Toph Sheldon, CPA for the Self-Employed June 2019

Toph Sheldon, CPA for the Self-Employed June 2019

JUNE/JULY 2019 VOLUME 3, ISSUE 4

T O P H ’ S TAX RESOLUT ION T I M E S

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REFLECTIONS ON A PREVIOUS LIFE

A Look at a Well-Traveled Road

“I wouldn’t be the husband, father, or businessperson I am without the choices I made along the way.”

I couldn’t be happier with what I do today. Starting my own small business and becoming a CPA for the Self-Employed® have been two of the most rewarding journeys of my life, but they were just that: journeys. It took me a long time to get to a place where I feel comfortable and confident in my profession, and that way was paved with plenty of hurdles. When I look back now, I’m thankful for the road I set out on so many years ago. Without those hurdles, I wouldn’t be the husband, father, or businessperson I am today. All too often, we don’t take the time to look back and appreciate how far we’ve come. Today, I’d like to do just that.

Their problems with the IRS had gotten so out of control that they

were understandably absolutely terrified to open their mail. As if that wasn’t enough, the state and city were also breathing down their necks, looking to collect what they were owed. I knew I had

Now, as many of you may know, I spent many of my teenage years and early adulthood pursuing my dream of being a professional golfer. Everybody has that one goal that you’re just certain you’re going to end up meeting someday. My goal was to make a living playing golf. While I did achieve that goal to some extent after college — I was a club pro for many years, to little critical acclaim— it wasn’t until I’d spent nearly a decade trying to see that dream to fruition that I realized it wasn’t my true destiny. There’s only so long that blind ambition can outweigh reality. Today, I realize that I just wasn’t good enough and was never going to cut it, but that realization took me years to stomach. If you asked me any time along the way, during any one of those minor tournaments or late-night practices on the range, there wouldn’t have been a shadow of a doubt that I was going to make it. That’s how I’ve always lived, pouring myself into my work. It’s something that can’t be taught. Yet, as you get a little bit older and start taking on more responsibilities, you begin to realize that there are other paths for you to take. There are other outcomes for your life that don’t revolve around being on a TV screen or on the cover of a box of Wheaties. In fact, you start to realize that you wish you’d looked into those options a little bit earlier. For me, this came in the form of one event that changed my course. I’d taken accounting classes in college and worked minor jobs in the field, so I had the experience of your typical desk jockey. That’s why I offered to help out a neighbor who was having a serious tax issue.

to help. I ended up sitting there with them and opening their mail for what seemed like hours on end. To our mutual surprise, among the sea of threatening letters was a check from the city of Cincinnati for a refund. Alongside all that bad news was a little glimmer of hope that spelled a way out for them. That was my lightbulb moment. No matter how bad your issues may seem, there is always a scenario that sees you digging your way out. There is always an end result that sees you being able to move on with your life and sleep safely at night. It was from that interaction that I had my first taste of the exciting side of being a tax problem solver for the self-employed. This wasn’t a job that meant I had to sit at a desk all day in a stuffy office. I finally realized that I could use my abilities to help self-employed people fight their demons within the IRS. There are a lot of people out there who need a helping hand that doesn’t come in the form of a $500-an- hour tax attorney. I’m proud to lend that helping hand, and I’m proud that my life lead me to that pivotal moment. I’d love to see how I can help you. To learn more about what I can do for you here, please give me a call at 513-342-4000 or visit my website anytime at TophCPA.com.

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Kids often look up to their father as one of their greatest heroes. There are the long drives to sports tournaments, the late-night movies, and the sweets when Mom isn’t looking. We probably all have some reason to look up to our dad as one of our biggest influences. It’s Father’s Day this month, a special time of year when we take a moment to think about the sacrifices the father figures in our lives have made for us. Most dads are pretty great, but some go above and beyond the fatherly call of duty. Let’s take a look at some heroic dads who risked everything to keep their families safe. Brad Lewis: Over the Ledge Life can change in a split second, and how you choose to react in a moment of peril can define your legacy forever. Few people know this as well as Brad Lewis. When Brad and his young son, Oscar, were deeply entrenched in an intense Nerf battle, he surely didn’t think the situation would turn as dangerous as it did. When a few darts missed his father and landed on the balcony, Oscar ran after them but soon found himself teetering on the balcony’s ledge, 12 feet above the ground. Thinking fast, Brad grabbed his son just before he fell over, both taking the plunge while Brad protected his son with his own body. Just as he’d intended, Brad absorbed most of the blow. While Oscar sustained serious wounds, his father’s injuries were more severe. Brad was left fighting for his life in the ICU, with severe fractures to his skull and vertebrae. Thankfully, Brad is expected to make a full recovery and has made serious strides since the accident. He and his son will live to play another day. Being a Parent Isn’t Always a Walk in the Park Heroic Dads Who Didn’t Back Down

