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From Economics to Daily Decisions: The Broad Reach of the Pareto Principle

May 3, 2024 by admin

The Pareto Principle, commonly known as the 80/20 rule, is a concept in economics and business that suggests that 80% of consequences come from 20% of the causes.

Named after Italian economist Vilfredo Pareto, who first observed that approximately 80% of the land in Italy was owned by 20% of the population, this principle has broad applications across various fields.

It highlights how most effects are driven by a relatively small number of causes, suggesting that focusing on these critical inputs can yield disproportionate benefits.

This principle encourages efficiency and prioritization in problem-solving, business strategy, time management, and resource allocation.


Update:

Freedom Fighter,

You’ve probably heard about the Pareto Principle before—the idea that 20% of your efforts lead to 80% of your results.

It’s a game-changer, right?

While you’re busy optimizing your business using Pareto’s wisdom, the IRS is playing by a different set of rules that don’t necessarily line up with efficiency or fairness.

80% of your sales might come from 20% of your clients.

That’s Pareto working in your favor.

Meanwhile, the IRS could be eyeing the 80% of your paperwork that’s just routine, ignoring the real value drivers of your business.

Why am I telling you this?

Because understanding where your real value lies—and where the IRS might be wasting your time and resources—can not only save you headaches but also a lot of money.

Identify Your 20%: Look at what tasks, clients, or services are truly driving your success.

Focus there.

Audit-Proof Your Business: Make sure you’re compliant, yes, but don’t let fear of the IRS dictate running your business into inefficiency.

Keep your records straight, but keep your priorities clearer.

Get Strategic: Use the Pareto Principle to streamline your operations, cut through less productive activities, and optimize for the big wins.

I know, dealing with the IRS can feel like you’re always on the defense.

But what if you could turn the tables?

What if you could make your business so lean and so focused on the 20% that drives 80% of your results that you become virtually unshakeable?

Remember, it’s not just about fighting the system; it’s about outsmarting it.

Let’s not let the IRS—or any big government agency—dictate our success.

We’re in this to build thriving businesses that operate on our terms, based on real results, not bureaucratic checkboxes.

Stay vigilant and keep pushing the envelope.

Your success is in your hands, not in the IRS’s files.

Fight on,

Attorney Steven A. Leahy

P.S. Haven’t caught up in the last 30 days? Give me a call; let’s stay connected and proactive.

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Uncategorized

Fighting the IRS: It’s Personal

February 16, 2024 by admin

In this short video, I share the journey of my family across generations, transitioning from the hard labor of ironworking to the strategic battles of tax law. My story begins with my father, who carried on the ironworking legacy of my grandfather but sought independence from the constraints of union life.

Driven by a desire for autonomy, he started his own janitorial business, tackling a wide array of clients from grocery stores to airplane hangars. Despite the company’s growth, a significant oversight in maintaining proper records led to its downfall.

Following in the footsteps of my father and grandfather, I too became an ironworker, proud to be the third generation. However, life steered me towards a different path, and now I’m a tax attorney. My mission is to help business owners safeguard what they’ve worked hard to build. Battling the IRS isn’t just a job for me; it’s personal. This isn’t merely a story of shifting careers; it’s a narrative about legacy, evolution, and a deep-seated drive to overcome challenges.


Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Uncategorized

Radio As Community

August 28, 2023 by admin

Friday, August 25, 2023 – The vast majority of my clients come from listeners of my favorite radio stations – WGN 720AM, WLS A M 890 & AM 560 The Answer.  I have advertised on these stations for many years.  

Each station has its own devoted listeners.  Radio stations often hold events where they invite their listeners to gather together, spark friendships among like-minded individuals, and meet the personalities who have become part of their daily lives.

The radio hosts graciously take time to engage with the listeners, share inside stories about their show, and even joke around – like regular folk.  

To me, these events highlight the essence of what radio is all about – community.  It’s not just about passive listening; it’s a dynamic relationship between the broadcaster and the audience.  And the audience amongst themselves. Next time your favorite station holds an event -GO! You will not regret it.


Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Uncategorized Tagged With: am560, Radio, wgn, wls

IRS Commissioner Rettig – OUT

October 31, 2022 by admin

Monday October 31, 2022 – Happy Halloween. The scary tale can be told – Commissioner Chuck Rettig is out at the IRS. There has been talk of his dismissal for some time. Afterall, he was appointed by Trump – another one of Trump’s appointment errors.

Treasury Secretary Janet Yellen announced the acting head of the IRS will be Douglas O’Donnell. O’Donnell is a 36-year employee of the IRS. So, he knows where the bodies are buried (Halloween reference).


Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk, Uncategorized

Home Sweet Home Chicago – September 9, 2022

September 10, 2022 by admin

Saturday September 9, 2022 – Attorney Steven A. Leahy makes an appearnace on David Hochberg’s Home Sweet Home Chicago Radio Show on WGN AM 720

Click Here to reach WGN Radio

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Uncategorized

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