Take a look at our December newsletter!
CELEBRATING PROGRESS AND SETTING FRESH GOALS FOR 2025 A YEAR IN REVIEW
“Through reflection, thoughtful
Can you believe it? 2025 is almost here! As the new year approaches, I find myself reflecting on the past year. It was certainly a memorable one, filled with meaningful experiences and personal growth. Reflection is a wonderful thing. It allows us to see clearly because, as they say, hindsight is always 20/20. I often look back on past experiences to consider what I could improve, aiming to make each future experience better. Through reflection, thoughtful consideration, and a desire to grow, valuable lessons emerge, guiding us forward. Reflection is invaluable when dealing with the IRS. It provides a clear benchmark for where you’d like to be in the future and allows you to assess past actions and their results and identify adjustments for a better outcome next time. Looking back offers insights that pave the way for improved decisions moving forward.
do. For example, a common theme among our team members is a shared commitment to helping others and ensuring things are done right. This purpose drives us forward each and every day.
consideration, and a desire to grow, valuable lessons emerge,
guiding us forward.”
Looking back and reflecting is great for our professional and personal lives. Yet, as the new year approaches, many of us dive into setting fresh goals, often forgetting to look back. Did you achieve last year’s goals? Are there areas you might continue to improve? What could you approach differently this time? Remember to celebrate the small victories along the way. And, as you plan, keep in mind that reaching your goals can sometimes bring unexpected outcomes. Anticipating these helps you be better prepared to manage them effectively, ensuring your path forward is as smooth as possible. Consider this: Regular reflection is essential to both planning for the future and staying grounded in where you’ve been. This practice reconnects you with your “why” — the reason behind what you
In life, you have one chance to make things right. It’s about striving to act in a way you can be proud of and brings pride to your loved ones. Holding on to strong values is essential, and sometimes it means making adjustments along the way as you set your intentions for the new year or the next opportunity. So, I wish everyone a happy New Year! Here’s to seeing a better person in the mirror — it’s always about building upon ourselves and improving along the way. Remember: We are all human and a constant work in progress! What goals will you be setting into motion next month?
DEC 2024
Happy New Year!
-Ben Golden
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AVOID OVERSPENDING THROUGH SAVVY SHOPPING
As the year comes to a close, now is a great time for business owners and individuals to set year-end tax resolutions. Taking proactive steps now can help maximize tax savings, ensure financial health, and start the new year on a strong note. Here are a few resolutions to consider for a tax-smart end of the year. Review income and expenses. For business owners, reviewing income and expenses is important to identify potential deductions and manage taxable income. Look for any outstanding payments from clients or customers and consider invoicing them in the new year to defer income if you use cash-basis accounting. Also, check for expenses that can be paid in advance or purchases that can be accelerated to reduce taxable income this year. Plan, Prepar Year-End Tax Resolutions for P
Marketers are magicians at luring shoppers to buy more than they intend. Whether you are shopping online or in a store, vendors use a variety of tactics to heighten the allure of their products, helping drive total
U.S. household debt to a record $17.3 trillion. To help combat this, here are four financial tips to keep your budget intact and your debt under control.
Maximize retirement contributions. Both business owners and individuals can benefit from contributing to retirement accounts. For employees, maximizing contributions to 401(k) or IRA accounts can offer significant tax deductions while building a financial cushion for the future. Business owners may consider setting up a SEP IRA, SIMPLE IRA, or 401(k) for themselves and their employees, offering both tax advantages and retention benefits.
Be wary of ‘buy now, pay later’ offers. These short-term, interest- free loans with fixed payments don’t require a credit check and are quick
and easy to obtain. Not surprisingly, they tend to be most popular among consumers already in debt and strapped for cash. The Consumer Financial Protection Board says this puts consumers at greater risk of piling up more debt than they can afford. Also, returning items purchased this way may not always result in a refund. Don’t apply for every credit card offered. Agreeing to apply for a store credit card seems like a no-brainer when you are offered 20% off for doing so at checkout. What’s not to like about that? It dings your credit score, for one thing. Applying for a credit card results in a hard pull on your credit report. Signing up for loyalty programs can also be self-defeating because they can maneuver you into excess spending to get more points and perks. Also, loyalty programs can discourage comparison shopping, which could otherwise save you money over time. Don’t focus on monthly payments alone. When making an installment purchase, car salespeople, real estate agents, and other marketers of big-ticket items will often ask you how big a monthly payment you can afford, then stretch the payments out over the maximum period of time to entice you into a larger purchase. But consider the whole cost and how much the interest adds to that total. It may shock you. Also, notice price-anchoring ploys. Retailers often claim a $76 shirt is on sale for $38 — when they never intended to sell it for anything but $38. Abstain from retail therapy! Shopping for fun is a major factor driving consumer debt to a record high. Make a list before you shop, and avoid browsing or shopping with friends. Turning shopping into recreation can easily lead to impulse purchases and spending more than you intended!
