Take a look at our August newsletter!
DON’T THROW IN THAT TOWEL
GUIDING YOU TOWARD A BRIGHTER FINANCIAL FUTURE
“No matter how dreary
the outlook is, there is a light at the end of the tunnel. Are you able to see it?”
It’s often said that one bad chapter doesn’t mean your story is over — how true this is!
We’ve had clients come in, completely at a loss about their situation with the IRS. They’re not only confused but also on the verge of giving up, feeling that if they can’t solve it, there’s no way out. This can take a significant toll on their emotional health and overall well-being. When we step in and take clients under our wing, we’re not just assisting with their financial issues. I firmly believe that sometimes, we have the chance to help someone who is truly at the end of their rope, ready to give up. By guiding them through their challenges, we’re not only saving their financial lives, but occasionally, we’re helping to save a real life, too. After all, they say that the divorce rate is at about 50% now, and the No. 1 thing people argue about is finances. When it comes to tax trouble, it’s important to find a resolution — and that’s where we come in! No matter how dreary the outlook is, there is a light at the end of the tunnel. Are you able to see it? Maybe not yet, but what we aim to do is grab you by the arm and guide you toward the light. We want to help you create a future and see that there is a solution. So why not just give up? Just because things seem bleak now doesn’t mean tomorrow will be the same. I believe we can do everything necessary to help you, but you must allow us the opportunity and trust the process. We want to show you that there is a clear path forward, and we’re here to guide you through it every step of the way.
On Aug. 18, we celebrate Never Give Up Day. It’s a value to live by that was likely drilled into your head as a child as your parents and teachers shaped you into the person you are today. While it’s sometimes much easier said than done, refusing to throw in the towel is key to success and happiness in all areas of life. At IRS Trouble Solvers, we stand by our three core principles: Peace, Protection, and Posterity.
Peace of Mind: We work to ensure you have peace of mind throughout the entire process.
Protection: Our goal is to safeguard you from IRS actions, preventing seizures, levies, or other aggressive measures.
Posterity: There is light at the end of the tunnel for a brighter future.
Posterity is a crucial part of the equation. When clients come to us with tax or IRS issues, they often can’t see the light at the end of the tunnel. Their problems seem insurmountable, and they feel stuck, unsure of their next steps. It’s as if they’re in a deep hole with no way out, and the rain is starting to pour. What they need is a lifeline — someone to lower a ladder into that hole and guide them to safety before they lose hope and give up on their financial future.
AUG 2024
There is a tomorrow that we have to fight for.
-Ben Golden
1
WWW.IRSTROUBLESOLVERS.COM
S CORP, C CO
TAX THI Ge
BACKYARD CAMPING MADE EASY Pitch a Tent to Make Memories Camping is an excellent way for families to disconnect from their devices and spend time together — but traveling to a campsite isn’t always feasible. Instead of forgoing this treasured summer activity, think outside the box and discover the best campsite you’ll ever pitch a tent in — your own backyard. Here are our two tips for success. Make a pact to stay outside (no cheating)! If you’re going to pretend you’re ramping, you have to commit fully. That means no running into the house except for bathroom breaks or emergencies! To ensure you don’t disrupt your fun, pitch your tent and set up your campsite, double-checking that everything you need is present and in working order. It’s also not a bad idea to stash extra supplies (like batteries) or a first-aid kit in a tote before heading outside. And don’t forget the cooler! Stock it with juice boxes and other cold beverages or fruit, plus easy-to-heat-and-eat foods like hot dogs, cans of soup, or even store-bought camping meals you simply add boiling water to. Get creative with campfire cuisine. The best part of camping is the time spent around the campfire, and mealtimes are an ideal excuse for this summer tradition. Don’t have a fire pit? No problem! A charcoal grill works just as well. Roasting hot dogs on sticks over a bonfire is a classic camping experience your kids will remember forever. Buying extra sticks, chocolate, graham crackers, and marshmallows make crafting s’mores a breeze.
Back to school is on everyone’s mind. This time of year, teachers are gearing up for another year of shaping young minds or have already returned to the classroom and are in the process of settling back in. While preparing lesson plans and organizing classrooms, it’s also important for educators to be aware of the financial benefits available to them through education tax credits and deductions. The Educator Expense Deduction Did you know that this deduction allows eligible educators to deduct up to $300 of unreimbursed expenses for classroom supplies? If both parties in a marriage are eligible educators and file jointly, the deduction can be up to $600. This deduction covers a wide range of expenses, including books, supplies, computer equipment, and other supplementary materials commonly used in the classroom.
