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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (57319)	12/13/2001 12:36:48 AM
From: advocatedevil	Read Replies (1) \| Respond to of 70976

OT - BWAC, I may joke about it, but immediately covering tax liabilities is essential. I have to manage this all year long. It's a real pain, but the consequences of not planning for taxes can be devastating. Here's a related story: I have a friend who made a fortune (millions) involved in an internet start-up. He used profits from a portion of his options to buy everything you can imagine - houses, cars, gifts, travel, you name it. When the sector crashed, the stock crashed and his remaining options became virtually worthless. He had intended to pay his taxes by selling those options, but never sold as they tanked, thinking that they'd soon go back up and he'd be able to get a better price. Of course they never went back up and as a result he had a massive tax bill and no money to cover it. It was a nightmare. This is a brilliant man who was devastated by neglecting to take care of first things first - taxes! AdvocateDevil