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AND THE ART OF BEING THANKFUL An Attitude of Gratitude
The holiday season is upon us! As temperatures drop, sweet treats bake in the oven, and our hearts fill with thankfulness. We are approaching Thanksgiving, the holiday of giving thanks! Being grateful and being thankful are two very similar yet different things — let me explain. I’m a firm believer that if you first practice an attitude of gratitude and take the time to really wholeheartedly appreciate the many blessings in your life, then you can be thankful.
this point. By practicing gratitude, we can avoid depressive states, overcome stress and anxiety, and even feel happiness and bliss in our lives while being truly thankful for all the good we enjoy. Here at IRS Trouble Solvers, our core value and ultimate goal is to help others — it’s a passion we all share and take pride in. But, in order to truly help another person, you must first empty your cup into others. It’s not really losing something; it’s making room for another opportunity to give. Be grateful for the empty cup so you can fill it again to help others, and in turn, feel thankful. This Thanksgiving and holiday season, I urge us all to take some time to reflect on all we are grateful for. After another tough year, it’s easy to forget all the blessings that surround us — especially the little things. Take time to appreciate the smile from a stranger, the door someone held open for you when your hands were full, the encouraging words from a coworker, and the homecooked meal from your spouse. Remember there is always someone less fortunate than you, and so many people made sacrifices so you and others can sit where you do today.
In today’s world, many of us get caught up in the hustle and bustle of our daily lives and tend to forget the little things that ultimately mean so much: food on the table, clean water to drink, relationships with others, unconditional love from our family, and the opportunity to work and be successful. Because so many people are overworked, stressed, and often riddled with anxiety, depression is common among Americans. In the U.S., Americans do pretty well when considering income — and because we are so busy, it’s easy to forget how many blessings we have and the sacrifices others made for us to get to
NOV 2022
I wish each of you a happy, merry, and bright holiday season. From my family to you and yours, happy Thanksgiving! May you find gratitude and let it translate to thankfulness! After all, it’s the season of thanks and giving! WWW.IRSTROUBLESOLVERS.COM -Ben Golden
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Your Actions Today Can Make S CORP, C CO MAKE TAX M
As we prepare for our Thanksgiving feasts, Thursday night football games, and Black Friday shopping, take some time to show gratitude for those around you and for what you have. Here are a few ways to practice gratitude this month. Appreciate everything. Get into the habit of being grateful for the little things in your life. It can be easy to acknowledge the “big” things, but nothing is too small to be thankful for. You can be grateful the weather is nice and sunny, that you received the package you’ve been waiting for, or that you got out of bed today. Don’t leave out anything when practicing gratitude. Practice mindfulness. Mindfulness is the ability to be fully present and aware of what’s happening around you. So, instead of being overwhelmed by what you need to do tomorrow or next week, focus on the present moment and enjoy the time you spend solo or with your loved ones. Live in the moment and take one day at a time. Tomorrow will surely come, and you only have a limited amount of time in the present. Celebrate your challenges. Sometimes struggles and battles in our lives can weigh us down. But when you persevere and continue to push forward, you will find success. Challenges help you improve your abilities and resilience, so celebrate the progress you’ve made. Showing gratitude for challenges and negative experiences allows us to acknowledge humility and appreciate growth in our lives. THANKSGIVING IS ABOUT MORE THAN FOOD It’s About Showing Gratitude
The end of the year is busy! With the holidays, gatherings, work deadlines, and prepping for the new year, taxes may be the last thing on your mind. After all, you don’t have to file until April, right? Right … and wrong! Many changes and tasks can make a significant difference when you file your taxes next year. For many of them, Dec. 31 is the deadline, so let’s take a look! Defer your income. Your income is taxed the year it is made, but if you can pay it down the road instead — why not? Salary and wage income are not easily
deferred, but taxes on year-end bonuses can be postponed to the following year if they are
paid the next year. For those who are self-employed or contracted, delaying billings until late December can help ensure you are paid (and taxed) in 2023. Note: You should only defer income if you will not be entering a higher tax bracket next year.
Make charitable contributions. Qualified charitable contributions are a
Roasted Pork Loin With Apples
Inspired by MomFoodie.com
Keep a journal. Writing down the things you’re grateful for will remind you of all the great things you have when other things aren’t going so well. So, keep a journal about what you’re grateful for each day or week — even if it’s just small
things at first. Your perspective on life will change, and it will get easier to see the good things and to feel grateful for things you were likely overlooking. Showing gratitude is something we should do every day, all throughout the year — not just during the holidays. So, try to practice mindfulness and gratitude using these tips! Happy Thanksgiving, everyone!
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e a Difference Next Tax Season ORP, OR LLC MOVES EARLY
WIN OF THE MONTH SOFTWARE ISSUES CREATE HAVOC FOR CALIFORNIA CLIENT
significant tax deduction if you itemize your taxes. Take a look at the maximum you can donate to charities tax-free! Review your retirement account contributions. Maxing out your IRA, 401(k), and other retirement accounts is one of the best ways to invest! This year, those with a 457 plan or 401(k), or who participate in the government’s Thrift Savings Plan can contribute up to $20,500.
