moral Factors Behind Money (32:28)
- Tax Debt, Empathy in Accounting, and Avoiding Scams (37:31)
- Tax Fears, Comfort, and Growth with a Tax Professional (43:27)
Resources:
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