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Don’t Let Your Taxes Spook You
“THE INTERNAL REVENUE SERVICE (IRS) IS THE WORLD’S MOST FEARED CREDITOR.”
Shedding Light on the IRS
Remember, their goal is communication. While the IRS is responsible for enforcing tax laws, it also aims to foster clear communication with taxpayers. If you receive a notice or communication from the IRS, this doesn’t mean you’ve done anything wrong. In most cases, it’s a request for more information, notification of a law or policy change, or an update.
Halloween is almost here! While witches, monsters, and zombies put your bravery to the test this time of year, the most feared three letters in the alphabet are I-R-S. The Internal Revenue Service (IRS) is the world’s most feared creditor, and for many, when they hear anything about the IRS, the hair on the back of their necks stands up.
Understand the process. Fear often stems from the unknown. By educating yourself about the tax
Do you need help with your taxes? Do you
While taxes and audits can be intimidating, I’m here to tell you that there is no reason to fear the IRS. Did you know that roughly 67% of audits conducted by the
process, deductions, and your rights as a taxpayer, you can simplify the process and ease anxiety surrounding the IRS. In addition to
owe money to the IRS? Do you need clarification on a letter you received from the IRS? Contact our tax resolution specialists today! We are ready to help! Call us at 630-832-6500.
the IRS website, tax professionals, such as ourselves, are here to provide accurate information, so use us as a resource!
IRS go unanswered by the taxpayer? Because
You always have options.
many people have a negative perception of the IRS and don’t understand their position, when they receive a letter from them, many get
If you ever encounter an issue with the IRS, know there are avenues for resolution.
Our tax resolution specialists have successfully resolved tax problems for companies and individuals since 1991. We have the knowledge and experience to help address your tax matters, but if you don’t open up that letter, we can’t help! While dealing with the IRS is like going to the dentist — it’s never fun — with us on your side, there will never be anything to fear. Don’t forget that behind the scary three letters are people just like you and me trying to do their jobs. Don’t let fear stand in your way of stopping a problem in its tracks before it gets larger than it should be! -Ben Golden
nervous and tuck it away in the drawer of their desk, sometimes unopened. After a few months, the IRS changes their taxes and tacks on interest, and the taxpayer winds up owing a large sum of money without even realizing it — all because fear gripped them, and they chose to ignore it.
OCTOBER 2023
If you take any advice from me, it should be this: Don’t fear the IRS!
Here are a few reasons to let go of your fear of the IRS.
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S CORP, C CO
Here come the scary decorations, pumpkin carving, trick-or-treating, and spooky costumes because Halloween is just around the corner! These traditions are what make Halloween fun and exciting year after year. However, did you know that jack-o’-lanterns come from an Irish legend or that trick-or- treating comes from a historical ritual called “souling”? The Origins and Legends Behind Your Favorite Traditions Let’s Unmask Halloween:
INNOCENT SP A Lifeline for Unexpe
When you say “I do,” you aren’t only promising to share love and companionship with your partner until death do you part, but you also agree to be honest and open when sharing financial and tax obligations. However, sometimes, a spouse may face unexpected tax liabilities due to their partner’s actions (or non-actions). That’s where innocent spouse relief comes into play — it provides relief for a spouse who unknowingly or mistakenly signed a joint tax return with a partner and later incurred penalties, liabilities, or interest. Here’s what you need to know about the financial protection and peace of mind that innocent spouse relief offers. Innocent Spouse Relief in a Nutshell Innocent spouse relief is a provision put into place by the IRS that relieves taxpayers from the tax liability resulting from errors or omissions made by their spouse or former spouse on a jointly filed tax return.
As we prepare for Oct. 31 activities, here are some fun facts you might not know about Halloween!
Halloween is based on a Celtic festival. Samhain, a pagan festival held from Oct. 31 to Nov. 1, celebrated both the harvest and the “dark” second half of the year. During this celebration, it was believed the barrier separating the spirits from the physical world would come down, allowing demons to enter and the spirits of all who passed away that year to move on to the next life. ‘Stingy Jack’ helped evolve jack-o’-lanterns. The Irish myth of a man named “Stingy Jack” goes like this: Stingy Jack invited the devil for a drink, and because he didn’t want to pay, he convinced the devil to turn into a coin so he could buy their drinks. However, instead of paying, he placed the “coin” next to a cross in his pocket that prevented the devil from returning to his original form. Once he freed the devil, Stingy Jack continued to trick him. When he died, God turned away Stingy Jack with only coal to light his way, so he placed the coal in a carved-out turnip to create a lantern. From there, people slowly transformed his “lantern” into the modern-day jack-o’-lantern! Candy corn was once called chicken feed. Candy corn, which the Wunderlee Candy Company began producing in the late 1880s, is an extremely popular Halloween candy. In fact, today, about 35 million pounds of the candy are sold each year! When the Goelitz Candy Company brought it to the masses at the turn of the century, they called the sweet tricolored candy “Chicken Feed” because so many people worked on farms at the time. Their early ads exclaimed, “Something worth crowing for!”
