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MARCH 2018
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ST. PATRICK’S DAY MEMORIES Why March Is a Special Time of the Year
March is a great time of year for me. As a Chicago native and St. Patty’s Day fanatic, it’s always fun to watch the river turn Kelly green and celebrate with my friends and family. And just to top it off, March brings back memories of the day Teresa and I met, and also of the births of our sons, Jake and Joey. I have lived downtown for most of my life. Back in the day, Chicago hosted the St. Patrick’s Day parade on the actual holiday, and my family attended every year. We started the celebration right by the river at the 300 Marina Club so we could watch them dump the dye into the water, and then we would make our way to Deerhorn Street to watch the parade. Mostly, I just watched the parade from the sidelines, but there were a few times I participated, as well! One of my fondest memories of St. Patrick’s Day is of my co-host and nephew, Jimmy, when he was a little kid. My brother and I took him down to watch the parade, and we were having a great time watching and catching candy for Jimmy. Then Jimmy started marching with some group that was passing by, and when I asked them what they were doing, Jimmy said, “I’m joining the parade!” Not wanting to be left in the dust, I started marching with them too. It was great fun to wave to all the onlookers and pretend like we belonged with the rest of the marchers.
If you’ve been reading the newsletter since the beginning, you will know that St. Patrick’s Day is special to me for another reason: It is the day Teresa and I had our first date. We had known each other from the medical center when I was rehabbing my back injury, and she was a nurse. After I had recovered, we ran into each other in a bar on St. Patrick’s Day and ended up spending the whole day together. That may have been the day we fell in love. So when I celebrate St. Patrick’s Day, I am celebrating Teresa, too. Finally, I would like to wish a special happy birthday to my sons, Jake and Joey, who were born on March 17 (St. Patty’s Day) and March 19 (St. Joseph’s Day). I love you boys so much. Happy birthday!
"It was great fun to wave to all the onlookers and pretend like we belonged with the rest of the marchers."
When Jim was still with us, the family would celebrate St. Patrick’s Day by cooking traditional Irish dishes. We used to cook around 10 pounds of corned beef each year, have friends over, and enjoy the parade while having a feast. Chicago moved the parade to the Saturday after St. Patrick’s Day after many years, and it hasn’t been the same since. Now, we still celebrate at my house with family and friends, but with considerably less corned beef and colcannon (potatoes boiled with cabbage). Although Jim used to drink Guinness, I can’t stomach it, so we drink green beer to celebrate instead.
I hope you have a wonderful St. Patrick’s Day. We look forward to seeing you soon.
–Steven Leahy
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WAIT — SCREEN TIME IS GOOD FOR KIDS? How a Balanced Media Diet Bolsters Child Development
If you Google the effects of screen time on children, you’re sure to be bombarded by horror stories. Numerous articles claim that, beginning in infancy, the more time a child spends in front of a TV, phone, or computer, the worse their developmental outcomes will be.
a tree or running in the backyard. But in October of 2016, they offered new recommendations for parents.
For infants and young toddlers, the research still sides pretty heavily against the use of iPads and television. Before 18 months of age, a child lacks the cognitive capabilities allowing them to apply the lessons of technology to real life, and even after that, the APP recommends that media consumption should be limited to “high-quality programming, such as the content offered by Sesame Workshop and PBS.”
At first glance, the research is utterly conclusive. It seems we should throw out every TV in our house, smash our kids’ smartphones, and usher our children into the great outdoors
as soon as possible. But what most of these studies fail to take into account is the content of the electronic media. If a child spends two hours a day bingeing episodes of “The Big Bang Theory” or screaming obscenities into a headset while playing “Call of Duty,” it’s going to negatively impact their experience of the world along with their mental and physical health. But not all content is created equal.
But for kids ages 5 and up, parents should avoid banning screen time outright, but function as their child’s media mentor. Instead of decrying time spent building complex structures in “Minecraft” as hours that could be spent on the soccer
field, we should set expectations and boundaries to ensure that children can deepen their experience of the world through media, not hamper it. The problem starts not with the screen itself, but
when the consumption of media becomes problematic, replacing regular face-to-face interactions and physical activity. But with a balanced media diet, kids can have the best of both worlds.
In the past, the American Academy of
Pediatrics recommended strict limits
on electronic engagement for kids, following the old line of thinking that any kind of screen time would be better spent climbing
The Largest Tax Law Change Since Reagan
Standard Deduction Doubled When the bill was originally proposed, the objective was to make your taxes easier. By raising the standard deduction from $12,700 to $24,000 for married couples, many Americans will move away from itemizing their deductions, thus simplifying the process as whole. Child Tax Credit Doubled The standard deduction isn’t the only item being doubled. Doubling the child tax credit to $2000 per child makes life a little easier on families by putting more money in their pockets. Corporate Tax Cut Earnings are expected to increase for big and small businesses alike with the corporate tax decrease. By slashing this an astonishing 14 percent, many business will have more income at their disposal to do with what they please.
