Take a look at our July newsletter!
Reviving the Lost Art of Active Listening Did You Hear That?
“Active listening is crucial for clear communication, but it’s harder to do when you’re emotionally charged, such as when dealing with the IRS.”
Effective communication is more than just speaking: It requires active listening — a concept Ernest Hemingway touched on when he remarked, “I have learned a great deal from listening carefully; most people never listen.” This insight is still relevant today. Many think of communication as speaking and being heard, but that’s only half of it. I’ve found that people often hear without truly listening — there’s a significant difference between the two. Have you ever been in a conversation where you or the other person is just waiting for a chance to respond? They already know what they want to say and are just waiting for a brief pause to jump in. Or perhaps you’ve had to repeat yourself multiple times before
your mood and make you feel important? Active listening benefits all areas of life: In our personal lives, it reduces misunderstandings that could lead to arguments. In education, students can learn and collaborate better. In our communities, neighbors have an improved understanding of diverse cultures, which paves the way for more meaningful connection and empathy. Active listening is crucial for clear communication, but it’s harder to do when you’re emotionally charged, such as when dealing with the IRS. I always advise my clients to let us handle communication with the IRS. Why? People often feel the need to advocate for themselves and become defensive, but this can lead to unintentionally disclosing more information than necessary. We don’t want to give the farm away just because they want to look at the cow, right? In the hustle and bustle of a world where everyone is constantly talking over each other, I’ve found that effective communication often takes a back seat to the need to be heard. Yet, by choosing expression over clarity, we negate the importance of active listening. As World Listening Day approaches on July 18, it serves as a timely reminder to prioritize this skill in our daily interactions. Remember: Wisdom is not knowing what you’re good or bad at — it’s understanding the difference between the two. We need to make thoughtful decisions about how we listen and respond. Instead of simply waiting for our turn to speak, we should truly listen, lower our defenses, and fully absorb each word before crafting a meaningful reply. -Ben Golden
the person finally understood you? These situations are not only frustrating but also disrupt the flow of communication.
For example, if an employee sits down with me and I’m not making eye contact or I’m distracted with something else while they’re talking, then I’m not truly listening. And if I’m not listening to you, effective communication isn’t happening. Effective communication is not just about the passive reception of information but rather an active engagement between people that enhances mutual understanding and strengthens interpersonal connections.
JULY 2024
Don’t we all love being understood? Doesn’t having the full attention of the person you’re talking to boost
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With summer in full swing, many business owners find their children eager to help out at home and in the office. Not only does this provide valuable work experience for the kids, but it also presents a strategic opportunity for parents to reduce their overall tax bill. Paying your children as part of your business can be a beneficial strategy if done effectively! Understand the Tax Benefits The IRS allows business owners to deduct wages paid to their children, as long as the compensation is reasonable for the work performed. For sole proprietorships or partnerships where both partners are parents, wages paid to children under 18 are exempt from Social Security and Medicare taxes. Define Clear Roles and Responsibilities It’s important to assign your children legitimate jobs within your business, and their tasks should be appropriate for their age and capabilities. Common roles for younger children include filing, cleaning, or simple administrative and front desk tasks. Older children can handle more complex duties such as managing WORK EXPERIENCE FOR KIDS DOUBLE TH
Adventure Awaits CRAFT A BUCKET LIST OF FUN ACTIVITIES FOR YOUR KIDS For many parents, the end of the school year begins a long, challenging stretch of unstructured time when children need something to do. Social media personalities are rushing to fill the gap by suggesting activities to inspire parents and kids alike to make the most of their time off. The term “bucket list” was popularized by a 2007 film of the same name. It originally denoted an inventory of experiences or achievements you hope to accomplish before you die. But the idea of figuring out what you want to do in the future is handy at other stages of life, too. Young adults and parents have embraced the term as a tool for planning summer activities. Framing her suggestions as a “summer bucket list,” one YouTuber, Advice by Angel, suggested no less than 70 summer activities, from painting old shoes or taking pictures with a Polaroid to camping on the beach, and included beautiful photos to illustrate each suggestion. Among her more creative suggestions are making Nutella pizza, cliff jumping, and a trampoline sleepover. To get your children involved, one resourceful mom, Amy Pettiford, shows on a TikTok video how she listed about 70 summer bucket list choices on a posterboard in various colorful markers and mounted it on the refrigerator. She suggests checking off activities as you do them and adding the date. Among her entries are making a leaf scrapbook, jumping over waves, painting outdoors, and building a blanket fort. Making and using these lists can teach children some valuable lessons. For example, it can inspire parents and kids to think about how they spend their days. It encourages them to do things they might not otherwise pursue, such as Pettiford’s suggestions to dance in the rain, serve a neighbor, gaze at the stars, or perform a random act of kindness. Some items a parent might add, such as Pettiford’s “go garage sale hopping,” can create an opportunity to teach children how to earn money.
social media accounts, helping with bookkeeping, or customer service. Clearly define their responsibilities to ensure compliance with IRS regulations.
