Finding Leverage
Pumpkin Screams
2 Client Success Stories
I recently helped two clients in their battles with the IRS. They both faced monumental tax bills, but we were able to negotiate with the IRS to arrive at more reasonable settlements. Here are their stories.
5 Tips for Longer-Lasting Jack-O’-Lanterns Jack-o’-lanterns are an iconic part of the Halloween aesthetic, but they can quickly backfire. If you carve your pumpkins too early, youmay end up with a moldy mess on Halloween. The first rule of jack-o’-lanterns is to wait as long as possible before you start carving. Here are some other tips to help you achieve the perfect jack-o’-lantern this year. Find the perfect pumpkin. A great jack-o’-lantern starts in the pumpkin patch—or in the grocery store if you’re short on time. Look for a fresh pumpkin with a sturdy, green stem, no bruises, and a flat bottom so it’s stable when you’re carving. Size and shape aren’t important, so long as the pumpkin sparks your creativity. Just make sure you don’t accidentally bring home a small sugar pie pumpkin, which will be harder to carve. Wash your pumpkin. Before you start carving, mix 1 tsp of chlorine bleach with 4 liters of water and wash your pumpkin to help prevent mold. Be sure to wear gloves! Cut from the back. Cutting the top of the pumpkin is traditional, but it removes the stem, which helps keep the pumpkin fresh. It also threatens the structural integrity of the pumpkin. Cutting from the bottom is not good, either, because all the liquid inside the pumpkin will ooze out. For the best results, carefully cut a hole in the back of the pumpkin. Apply petroleum jelly. After you’ve scooped out all the“pumpkin guts”and carved your masterpiece, apply a little petroleum jelly to the cuts. This will help seal inmoisture. The Farmers’Almanac also recommends spraying your pumpkin with anti-humidity hairspray to lock in freshness. Go electric. Using a real candle heats up the inside of the pumpkin, causing it to decompose faster. An LED tealight with a flickering effect will create that classic spooky jack-o’-lantern look and keep the pumpkin cool. Plus, you don’t have to worry about any trick-or- treaters getting burned if they accidentally trip over your pumpkin. These tips are to help your jack-o’-lantern last longer. When it comes to designs, feel free to let your imagination run wild! The best jack-o’- lantern is one you’re proud to show off on Halloween.
Paving theWay toTax Relief
Client 1 is a self-employed landscaper. The IRS hit him with an audit and a $201,000 tax bill. It was a tough situation to be in.
He contacted us, and we looked over his finances and taxes. We determined that his $201,000 tax bill was not fair. The IRS had severely inflated what he should have owed, and we went to the IRS with our information. Our initial offer to the IRS was $36,000, which would have net our client a savings of $165,000. However, that is not what happened. After reevaluating our client’s situation and his actual income, the IRS actually countered our offer with $18,000! Our client was able to walk away with savings of $183,000 because of our push against the IRS.
Building aTax Relief Strategy
Client 2 is a self-employed construction business owner. When we initially met with Client 2, he had not paid taxes for the past five years.
While he avoided an audit, he still owed $83,000. He had simply made the mistake of not filing, and he recognized he was at fault for his tax situation and realized he needed to get his situation fixed. We went to work to help him avoid the hamster wheel of taxes.
Thankfully, we did have some leverage in our negotiations with the IRS. We looked at his income and the fact that he had five kids. The circumstances suggested that his $83,000 tax bill was unfair. Ultimately, we settled with the IRS for $6,000, a $77,000 savings. However, the IRS had a condition — our client had to stay current on his taxes for the next five years.
–Toph Sheldon * All amounts listed are rounded to the nearest thousand
2 • 513-342-4000
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