As this current tax season descends upon us and preparations take shape, we’ve brought you the new tax reforms coming down the pipe so you’re prepared for your fiscal year. This wasn’t just a simple budget cut, but rather the largest tax overhaul since Ronald Reagan was president. We went through all the new laws and found some highlights so you can stay in the loop moving forward. When It Takes Effect One of the most important aspects of the new reform is to understand that these changes will not affect your 2017 taxes. If you’re still waiting to file your taxes because you’re unsure of what the reform means for you, don’t wait any longer. The new laws won’t go into effect until it’s time for your 2018 taxes.
This tax reformmeans different things for every American. It’s important to stay informed so that you can make the best decisions for both you and your family. Our team of qualified attorneys specialize in tax defense and resolution. If you’re interested in more information on how this reform affects you or your business, contact us today.
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What toDo If the IRSHas Filed a LienAgainst You Before filing for Chapter 7 bankruptcy, it’s important to know whether the IRS has filed any liens against you. Liens can be filed to protect the government’s interests, so even if you’ve filed for bankruptcy and some of your taxes are dischargeable, you may still be responsible for them.
MEMES Don't forget to listen to the IRS Radio Hour every SUNDAY AT 5:00 P.M. ON AM 560 THE ANSWER If a person owes the IRS but continues to put money into a 401(k), this can be considered flagrant conduct. My client had $25,000 in his 401(k), which the IRS was planning to take to help pay off his debts. However, this gentleman was automatically enrolled in his employer’s 401(k) program immediately upon hire, Recently, I worked with a client who owed $40,000 in taxes from seven years prior, and because the IRS had filed a lien against him, he still owed those debts. The IRS couldn’t freeze his bank account or garnish his wages under the bankruptcy laws, but they could go after his 401(k). It’s important to note that the IRS has to go through certain procedures before they can levy your money, even if it’s in a 401(k). They have to determine if there is money or value from another source they can take first. Then they have to determine if there has been any flagrant conduct on your behalf that would force you to forfeit your 401(k). The IRS also has to determine if you need the money you have to live on currently or in the near future.
which means he didn’t really have choice as to where that money was going in the first place. Because of this, the IRS had no right to touch my client’s 401(k), and his retirement savings stayed intact. If you can analyze whether or not the IRS has filed a lien on you before you file for bankruptcy, you can be better prepared to defend your money. If you are considering filing for Chapter 7 bankruptcy, call the Law Offices of Steven A. Leahy at 312-664-6649 so we can help defend your earnings.
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Phone: (312) 664-6649 chicagotaxteam.com 150 N Michigan Ave #1120, Chicago, Illinois 60601
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I N S I D E
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St. Patrick’s Day Memories
When Screen Time Is Good for Kids
What The New Tax Law Means For You
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What Are IRS Liens?
Puzzle
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Spring Clean Your Utility Room
The Importance of Spring Cleaning Your Utility Room Don’t Forget to Clean the Heart of Your Home The start of spring brings everyone’s favorite seasonal How Often Should You Replace Your Air Filter?
chore — spring cleaning! As you dust, vacuum, organize, and declutter, don’t forget about the one room that often gets neglected. This year, give special attention to the utility closet.
• Homes with minimal foot traffic (single or double occupancy) and no pets or allergies: 6–12 months.
• Family homes (three or more occupants) with no pets or allergies: 3–6 months.
The utility closet houses your furnace, boiler, water heater, A/C junction, and other similar large appliances. Homeowners often forget about these appliances because they are out of sight and out of mind, and this can cost a lot in the long run.
• Family homes with at least one pet or minor allergies: 2–3 months.
• Family homes with multiple pets or allergies: 1–2 months.
Like all the other rooms in your home, this space needs to be kept clean. Dust, for instance, can be hard on HVAC systems. Over time, it accumulates in the HVAC intake and clogs the air filter, reducing its effectiveness and efficiency. This results in a short lifespan for your system, higher power bills, and a poorly heated or cooled home.
In addition to changing the air filter, it’s important to schedule a routine inspection of your home’s HVAC system. This includes an inspection of the appliances themselves and any connecting ducts. Dust, dander, and mold can accumulate in the ducts and spread throughout the home, which can lead to health issues, including respiratory problems. A routine inspection will identify potential problems in your HVAC system. On top of that, you can get these systems professionally cleaned and maintained. These are simple steps that will keep your home’s air systems running smoothly for years to come. Plus, you’ll be ready for the summer months ahead!
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