To qualify, these criteria must be met:
Joint Return
The erroneous item must have been
reported on a joint tax return. If the couple filed separately, they are not eligible for this relief.
Homemade Pumpkin Spice Latte Inspired by AmbitiousKitchen.com
Now you know! Happy Halloween!
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ORP, OR LLC POUSE RELIEF ected Tax Liabilities Tax Understatement
The amount of tax reported on the joint return must be less than the correct amount.
Lack of Knowledge The innocent spouse must demonstrate they did not have knowledge of the incorrect item or tax understatement when the return was filed. It should be noted that the IRS will deny innocent spouse relief if it is discovered that the innocent spouse knew about this false information before filing. Timing All claims for this relief must be filed typically within two years of the IRS’s first collection attempt. Under certain circumstances, the deadline may be extended.
WIN OF THE MONTH Measure Twice, Cut Once!
If you or someone you know is struggling with this situation or a similar complication, we are able to evaluate your situation, discuss your options, and walk you through the process of filing
for innocent spouse relief. Give us a call today — we are just a phone call away!
INGREDIENTS
CASE SNAPSHOT Client: Software Builder Type of IRS Issue: Personal Income Tax Tax Year in Question: 2014 IRS Claimed Liability: $74,798.92 Savings: $47,004.00
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2 shots espresso (or 1/2 cup freshly brewed coffee)
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1 tsp pumpkin pie spice
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1 tsp vanilla extract
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1 cup milk of choice
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Whipped cream for topping (optional)
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3 tbsp pumpkin purée
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1–2 tbsp maple syrup
DIRECTIONS
Our client came to us in desperate need of a payment plan. They owed the IRS $74,798.92 for income taxes from 2014. As always, we first completed an investigation before seeking a resolution. Upon review, we discovered that the IRS had filed a substitute filed return for that year and had not included any business expenses. We were able to file a proper 2014 tax return for the client, and after it was processed, we achieved a savings of 62.84% for our client! That’s why we always do an investigation first! Whether you are building houses, software, or a case with the IRS, it’s sage advice to always measure twice and cut once!
1. In a small pot on medium heat, heat milk until simmering but not boiling.
2. Make your espresso (or coffee) and pour into a large mug or Mason jar. Add pumpkin purée, maple syrup, pumpkin pie spice, and vanilla and stir until well combined. 3. With a milk frother, froth the heated milk until foamy. Then, pour into your pumpkin espresso mixture and top with whipped cream. For decoration, you can sprinkle more cinnamon or pumpkin spice on top!
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100 S. York Road, Suite 214 Elmhurst, IL 60126 www.IRSTroubleSolvers.com 630-832-6500 | 877-4-IRSLAW
INSIDE THIS ISSUE
1 Tackle Your Tax Fears 2 Halloween’s Haunting History
Innocent Spouse Relief — A Life-Saver
3 Homemade Pumpkin Spice Latte
Win of the Month 4 Money for Nothing: Creative Passive Income Ideas
Effortless Earning: UNIQUE PASSIVE INCOME STRATEGIES
Who doesn’t want free money? That dream is what makes a passive income stream sound so appealing. In truth, virtually every passive income option involves some work, and few make you rich. But your options for extra cash are also much more plentiful than investing in property or the stock market. Here are some creative opportunities you may not have known existed.
to connect with people willing to rent your car or store items on your property. Even tools or sporting equipment could be potential money in your pocket.
Drive a Billboard This idea is perfect for anyone who does a lot of driving. Websites like Wrapify will potentially pay you several hundred dollars monthly to cover your car in an advertisement. The program uses GPS, so the more you drive in high-traffic areas, the more you earn. If you don’t mind looking slightly silly to your friends, this passive income stream allows you to make money without extra work.
Utilize Affiliate Marketing Do you regularly recommend products or services to your family and friends?
There may be a way to make money from that. Affiliate marketing allows you to create unique product links tied to your identity. If enough people purchase the item after clicking your link, you receive a small percentage of the sales. Amazon’s affiliate program is probably the most accessible to most people, but countless other brands offer them too! Rent Your Property You don’t need an investment property to make money on the things you already own. Renting out a spare room can earn additional income if you’re willing to share your space. Websites also exist that allow you
Sell Stock Photography If you take photos everywhere, you could be missing out on extra money. Multiple stock photography sites like Shutterstock or Foap allow you to upload your images and sell them as stock photographs. Best of all, once your pictures are on the website, your work is done. This passive income stream only requires a bit of creativity and well-planned images. But it’s worth a shot if you have a decent eye and use your camera often.
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