Set Up Proper Documentation To make sure your business complies with tax laws, documentation is
SCRUMPTIOUS STRAWBERRY SHORTCAKE
When fall arrives, your children can return to school with a sense of satisfaction that their summer vacation has been well spent!
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WIN OF THE MONTH Form 941 Liability Problem Solved! CASE SNAPSHOT Client: Contracting Company Type of IRS Issue: Form 941 Liability Tax Year in Question: 2019–2021 IRS Claimed Liability: $299,628.77 Savings: $299,628.77
key. This includes employment agreements, detailed job descriptions, and time sheets. Pay your children through official payroll channels and issue them W-2 forms at the end of the year, just like any other employee. This documentation not only helps in case of an IRS audit but also helps prepare your children for the professional world. Pay Fair and Appropriate Wages Compensation must be reasonable and reflect the market rate for the work performed. Overpaying your kids may raise red flags with the IRS, so it’s important to research typical wages for similar roles in your industry to determine an appropriate pay rate and maintain compliance. Maintain Compliance With Labor Laws Before hiring your children, familiarize yourself with state and federal labor laws regarding child labor to avoid any legal complications. This includes restrictions on working hours and types of permitted work. S AND TAX SAVINGS FOR YOU HE BENEFITS
Hiring your children to work in your business can be a win-win situation. It provides them with valuable work experience and a sense of responsibility while offering significant tax benefits for your
business! The key is to make sure you’re maintaining compliance, being fair, and doing things by the book!
In November 2021, we began working with a contracting company to address their significant tax liability. Over the next three years, we engaged with three Revenue Officers and two Revenue Officer Managers. Despite facing multiple deadlines and having to restart the process each time a new Revenue Officer was assigned, we met every deadline without fail.
INGREDIENTS
• • • • • •
2 cups all-purpose flour 2 tsp baking powder
• • • •
2/3 cup milk
Our diligent efforts paid off when we successfully negotiated a
1/2 cup heavy cream 2 tbsp granulated sugar
1/2 tsp salt
Currently Not Collectible status for the business, ultimately saving
1/2 cup butter, softened 1/2 cup granulated sugar
2 cups sliced fresh strawberries
1 large egg
DIRECTIONS
them the entire IRS- claimed liability of $299,628.77. This
1. Preheat oven to 375 F. Grease an 8-inch round cake pan. 2. In a medium bowl, combine flour, baking powder, and salt. 3. In a large bowl, beat butter and sugar until light and fluffy. Add egg and mix until blended. 4. Gradually add dry ingredients to wet ingredients, alternating with milk, beginning and ending with dry ingredients; mix until blended. 5. Pour batter into prepared pan. Bake for 25–30 minutes or until a toothpick inserted in the center comes out clean. Cool in pan before serving. 6. Whip cream and sugar together until stiff peaks form. 7. Arrange strawberries on top of cake and spread whipped cream over top before serving.
outcome means that the client is not required to
make any monthly payments, securing significant financial
relief for their business! Now they can breathe a huge sigh of relief!
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1 Listen Up! The No. 1 Key to Effective Communication 2 Plan a Special Summer With a Bucket List Get a Tax Break While Your Kids Gain Work Experience 3 Scrumptious Strawberry Shortcake INSIDE THIS ISSUE
Win of the Month 4 Top Jobs for Teens and Students
THE PERFECT SUMMER JOBS FOR TEENS AND STUDENTS Leave the Lemonade Stand Behind
Golf Caddy Business often takes place on the green, and as a caddy, your child will be privy to all of it. In addition to carrying bags, finding loose balls, and giving advice on how to get the lowest score, golf
Few things feel better than cashing your first paycheck. If you want your kids to enjoy the joys of payday while building connections and resumes, then recommend they try to break into some of the best gigs available to teens and students this summer! Tutor From juniors and seniors preparing for college placement tests to college students looking to build up credits over the summer semester, there is no shortage of young people looking for help with their studies. Tutoring can be fairly lucrative to start, with the average salary of a full-time tutor being about $39K per year; it’s an excellent way for young adults to break into a career in education — or just share their knowledge to help others struggling. Pool Cleaner Why not encourage your children to make money while enjoying the summer sun? The neighborhood pool cleaning circuit is abuzz with so many looking to escape the heat. The average pool cleaner salary is around $32,000, with hourly rates varying depending on location and experience. If the work is enjoyable and comes naturally, it may be a great preamble for starting a pool cleaning business.
caddies can also use their time to build valuable connections. The average pay for a golf caddy is around $18 per hour, but one of the best parts of being a caddy is that golfers make great tippers. Regardless of their choice of a summer job, getting out in the sun and making extra cash is a great way to kickstart your kids’ careers or save for college. If your kids have the opportunity to earn work experience, now is the best time to start!
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