Take a look at our June newsletter!
Every Day Is an Opportunity to Build a Lasting Legacy
We are only on this Earth for a short period of time — that’s why it’s so important to make the most of the time we do have. On June 15, we celebrate Worldwide Day of Giving, an important time to appreciate the opportunities
publication ran a headline declaring, “The Merchant of Death Has Passed Away,” referring to him by mistake.
Upon reading the article, the inventor of dynamite was deeply moved. He had originally developed dynamite to aid in construction and mining, not for destructive purposes. In fact, he believed its destructive power would deter its use in warfare. This misrepresentation in the press profoundly changed his perspective on his life’s work. Having no children, he chose to use his fortune to foster a legacy of positive change. He established a series of prizes to be given after his passing, among them the Nobel Peace Prize, named in his honor to promote and recognize efforts toward peace and advancement in various fields. The man was Alfred Nobel. Alfred Nobel’s life reminds us that it’s never too early or too late to begin building a legacy. You can make a difference through generosity with your money, time, service, or skills, regardless of age or wealth. Being intentional, helpful, and thoughtful opens numerous opportunities to assist those in need, whether they require a helping hand or a listening ear. I urge everyone to think beyond family when considering their legacy — how you can impact your community, church, or causes close to your heart. Embrace your passions and utilize your unique talents; don’t let them go to waste. Let’s aim to leave a meaningful imprint in the areas we care about most. At IRS Trouble Solvers, our motto, “Peace, Protection, and Posterity,” reminds us that there’s always a tomorrow. We believe in helping our clients look beyond their current financial obligations to the IRS, reinforcing that debt does not define them. Our goal is to resolve your IRS issues so you can focus on building a legacy that reflects who you are today and who you want to be in the future.
“Embrace your passions and utilize your unique talents; don’t let them go to waste. ”
we have to make a difference and raise awareness for simple acts of kindness.
Part of defining who you are involves the legacy you leave behind. This legacy should encompass more than just your immediate family — it should also reflect your passions and the charitable causes you support. By engaging with organizations that resonate with your values, you ensure your legacy provides a true representation of your life and interests. Have you ever heard the story of the Merchant of Death? In the 1800s, the man credited with inventing dynamite amassed a great fortune from his creation. When his brother died, a French newspaper mistakenly thought it was he who had passed. The
JUNE 2024
Here’s to building meaningful and impactful legacies!
-Ben Golden
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It’s Father’s Day! CHILDREN CREATE UNIQUE DAD’S DAY GIFTS Recently, people have been spending big on Father’s Day, and many wait until the very last minute. Last year, Americans spent a record $22.9 billion on Father’s Day, up nearly 10% from the previous year, according to an industry survey. And more than half of consumers don’t start shopping until the week before Father’s Day, while 3.5% wait until the very last day before the holiday, according to another survey. The second survey also revealed that over 75% of shoppers struggle to think of good Father’s Day ideas. Most settle on outings, clothing, gift cards, personal care items, or electronics. Here are three low-budget ideas you can do with your kids that are sure to charm any dad, offered by What’s Up Moms, a top parenting site on YouTube co-founded by vlogger Elle Walker.
Long days at the lake, tropical vacations, and the smell of sunscreen — summer is here! This time of year is the perfect opportunity for homeowners to take advantage of a lesser-known tax rule, the Augusta Rule. This provision, which gets its name from its use during the Masters Golf Tournament, held in Augusta, Georgia, allows homeowners to rent out their property for up to 14 days per year without having to report the income on their federal income taxes. This can be a great perk, especially during summer and peak travel time! What is the Augusta Rule? The August Rule is a provision under IRS Section 280(A)g of the IRS code that exempts homeowners from reporting rental income if their home is rented out for fewer than 15 days throughout the year. This temporary rental period does not restrict the homeowner to consecutive days, offering flexibility to capitalize on high-demand occasions throughout the year. For those living in tourist-friendly or event-heavy areas, the summer months are a great time to take advantage of the Augusta Rule. Whether it’s a music festival, a sports event, or simply peak tourist season, RENT YOUR HOME T Summer Earnings Wi
homeowners can earn tax-free income by renting out their residence. This can be particularly enticing if you want to offset the costs of your summer vacations or boost your income without long-term commitments to tenants.
Interview Cards If your kids are preschoolers, have them answer questions about their father and record their answers on notecards. Things like, “How old do you think Daddy is? 100? What is one thing Daddy says? What does Daddy do for work? Why do you love Daddy?” The simplicity and innocence of your children’s answers will warm Dad’s heart more than any store-bought gift ever could. Shopping Spree Give each child $10 to pick out something for Dad, all by themselves, then take them to the nearest big-box store. Walker’s youngsters came up with a mirror, a pair of swim trunks, and crib sheets, and they clearly loved being empowered to make choices. Photos From a Kid’s Perspective You may be surprised at some of the angles children choose and the tender moments they capture, “even if they’re not wow-worthy,” Walker says. Her daughter caught a captivating shot of her husband, Ross, napping with their preschool son resting on his shoulder.
