Landmark Tax Group - January 2020

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(949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

January 2020

The Tools of the Tax Trade What You Need to Know About the IRS

Any interaction with the IRS can leave you with a pit in your stomach,

appeal rights. You can appeal most IRS collection actions before and after actions have taken place, but there are strict deadlines you need to meet. When you get your first IRS notice, you have a limit of 30 days to appeal the amount owed. To qualify for collection alternatives like a payment plan or an offer-in-compromise, you need to be in filing compliance with the IRS. If you’re a business owner, you must be in compliance with filing and federal tax deposits for the IRS to consider such collection alternatives. Depending on the situation, your case may be open anywhere from months to years. If you’re facing a financial hardship, you may qualify for “uncollectable” status. This is a status the IRS recognizes when individuals don’t have the ability to pay at the moment. Taxpayers also have the right to tax representation when resolving their IRS debt. A qualified tax professional, like an IRS-licensed Enrolled Agent (EA), can guide you through the entire process as well as advocate for you and protect your best interests when working with the IRS. Regardless of the extent of involvement with the IRS, you have a right to representation when addressing your tax issues. If you have any questions or concerns regarding your own taxes, I invite you to reach out to me anytime at 949-260-4770 or michael@landmarktaxgroup.com .You are also welcome to visit LandmarkTaxGroup.com for more information.

especially in the new year when you’re trying to

start fresh. Some of their collecting techniques include garnishing your wages, filing a lien against your property, seizing your assets, and levying your bank accounts. If the IRS comes knocking, here are some more things you need to know about their processes. First and foremost, your tax liability is an IRS priority. Your case is assigned to either the IRS Service Center or a local IRS collections office, and if you can’t be reached in a timely manner, they’ll begin enforcement actions. Enforcement actions may include filing a tax lien and levying or seizing assets to resolve your debt. If you’re a business owner, a “notice of federal tax lien” may be filed under your business name, which attaches to any and all assets your business owns. The IRS uses these types of liens to protect the government’s interest by claiming a rights to your property. However, there are ways out of a lien. For example, the IRS Fresh Start program offers qualified taxpayers an opportunity to remove the lien.

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If the IRS takes action or is posing a debt you disagree with, you have a right to speak with a manager or exercise your

“A qualified tax professional, like an IRS- licensed Enrolled Agent (EA), can guide you through the entire process as well as advocate for you and protect your best interests when working with the IRS.”

–Michael Raanan, MBA, EA, Former IRS Agent

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Help Your Kids Achieve More This Year

With Simple and Actionable Goals

With every new year comes an opportunity to reinvent ourselves or start down a new path toward self-improvement. Making resolutions is a big part of many families’ New Year’s traditions, and parents often have a desire for their kids to take part in that tradition when they’re old enough. Following through on resolutions is tough, especially for young children, but with your help, they can achieve their goals.

but don’t include any actionable steps. Help your kids think of tangible ways to act on those goals. For

example, if they want to be tidier, a good resolution might be for them to clean their room once a week or take responsibility for one household chore every day.

Practice what you preach.

You are your children’s role model for almost everything, including following through on New Year’s resolutions. So, ask yourself if you follow through on your own resolutions. When you proclaim that you will read more books or finally get a gym membership, do you actually try to do it? Your kids will assign as much importance to New Year’s resolutions as you do, so by sticking to your own commitments, you can help them stay on track too.

Don’t do all the work for them.

While it’s important for you to help your kids formulate their goals, be sure that you aren’t taking over. If they’re ultimately responsible for their resolutions, they’ll feel more compelled to keep them. Instead, suggest different goal areas they could improve, such as home, school, or sports, and let them elaborate. When it comes to creating habits, nobody is perfect, so even if your kids falter on their goals in the middle of February, don’t worry. The important thing is that you continue to encourage them every step of the way.

Keep things simple and achievable.

When your kids are forming their resolutions, their first attempts will probably be very broad. Statements like “I want to be more kind” or “I will try to help more around the house” incorporate good values

How One Client Reduced Their Debt by 77%!

Sometimes we like to highlight case results, and we couldn’t be happier for this particular client!

What will typically happen during a bank levy is the IRS contacts your bank about your current tax debt to start the process. After that, the bank will freeze your assets for 21 days, starting the day the bank receives the notice from the IRS. If the levy is not properly addressed, the bank sends the money from your account to the IRS. With a wage garnishment, the IRS collects your wages without getting a judgment to do so. What makes situations like this even more troubling is that the IRS takes more than most creditors are allowed. Current tax law allows them to take a large percentage of your net income. In this case, we used several strategies to resolve our client’s tax case before the IRS was able to get their hands on any funds. View the official IRS settlement document at LandmarkTaxGroup. com/Results . And if you have any questions regarding bank levies or wage garnishments, give us a call at (949) 260-4770 or visit our website anytime at LandmarkTaxGroup.com .

