Take a look at our October newsletter!
The Reality Is Less Frightening Than You Think — We Can Help IRS Fears?
“Taking no action in the face of fear is the worst thing you can do.”
In life, we all have fears — whether it’s spiders, snakes, heights, or even the IRS. Every Halloween, we have fun with some of these harmless fears and enjoy spooky movies and haunted houses. But after Halloween comes and goes, our real fears stick around. Here’s the thing about fear, though: Around 80% of the things we worry about are beyond our control! We can’t do much about them. Fear has been described to me in two ways. One analogy compares fear to a lake: From the shore, it appears vast — stretching a mile long and a mile wide — but in reality, it’s only an inch deep. This illustrates how perception and reality often differ. In many cases, what we imagine can feel far more overwhelming than the reality itself.
People automatically fear that the IRS is going to come and take their house. While it’s true that the IRS has the authority to do this, the reality is quite different. In recent years, there have only been around 200 property seizures annually, compared to over 10,000 in 1998. This fear shouldn’t hold you back from getting your financial affairs in order and staying on track. I’ve also heard fear described as something that seems massive — like a wall a mile high and a mile long, impossible to see around. You think you’ll have to climb over it or go through it, but what people don’t realize is that it’s only paper-thin, and you can push right through. While it may seem overwhelming, the reality is that it can be overcome, though sometimes you might need a little help. And that’s where we come in. Taking no action in the face of fear is the worst thing you can do. It’s often not as bad as you imagine. Especially when dealing with the IRS, it’s important to move forward and go through the process. Don’t let fear stand in the way of the journey that will lead you to the three P’s we stand for at IRS Troublesolvers — Peace, Protection, and Posterity. Fear can destroy your future. It can blind you to the light at the end of the tunnel, even when it’s there, waiting for you. If you don’t take the first step, you’ll never reach that light. Starting is the only way to move toward a better outcome. Don’t let fear hold you back — take the first step today. Give us a call, and we’ll guide you through the process with care and expertise. We’re ready to help you find peace, protection, and a clear path forward. Your brighter future starts with one simple call! -Ben Golden
OCT 2024
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THE ANTICS OF COURT JESTERS Medieval Mischief- Makers
DON’T GET IDENTIFYING AND AVOIDIN
As you know, tax scams are becoming more and more common, and scammers are getting more sophisticated in their efforts to trick people into giving up sensitive information or making payments. It’s important to be aware of the signs and know how to protect yourself. Here’s what to look for and what to do if you suspect you’re the target of a tax scam.
What to Be on the Lookout For A Large Payout
If a tax offer promises an unusually large refund or payout, be cautious. Scammers often lure victims by offering tax credits or deductions that sound too good to be true. After all, if it sounds too good, it probably is.
Urgent Requests or Threats Scammers may claim you owe taxes and must pay
When we think of court jesters, we often picture colorfully clad figures in pointed hats dancing and jesting for the entertainment of royalty. However, these medieval performers’ roles and responsibilities were far more complex than today’s caricatures. The Origins of Court Jesters We can trace the court jester’s roots to the comedic actors of ancient Rome. As the Roman Empire cracked down on these outspoken performers, many became traveling entertainers, sowing the seeds for the Middle Ages and Renaissance court jesters. Historical references to these “fools” became more common between the 12th and 15th centuries, with the term “jester” gaining popularity in the 15th and 16th centuries. Jesters: Entertainers and Advisors While the jester’s primary role was to entertain royalty through stories, music, acrobatics, and flatulence, they were also often highly intelligent advisors. Jesters could critique political decisions and social norms under the guise of humor, providing valuable feedback to the nobility. They even accompanied soldiers to the battlefield, distracting the enemy and delivering dangerous messages. The Evolving Jester By the 17th century, as live theater was booming, jesters began transitioning from court entertainers to professional actors and comedians. Figures like Richard Tarlton, the beloved jester of Queen Elizabeth I, became renowned performers in their own right. As jesters found fame outside the court, they paved the way for generations of comedians, satirists, and performance artists. Though the court jester institution largely died out by the 18th century, the legacy of these multifaceted performers lives on. From Shakespearean fools to modern stand-up comedians, the spirit of the court jester continues to entertain, provoke, and enlighten audiences. So, the next time you see a fool in a pointy hat, remember the rich history and complexity behind this enduring archetype.
immediately to avoid legal action, or they may demand payment in a specific way like gift cards or wire transfers.
The IRS does not operate this way, so any urgent request for immediate payment is a red flag.
Grammatical Errors or Misspellings Official IRS communications are
professional and do not contain errors. Be suspicious of emails or messages
SPICED PECAN PIE BARS Inspired by DamnDelicious.net
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WIN OF THE MONTH From $49K IRS Debt to Freedom CASE SNAPSHOT Client: Independent DJ Type of IRS Issue: Personal/Business 1040
T TRICKED NG COMMON TAX SCAMS
containing misspelled words, poor grammar, or awkward phrases. These can be signs the communication is fraudulent.