A Waiting Game Looking to the Future and Sticking by Your Partner While I didn’t knowToph when he was starting out on his professional golf career, I did deal with his post-golf career transition. Through all the job changes and shifting dreams, I was by his side while we worked to figure it out and make a life for our growing family. As strange as it sounds, I wouldn’t have had it any other way. When I look back, I have nothing but admiration for what we did. There is the comfort of security and then there is the comfort of knowing that you’re doing the right thing with your life, and sometimes those two things take a little time to merge together. When we first met, Toph was working for a wealth investment company and I couldn’t have pictured a more put-together guy. I saw a man with a great personality and a stable career, but I didn’t know he hated it. By the time that came out, we were already pretty serious in our relationship, and I was ready to stand by his side. He quit his job in pursuit of something greater. While I admired that quality, that’s where we’re different. I’ve always been in a field that I loved, but too often we forget that others may not be so lucky. When he left, he was taking a big risk for an even bigger reward, and it took us more than five years to see those rewards become a reality. It was a scary time, but we never had a doubt. With Toph being the financial planner among the two of us, I left it to him to figure out how to make things work. I sometimes wondered how he did and how we got by, but I always trusted him to figure things out. After I had our first child, our son Mac, I downgraded my hours to part-time at the hospital so I could spend my time taking care of him. Toph always found the time to make that work too. When he left the wealth investment job, he continued to teach and coach golf while also dabbling in at least six more professions. It was at that time he started talking about starting his own business. We were scared and worried about each other and our family, but we knew he had to give it a shot. He invested what he had and went out on his own to start the company you see today. At the end of the day, after all those years, we both wanted the same thing: a career that fulfilled him. It took a lot of one-on-one conversations and late-night debates, but we knew this was the best thing for his skillset. Today, we couldn’t be happier, and our little family will thank us later. Looking back, it wasn’t always fun, but it was always a journey we were willing to undertake, and we had each other every step of the way. –Ashley Sheldon

Greg Alexander: Couldn’t Bear to See His Son Hurt

While camping in Great Smoky Mountains National Park in June 2015, Greg Alexander awoke to the sound of a nightmare. The screams of his son intermingled with the roars of an unknown assailant,

beckoning Greg to his son’s tent. There, he found his son Gabriel being attacked by a bear. The bear had his son by the head and was dragging him away. Greg jumped on the bear’s back, desperately trying to take attention away from Gabriel. Amazingly, it worked, and in the end, the bear ran away. Gabriel was left with serious cuts to his head, but thanks to his dad’s heroism, the two were able to walk away from that campsite and back to their lives together.

The important thing to remember is that you don’t have to take a leap of faith or fight a bear to be a hero in your family’s eyes. Just be yourself, show some support,

and do the best you can. Happy Father’s Day, everybody.

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Toph’s Tax Nightmares EVEN BIG BROTHER CAN’T ESCAPE THE TAX MAN

Spiro Agnew The nation was shocked to learn that Vice President Spiro Agnew was resigning from his position in 1976. Then

Nobody is immune to butting heads with the IRS. If you neglect to take care of your taxes or try to deal behind their back, you’d better believe they are going to be on your tail. This even goes for the politicians who like to think they’re

when they heard the reason, the public was even more surprised. In October of that year, Agnew admitted to not paying his federal income taxes and failing to report income during his time as the governor of Maryland in 1967. He relented that he failed to report nearly $30,000 in income during that period, and both before and after that time. For his trouble, Agnew was given a deal after he pleaded no contest to one felony count of tax evasion. He resigned from his post and was forced to pay $10,000 in fines. He also spent three years under probation. there were substantial allegations that he was taking various bribes from benefactors

above the law. From failing to pay income taxes to committing tax fraud, let’s take a look at a few public officials who found themselves on the wrong side of the law.