Sheet Pan Shrimp Fajitas Inspired by DamnDelicious.net
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Our journey with this client began through a referral from his accountant, who had prepared his 2012 Form 1065, Form 1040, and Illinois individual tax returns. Upon review, Ben Golden quickly identified a pivotal opportunity: The client, operating in a standard partnership, was eligible for a Joint Venture Election. This strategic move allowed them to report via Schedule C on their personal returns, rather than filing as a partnership. This insight spared the client $40,000 in penalties accrued from previously late-filed Form 1065s. Leveraging the IRS’s six-year rule and state amnesty programs, we streamlined the process to file only the most recent four years of state returns and six for federal returns. The state’s amnesty program further eliminated penalties associated with these filings. Ultimately, we negotiated a full-pay installment agreement with the IRS, reducing the client’s anticipated tax liability by an impressive 87%. The state tax obligations were settled in full. This comprehensive approach not only rectified past oversights but also fortified the client’s financial future. CASE SNAPSHOT Client: Embroidery Business Owner Type of IRS Issue: Business and Personal Tax Tax Year in Question: 2012–2022 IRS Claimed Liability: $248,235 (IRS) and $27,709.00 (IL) Savings: $216,820.25 (IRS) and $17,844.00 (IL) WIN OF THE MONTH Joint Venture Election Solves Problem
ith the Augusta Rule
TAX-FREE!
Before you jump on renting out your home, here are a few considerations to consider:
• Local Laws: Check with your city or
homeowner’s association to ensure short-term rentals are allowed. • Insurance: Review your
homeowner’s insurance policy to confirm that short-term rentals are covered. • Market Prices: Research rental rates in your area to competitively price your home. • Property Readiness: Make sure your home is guest-ready, which may involve some cleaning and storing personal items securely. Proper planning and consideration of legal and insurance implications are part of a smart financial strategy for enhancing summer earnings without the burden of additional taxes. For
any questions surrounding the August Rule, please contact us today! We are happy to help!
DIRECTIONS
INGREDIENTS
1. Preheat oven to 400 F and line a baking sheet with parchment paper. 2. In a small bowl, combine chili powder, cumin, paprika, garlic powder, salt, and pepper. 3. Place bell pepper and onion on the baking sheet. 4. Drizzle evenly with 2 tbsp of olive oil and sprinkle with the chili powder mixture; reserve some for shrimp. Bake for 12 minutes. 5. Remove sheet pan from oven and push veggies to one side. Add shrimp to the empty side. Drizzle with 1 tbsp olive oil and spices. Return sheet pan to oven and bake for another 6 minutes, until shrimp are pink. 6. Serve on warm tortillas with desired toppings.
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2 lbs shrimp, peeled and deveined 2 bell peppers, sliced
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1 onion, sliced 3 tbsp olive oil
2 tsp chili powder
2 tsp cumin
1 tsp smoked paprika 1 tsp garlic powder
Salt and pepper, to taste
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Tortillas
Topping Options •
Sliced avocado
• • •
Salsa
Sour cream
Chopped cilantro
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1 Define Your Legacy Beyond Family Ties 2 3 Easy Father’s Day Ideas INSIDE THIS ISSUE
Use the Augusta Rule to Boost Your Income This Summer
3 Sheet Pan Shrimp Fajitas
Win of the Month
4 Tips for Affordable Grocery Shopping
YOUR GUIDE TO FRUGAL GROCERY SHOPPING Eating Well on a Budget
Tortillas Tortillas come in
Are you tired of spending more money on fewer ingredients? You are not alone. While prices for most consumer goods have increased, food costs have increased even more. Grocery prices have increased by 25% since 2020, outpacing inflation by 6%. By buying food that costs less, lasts longer, and feeds more people, you can keep your grocery bills manageable while still eating well. Look for these foods at the grocery store to keep your wallet and pantry full! Ground Meat Whether it’s chicken, beef, turkey, or pork, ground meat is cheap and usable in many recipes. In addition to a range of options to meet dietary restrictions and preferences, ground meat is sold in larger quantities and costs less than many other forms of meat. Despite not being a “prime cut” option, ground meat is still full of protein that satisfies your hunger. Peanut Butter While everyone loves peanut butter and jelly sandwiches, this inexpensive ingredient can also be used in a number of other recipes. It can be used as a delicious protein additive to smoothies or spread on celery to make ants on a log.
two main varieties: corn and flour. The former is more traditional and less expensive, but if you prefer flour, it’s still an
economical option. While you can buy pre-cooked tortillas, the flavor is much better when you cook them yourself. If you buy in bulk, you can save the tortillas you aren’t ready
to use by freezing them, allowing you to save more and only use what you need. Tortillas are also used by astronauts as a substitute for bread since they don’t leave crumbs when you eat them. If they are good enough for astronauts, they’re good enough for us!
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