CASE SNAPSHOT
Client: W2 Employee From California Type of IRS Issue: Unsubstantiated State Claim Tax Year in Question: 2017 IRS Claimed Liability: $85,941.81 Savings: $85,941.81
Check your withholdings. To avoid surprises when tax season rolls around, check your W-2 withholdings to ensure you’ve been withholding the correct amount of taxes. If you need to make adjustments, you can do so through your employer.
People are busy, right? When tax season comes around, you pay a visit to your accountant and drop off your documents. A little later, you return, sign your documents, and you are all set — except for when you aren’t!
Don’t forget to prepare for the upcoming tax season during this busy holiday season! For any questions or concerns, we are here to help. Give us a call today!
Our client, a W2 employee from California, came to us confused and terrified! The client had a tax bill from Pennsylvania, and the IRS wanted $85,941.81.
Prior to coming to IRS Trouble Solvers, the client revisited his accountant to see what had happened and why this enormous tax bill was coming out of Pennsylvania. After looking into it, the accountant realized that when working on the client’s returns, there was a glitch in the system. When the accountant reported the client’s investment income, it erroneously showed the clients as Pennsylvania residents. While the accountant had been putting forth some half-hearted efforts to fix the situation, too much time had elapsed. Thinking he had no other option, the client paid the balance due. But he was still baffled about why he had to pay that tax and decided to hire us to see if there were any other options available to him. Our first step was to file for an appeal, which was denied because it wasn’t timely filed. Per Pennsylvania, the case was closed. We were also informed the tax return we were presenting was not what was submitted to the state of Pennsylvania. After securing the correct return, we went to work. We decided to take a different, more unconventional approach — we reached out to the elected officials. A kind staff member felt a sense of responsibility and assisted us as we navigated the Pennsylvania tax system. They indicated that we could file for a Petition for Refund, essentially challenging the assessment. After securing our appeal hearing, we set to work and provided documentation proving our clients were residents of California, not Pennsylvania. After providing the tax return and the supporting documents, the state of Pennsylvania had no choice but to refund the full assessment, thus saving our client the full $85,941.81! What a win!
INGREDIENTS
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4 lbs pork loin
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2 red onions 3 garlic cloves
2 tsp garlic powder 2 tsp salt, divided 1 tsp black pepper
1 tbsp brown sugar
2 tbsp olive oil 2 tsp cinnamon
8 apples
3 tbsp butter, softened
DIRECTIONS
1. In a large bowl, season pork loin with garlic powder, 1 1/2 tsp salt, and pepper, then cover and place in refrigerator for 30 minutes. 2. Preheat oven to 425 F. 3. Slice apples and onions, then chop garlic cloves. Season with brown sugar, olive oil, remaining salt, and cinnamon. 4. In a 9x13-inch baking dish, place a layer of apples and onions in the pan, put pork loin on top, then place remaining apples and onions around it. 5. Break butter into small pieces and place them on the pork loin and apples. Place dish in oven and let it bake for 15 minutes. 6. Reduce the heat to 350 F, then continue to bake for 60 minutes. 7. Remove dish and stir apples and onions. 8. Increase heat to 450 F, put dish in oven, and roast for an additional 8–10 minutes.
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1 Practicing an Attitude of Gratitude 2 It’s National Gratitude Month! Actions to Take Now to Reduce Your Taxes Later Roasted Pork Loin With Apples 3 Win of the Month 4 3 Financial Lessons Learned From Thanksgiving Dinner INSIDE THIS ISSUE
SAVE ROOM FOR GOOD FOOD AND FINANCES PREPARING DINNER IS A LOT LIKE FINANCIAL PLANNING
Develop a plan. Like any other social gathering or event, Thanksgiving dinner requires some planning. You will need to find the recipes ahead of time, check to see which ingredients you have or don’t have, and be sure to have enough space for all your guests. Similar to finance, developing a plan allows you to put aside the money you need for your event while saving enough money for other expenses. Improvise when necessary. Life is unpredictable, and things don’t always go according to plan. But sometimes, you just have to wing it and make the most out of the situation. Let’s say you forget an ingredient, but the stores are already closed. What should you do? You may consider using a different ingredient as a
Are you hosting Thanksgiving dinner this year? From planning grocery lists, cooking meals, and decorating, you may find some parallels to financial planning along the way. Consider the following financial lessons you may encounter this year while cooking Thanksgiving dinner! Create a budget. Thanksgiving dinner is one of the most expensive meals of the year, so most people need to budget for ingredients before going to the grocery store. It’s essential to determine the number of people attending your dinner to get a better sense of how much you’ll need to spend. This task alone is a prime example of building a financial budget — by determining how much you will need to spend ahead of time, you can give yourself more time to save.
substitute or run next door to ask a neighbor if they have what you need.
Whatever the situation may be, learning to utilize your resources proves to be essential when things don’t always go your way. There are several valuable takeaways from this holiday season: Just like how the main course can change each year, your financial planning goals can always evolve too!
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