Coming into the case, our client had a tax debt of $60,013. After we worked with the client on their case, they now only have to pay $13,940!

For the client, that’s a savings amount of $46,073, or 77%!

What makes the situation even better for the client is their new

$200-per-month installment plan. The client can rest easy knowing their home and retirement accounts are protected. We prevented all bank levies and wage garnishments for them as well.

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(949) 260-4770 | michael@landmarktaxgroup.com

My Time at the IRS

And How It Helps Me Today

Many of my clients aren’t fans of the IRS, as they are constantly reminded of the money they owe and endure more and more stress with every notice they receive. But if it hadn’t been for my time at the IRS, I wouldn’t be able to help my clients as effectively as I do now.

In 2012, I saw the need for proper tax representation and left the IRS. I opened Landmark Tax Group in July of that year with all the knowledge I had built up from my time in the IRS and immediately began helping taxpayers find relief from their tax issues. Even though I’ve been helping taxpayers for several years now, I’m still learning how I can better serve my clients. I’ve continued to learn about the intricacies of tax law and reconciliation while helping people through this difficult time in their lives. I love that I’m able to use the knowledge that I gathered at the IRS to better educate families in their time of need. Tax codes are complicated and confusing, which causes many people to lose endless nights of sleep. When I’m able to break it down for my clients, they feel a significant amount of relief. My job is to help them see the reality of these laws and what we can do to help. More importantly, though, I use my expertise to make sure they don’t need my services again. If you have any questions or concerns regarding your taxes, reach out anytime. Call me at (949) 260-4770 or email me directly at michael@ landmarktaxgroup.com . And feel free to take a virtual tour of our office at LandmarkTaxGroup.com/Tour . -Michael Raanan, MBA, EA

When I was there, I saw the situations and the fear that leads families to this place in life.

I was working on the ground floor of the nation’s tax system and seeing firsthand the ways taxpayers get confused or misled. I also saw where the system fails individuals in education and the IRS’s internal issues that lead so many people astray.

S UDOKU

TAX QUOTES

“Death, taxes, and childbirth! There’s never any convenient time for any of them!”

–Margaret Mitchell, “ Gone With the Wind”

“One thing is clear: the Founding Fathers never intended a nation where citizens would pay nearly half of everything they earn to the government.” –Ron Paul

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Inside This Issue The Tools of the Tax Trade 1 Helping Your Kids Make New Year’s Resolutions Client Spotlight 2 HowWorking for the IRS Helps Me Today 3 Did YouThink of These Winter Camping Tips? 4

Sudoku Answer Key

3 TIPS FOR WINTER CAMPING

That Will Change the Game

If you want to try winter camping this year, you can probably guess that staying warm and dry is vital, but that’s obvious if you want to survive. What if you actually want to enjoy the experience of being out in the elements in the dead of winter? It may sound extreme, but many people swear by camping in the cold — it’s an entirely different ball game. Keep these tips in mind for a cozy winter camping experience. Make Cowboy Coffee To make getting out of your sleeping bag in below-freezing temperatures a little easier, brew some cowboy coffee to sip around the fire as the sun rises over the mountains. First, place a pot of water over the fire until it boils. Take it off the heat and dump in 2 tbsp of grounds per 8 oz of water. Stir and let it steep for 4–5 minutes. Periodically tap the side of the pot a few times with a knife to help the grounds settle, or swirl the pot in a windmill motion to achieve the same effect with centrifugal force. Add a small amount of cold water to help the grounds settle to the bottom, then pour and enjoy! Bring Your Own Entertainment There more than likely won’t be any service where you’re going, and you’ll want to save your phone’s battery anyway. Since you won’t be able to be outside for long periods of time

in the evenings, bring a book or some board games to keep you occupied. The winter nights are far longer than the summer ones, so you’ll need something to do in the hours before you fall asleep. Packing a good flashlight is also a great idea!

Pack a Tent Heater High-quality cold-weather sleeping bags and pads are essential for winter camping, but a tent heater is a great way to go above and beyond to make sure you’re really comfortable. These portable heating units go the extra mile in keeping you warm and cozy in some of the most frigid conditions. Some heaters run on propane while others are electric, so prices and heat output vary widely, but if you find one that works for your trip and your budget, you won’t regret making that purchase. Whatever draws you out into the wilderness this winter, whether it’s ice fishing, hunting, or just a love of frosty trees and snow-capped mountains, give yourself every opportunity to enjoy that time as comfortably as possible. Who says camping can only be fun during the summer?

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