2 Self-Employed Professionals Find Major Tax Relief
The clients’ name and personal details in this story have been changed to protect the identity of those involved. However, the tax results are 100% factual.
‘Start With Why’ And Better Business Will Follow “There are only two ways to influence human behavior: You can manipulate it, or you can inspire it.” –Simon Sinek It can often be hard to clearly articulate what you do for a living. That means it can be difficult to explain your vision to potential clients and customers, which then makes it harder to convince them to purchase your product or services. In “Start With Why,” author Simon Sinek illustrates the importance of explaining to others why you do the business you do rather than explaining what you do or how you do it. Sinek argues that when people start figuring out the “why” in what they do, it inspires action from others in a way that discussing the “what” can’t. Talking about the “why” engages emotions; analyzing the “what” is purely logical. When you try to sell something to people based on “what,” you rely on specific manipulations like price and product details. But if you help people understand why you do what you do by revealing the real purpose and intention behind your reasons, you build a sense of trust. This trust leads to loyalty, and loyalty means that person comes back to do business with you and also refers your business to others. This is how businesses grow! • Look backward at the original motivation for starting your business. What specific problem were you trying to solve, and why was it important to you to solve it? • Look outward by asking those around you why they spend time with you or why a customer buys from you. You can learn why people are drawn to you and your business this way. • Look inward by identifying a bigger vision you wish to contribute to. What do you believe in? What really matters to you? “Start With Why” teaches readers how to go about discovering their “why,” then instructs them on how to effectively use that information to help their business. It also helps them unleash their business’s vast potential that has remained untapped until now. Figuring out your “why” is a process of discovery, not invention. In order to discover it, you can turn to three key strategies.
Tax Resolution Story No. 1: Aaron Smart is self-employed. He first called me in September 2016. At the time, he owed the IRS $80,000. He had recently moved to Ohio from New York City to escape the high cost of living, but, as we all know, the IRS will follow you wherever you go. As Aaron settled down in Ohio, the IRS was breathing down his neck. He called me and said he had to do something about it. I looked at his situation and came up with a plan. First, Aaron needed to get current on his taxes, so I started with his 2016 returns to get the ball rolling. With that taken care of, I filed an offer with the IRS in November 2017. The initial offer was to settle the entire $80,000 debt for $100. The IRS took a full year to decide what it wanted to do before countering with this response: No deal. I appealed and the IRS took another year to decide its next move. The appeal department came back with their response: “We’ll settle for $16,000.” I took this to Aaron — $16,000 was a far cry from the original $80,000. Aaron said, “Let’s do it.” In December 2019, the paperwork was finalized, and Aaron happily walked out of his debt paying only a fraction of what the IRS originally wanted! Tax Resolution Story No. 2: Julie Owens, another self-employed professional, came to me in January 2019 with a tax lien of $17,000 filed against her. I went to work looking through her account and past tax returns. Something wasn’t adding up. It turned out that several of Julie’s previous tax returns had been prepared incorrectly. I suggested they go back and redo all the incorrect returns rather than try to settle with the IRS. It made more sense as a good first step. In the end, I amended three years of tax returns and refiled with the IRS.
The end result? The IRS approved the new returns, and it turned out that Julie only owed $646! It goes to show what kind of difference it makes when you work with someone who knows taxes inside and out.
–Toph Sheldon
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