Jesse Jackson Jr. The son of famous civil rights leader Jesse Jackson, this House of Representatives member found himself in serious trouble after he was charged in relation to a tax-fraud scheme—among other serious charges. In October of 2012, federal agents started investigating him due to claims of misappropriation of funds. They intended to throw the book at him for what ended up being a serious miscarriage of public trust. Jackson was said to have swindled campaign backers out of money and instead used their political donations for personal purchases. At his trial, Jackson was revealed to have done just

No matter what financial state you’re in, don’t let your tax issues control your life or hinder your dreams. If only these politicians had contacted a specialized CPA, maybe they’d still be tooling around in the high society. Then again, they’re probably better off where they are.

that and then some. He ended up pleading guilty to charges stemming from he and his wife misusing $750,000 in campaign money that included purchases of cashmere capes and even Michael Jackson’s used fedora . Ultimately, he served a year and a half in prison before being released to a halfway house.

BLT DOGS

TAKE A BREAK

Inspired by FoodNetwork.com

Is a hot dog a sandwich or not? We’re not here to weigh in on the ever-contentious debate, but when you combine a hot dog with a BLT, it definitely becomes more sandwich-like—and way more delicious.

Ingredients

• •

4 strips bacon

• • • •

1 tbsp mayonnaise

4 hot dogs (ideally Boar’s Head Beef Frankfurters, but any all-beef variety will do)

1 head romaine lettuce, shredded 1 large tomato, seeded and diced

Salt and pepper, to taste

4 hot dog buns

Directions

1.

Heat a skillet to medium and fry bacon until rendered and crisp. Transfer to a paper towel to drain. Fry hot dogs in bacon drippings, creating a crust, and cook until warmed through.

3.

Using a dry skillet or oven, toast buns.

4.

Spread mayonnaise on buns, place hot dog and bacon inside, and top with tomatoes and lettuce. Serve.

Solution on page 4

2.

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TOPH SHELDON CPA FOR THE SELF-EMPLOYED ® 9200 MONTGOMERY RD., STE. 5A CINCINNATI, OH 45242 513-342-4000 WWW.TOPHCPA.COM

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INSIDE 1

Looking Back on My Journey to Becoming a CPA for the Self-Employed ® A Few Dads Who Went Above and Beyond the Call of Duty Finding Our Relationship While Toph Found His Groove

2

3

Politicians Who Got in Trouble With the IRS

BLT Dogs

4

Why Tiger Woods’ Miraculous Return Matters From Rock Bottom to Masters Champion

Toph Shares How a Recent Golf Success Story Can Help Clients In 1997, Tiger Woods was poised to take the golf world by storm after winning his first Masters Tournament by 12 strokes in his second year as a professional golfer. The next decade would cement Woods’legacy, as he went on to win 13 major championships and remained one of the world’s top golfers.

By that point, no trained analyst, golf fanatic, or statistician could have guessed that Woods would eventually spiral.

By 2010, Woods stepped away from golf to focus on a series of personal dilemmas, including the separation and eventual divorce from his ex-wife. Between 2014 and 2017, Woods underwent three back surgeries, and from late summer 2015 to early 2018, Woods only competed in one tournament. This pushed him out of the world’s rankings, and suddenly, the man who was once synonymous with golf seemed to have surpassed his peak. This is the backstory that made the 2019 Masters Tournament all the more exciting. Seven months after winning his first tournament in five years, Woods won his 15th major tournament and received his Masters Tournament green jacket in April 2019. Hailed a spectacular feat, Woods has gone on record saying the win is still surreal for him, as analysts revamp the debate of Woods’ability to tie or beat Jack Nicklaus’record 18 major-tournament titles.

A Financial Hole-in-One

Much like TigerWoods, we all face periods of downturn and failure. It can be distressing and overwhelming to claw your way back to success, especially when you face financial debt and back-taxing issues. You deserve every opportunity for growth, and a few missteps or misunderstandings with the IRS shouldn’t keep you from achieving that. ForWoods, coming back after nearly a decade in the slumps wasn’t based on pure talent. He was surrounded by support, great doctors, and a drive to push forward. When you’re facing the IRS or debt collectors, you also need the support of an expert. Let an experienced CPA for the Self-Employed® help you find relief from the debt that is plaguing you and your business, and gain back the confidence to keepmoving forward.

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DON’T LIVE IN FEAR, TOPH IS HERE!

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