Attachments, Links, or Odd URLs Always check URLs carefully — if it’s not from IRS.gov, don’t click it. Trusted IRS links always direct you to the official IRS website.
What to Do Verify It’s Really the IRS
If you receive a communication claiming to be from the IRS, double- check its authenticity. You can visit IRS.gov for tips or call the IRS directly to confirm if they are reaching out to you. Protect Your Information One way to safeguard your personal data is to get an Identity Protection PIN (IP PIN). This six-digit number adds extra
Tax Year in Question: 2012–2022 IRS Claimed Liability: $49,015.02 Savings: $49,015.02
protection to your tax return and makes it harder for scammers to file fraudulent returns in your name.
Report Scams If you’ve been scammed or someone has attempted to scam you, report it. Visit IRS. gov to find the appropriate channels for reporting tax scams and suspicious activity.
In a recent case, a client came to us after facing years of tax difficulties that had accumulated from 2012 to 2022, resulting in a substantial IRS-claimed liability of $49,015.02. As a small-business owner operating as a sole proprietor (Schedule C), the client’s situation was further complicated by past filing errors and difficulties with several accountants. The client, a DJ, encountered these tax issues when an accountant mistakenly set up the wrong entity type, leading to inaccurate tax filings. The client’s original accountant, who had moved out of state, was able to rectify these mistakes, preparing and filing the correct returns. However, by then, the IRS had initiated collection actions, adding stress to an already difficult financial situation caused by COVID-19 shutdowns in the entertainment industry. We were able to step in and resolve the tax debt by securing “Currently Not Collectible” (CNC) status for the client. The CNC status halted IRS collections, providing immediate relief. Although some delays occurred with the IRS processing all the necessary returns, we persisted and submitted a second CNC request to ensure the client’s full protection. Ultimately, we were able to eliminate the $49,015.02 liability. This case underscores the importance of having the right team to navigate complex tax situations and find solutions that work, even in the most challenging circumstances.
INGREDIENTS
Crust •
Filling •
3 cups all- purpose flour 1 cup cold unsalted butter, cubed
4 eggs
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1 tsp ground cinnamon 1/2 tsp salt
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1 cup corn syrup 2/3 cup packed light brown sugar 1/2 cup honey 1/4 cup all- purpose flour 1/4 cup melted butter
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1/2 tsp ground ginger 3 cups chopped pecans
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3/4 cup powdered sugar 1 tsp salt
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1. Preheat oven to 350 F. Use baking spray to grease a 13x9-inch pan before lining with parchment paper. 2. In a food processor, blend crust ingredients until a crumble forms. Press mixture into pan. Bake until light golden brown, about 20 minutes (crust will have cracks). 3. In a bowl, whisk all filling ingredients (except pecans) together until smooth. Stir in pecans and pour over crust. Bake until set, around 30 minutes, then let cool completely in pan. DIRECTIONS
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1 It’s Time to Take Control of Your Financial Future 2 Tracing the Court Jester’s Origins INSIDE THIS ISSUE
Key Warning Signs of a Tax Scam
3 Spiced Pecan Pie Bars
Win of the Month 4 Not-So-Secret Strategies Rich People Use to Get Richer
SMART SACRIFICES MASTERING MILESTONES ON THE ROAD TO RICHES
Save up an emergency fund. If you can, set aside $2,000 as a safety net immediately. After paying off any high-interest debt, build that fund to cover 3–6 months of expenses. Stash it in a high-yield savings account so it will keep working for you while you pursue other goals.
Increase your earnings. If you don’t have money, you must work to get it. It may not be fair that some people work three or four jobs to meet their goals, but it’s better than staying stuck. You also may have to invest in gaining new skills to increase your income.
People who struggle financially cite some common reasons: low pay, credit card debt, high housing costs, inflation, too much retail therapy, etc. Few realize that by setting goals and making the sacrifices required to achieve them, they could join the ranks of those who live comfortably with ample savings. Here are five proven steps for making your money work for you. Pay off high-interest debt. You must stop the bleeding from costly credit card debt. One of the best strategies is the avalanche method, which entails paying off your highest- interest debt first to save the most money on interest. Another method, the snowball approach, requires paying off the smallest debt first, then redirecting that money to pay off the next largest debt. This method saves less money in interest but offers more immediate gratification.
Invest your savings. Start investing any new savings for higher returns. Avoid speculative plays such as cryptocurrency or individual stocks. Instead, do some research on index funds, exchange-traded funds, bonds, or certificates of deposit with solid track records.
Take charge. Clinging to a victim mentality
is self-defeating. Thinking positively isn’t enough to make you rich, but it will open up new opportunities you couldn’t otherwise have imagined and help you stick to your goals. Once you have mastered these secrets of the rich, start working toward your own milestones. The lifelong rewards will be more than worth the effort!
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