Sticky Fig and Pecan Pudding With Toffee Sauce
Inspired by Delicious.com
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At IRS Trouble Solvers, we’re dedicated to helping individuals navigate the complexities of tax debt. Recently, we had the opportunity to assist a 61-year-old widow who was facing a personal tax liability of $32,493.22 for multiple tax years — 2014, 2016, 2018, 2019, 2020, and 2021. Her unpaid federal Form 1040 liability stemmed primarily from income her late husband earned in the years leading up to his passing. The financial burden had become overwhelming for our client, who did not have the means to pay off this debt. Even more frustrating, the IRS denied her initial request for Innocent Spouse Relief, which she had personally prepared, leaving her in a tough spot. Our team thoroughly prepared and submitted Form 433-F, the Collection Information Statement, on her behalf and provided the IRS with the necessary financial details. After several rounds of phone calls and persistent negotiations, we were able to secure the Currently Not Collectible (CNC) status for her case. This means the IRS acknowledged her inability to pay and agreed to stop collection activities, effectively lifting the $32,500 burden from her shoulders. This case exemplifies how, even in the face of difficult circumstances and IRS denials, there is still hope for resolution. Our client’s relief was immense. It’s cases like these that fuel our commitment to helping people find financial freedom from tax debt. WIN OF THE MONTH Innocent Spouse Relief Denied? Here’s How We Still Helped Our Client CASE SNAPSHOT Client: 61-Year-Old Widow Type of IRS Issue: Personal 1040 Form Tax Years in Question: 2014, 2016, 2018–2021 IRS Claimed Liability: $32,493.22 Savings: $32,493.22
re, Save Peace of Mind
Plan charitable contributions. The end of the year is a popular time for charitable giving, as
donations to qualified organizations are tax-deductible for individuals who itemize deductions. To maximize tax savings, consider donating appreciated stock instead of cash. This allows you to avoid capital gains taxes while deducting the asset’s market value. Assess estimated tax payments. If you are self-employed or expect to owe additional taxes, it’s wise to review your estimated tax payments. Ensuring these payments are on target can help avoid underpayment penalties and reduce the financial burden during tax season. Consider making a fourth-quarter estimated payment if you’ve earned additional income or if your tax liability has increased.
Making these tax resolutions can help set you up for improved financial health, effective tax management, and more peace of mind as you close out the year and look ahead to the best year yet!
INGREDIENTS
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3/4 cup unsalted butter, softened 2/3 cup brown sugar
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3/4 cup pecans, roughly chopped
• • • • •
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1/2 cup hot water
2 eggs, beaten
1 tsp baking powder 3/4 cup self-rising flour 3/4 cup dried figs, roughly chopped
Toffee sauce •
1/2 cup unsalted butter 1 cup brown sugar 1/2 cup heavy cream
• •
DIRECTIONS
1. Preheat oven to 350 F. Grease a 6-cup ovenproof bowl and line the bottom with waxed paper. 2. In a large bowl, beat butter, sugar, eggs, baking powder, and flour until smooth. Stir in pecans and figs, then add 1/2 cup hot water. 3. Pour batter into prepared bowl, cover with a circle of waxed paper, then cover tightly with foil. Bake for 50–60 minutes until a skewer inserted into the center comes out clean. 4. For toffee sauce, put butter and sugar in a saucepan over low heat, stirring constantly until the sugar dissolves. Stir in cream and increase heat to medium. Bring to just below boiling, then reduce heat to low and cook, stirring occasionally, for 5–7 minutes until thickened. 5. Turn pudding onto a plate and drizzle with toffee sauce.
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1 New Year, New Goals 2 Spot the Latest Marketing Ploys to Avoid Overspending Set Yourself Up for Financial Health in 2025 3 Sticky Fig and Pecan Pudding With Toffee Sauce Win of the Month 4 Samson and Cleo’s Tail- Wagging Tale INSIDE THIS ISSUE
UNLEASH HIS INNER PUP A PURR-FECT MATCH
HOW A KITTEN HELPED SAMSON
Golden retriever Samson takes his job as a medical service response dog very seriously, maybe even too seriously. For owner Lea Hendy, it became apparent quickly that the loveable giant didn’t know how to dog. On their days off at the dog park, Samson was the odd man out, sitting alone in the corner while the other pups played. It seemed like he couldn’t turn off work mode or form bonds with other dogs.
sprung into excited barks and tail wags. Lea said they were never expecting him to be so excited about his new friend, and the two have been inseparable since.
“It was so heartwarming to see him come out of his shell and immediately form a connection with Cleo,” Lea said.
Samson joined Lea’s family to train as a service dog. When she noticed his seeming lack of social skills with other dogs, she was determined to find a way to bring him out of his shell. Little did she know that a chance encounter with a cat would change everything.
Now, the pair spend every moment they can together, playing, napping, and enjoying each other’s company. Cleo has become an avid adventurer since the family started
taking her on hikes. When the kitty tires out, she takes a ride on her older brother Samson, who looks so proud to be transporting his sister. Cleo, a tiny kitten with a big heart, allowed Samson, a workaholic looking for a friend, to break out of his shell and explore his world in ways his family never thought possible. Now, thousands of people worldwide watch their friendship and adventures on the animal-odd couple’s Instagram page @calvin.andco.
While they were out traveling, Samson spotted a kitten in the window of a building and immediately wanted to play. It was an “aha!” moment that Samson could indeed make deep bonds; it just had to be with the right animal. A couple of months later, they brought home a tiny kitten named Cleo, and the instant friendship surprised everyone.
They gently placed the backpack with the little kitten inside in the middle of the room, and Samson immediately
“It shows that friendship has no bounds,” Lea said. “Anyone can be friends.”
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