Lifetime Learning Credit The Lifetime Learning Credit is a credit intended to assist teachers in enhancing their skills through continued education. While there is no limit on the number of
years you can claim the credit, every educator can claim up to $2,000 per tax return! This credit can be used for fees and tuition for enrollment or attendance at an eligible educational institution, including courses to acquire or improve job
LIME CHICKEN WIT AND POBLANO SALA
Are you looking for something a little healthier? Foil packets filled with rice, proteins, vegetables, and flavorful liquids like broth or wine can be placed
near the fire for hands-free cooking. Get creative with your dishes, and you might discover a new family favorite to add to your weekly rotation — or to savor and keep as a campground specialty. You might forget you never left home as you tell spooky stories, go on scavenger hunts in your yard, and enjoy other campsite activities or games. Camping doesn’t have
INGREDIENTS
Chicken •
Corn and poblano salad • 2 tbsp olive oil •
3 tbsp olive oil
• • • • • • •
1 cup all-purpose flour 1 1/2 tsp garlic powder 1/2 tsp cayenne pepper
2 poblano peppers, diced 2 garlic cloves, minced
• • • • • •
1 14-oz can of corn 4 scallions, minced
1 1/2 tsp salt
3/4 tsp black pepper
Juice of 2 limes
to happen at some exotic location — what matters is time spent together unplugged from your tech and plugged into nature.
Zest of 1 lime 8 chicken thighs
1/3 cup chopped cilantro
Salt and pepper
2
630-832-6500 | 877-4-IRSLAW
Published by Newsletter Pro •
ORP, OR LLC
X BENEFITS FOR TEACHERS IS BACK-TO-SCHOOL SEASON ear Up for Savings
WIN OF THE MONTH EXPERT GUIDANCE LEADS TO $37,114.80 TAX LIABILITY WRITE‑OFF CASE SNAPSHOT Client: Individual Taxpayer Type of IRS Issue: Offer in Compromise and Installment Agreement Complications Tax Year in Question: 2012 IRS Claimed Liability: $37,114.80 Savings: $37,114.80
skills. It’s a versatile credit because it can be used for undergraduate, graduate, and professional degree courses.
American Opportunity Tax Credit While this credit is geared toward students who are pursuing a degree, teachers can also benefit if they are continuing their education. The American Opportunity Tax Credit offers a credit for 100% of the first $2,000 of qualified education expenses and 25% of the next $2,000, with a maximum annual credit of $2,500 per student. Unlike the Lifetime Learning Credit, this opportunity is only valid for the first four years of post-secondary education, but it provides a higher credit amount and includes expenses for course materials.
Professional Development Courses Keep in mind that expenses for these courses can often be deducted if they maintain or improve skills in a teacher’s current job! This deduction falls under the category of unreimbursed employee expenses.
Quick Tip: Be sure to keep records and receipts of all eligible expenses throughout the year and consult with a tax professional to maximize your savings! Here’s to a successful and financially savvy 2024– 2025 school year!
In a notable case, clients approached our firm after facing challenges with their Offer in Compromise (OIC) and Installment Agreement (IA). Initially handling these matters independently, they
TH CORN AD
encountered a rejection of their OIC and remained in an IA for two years. Fortunately, through strategic timing and careful monitoring of Collection Statute Expiration Dates (CSEDs), a significant portion of their tax liability — approximately $375,000 — was successfully written off in 2018 and 2020. The clients returned in 2022 with a new set of challenges related to a separate liability. Our team acted swiftly to place the client into the Transcript Monitoring Program (TMP) while awaiting the assignment of a Revenue Officer (RO) to manage the outstanding balance. Collaborative efforts with the RO led to the client obtaining Currently Not Collectible (CNC) status, setting the stage for the remaining balance of $37,114.80 to be written off by December 2024.
Inspired by PureWow.com
1. Preheat oven to 400 F. 2. In a large oven-proof skillet, heat olive oil over medium heat. 3. In a bowl, whisk flour, spices, and lime zest. Dredge chicken in the mix to coat. 4. Add chicken, skin-side down, to skillet, then place skillet in the oven for 30–35 minutes. 5. In a medium skillet, heat olive oil and add poblanos. Sauté 4–5 minutes. Add garlic and sauté for another minute. 6. In a bowl, add poblano mix, corn, scallions, lime juice, and cilantro, toss and serve with the chicken. DIRECTIONS
This journey highlights the complexities of tax resolution and the profound impact of expert guidance, ultimately ensuring total relief from liability!
3
WWW.IRSTROUBLESOLVERS.COM
• www.newsletterpro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
100 S. York Road, Suite 214 Elmhurst, IL 60126 www.IRSTroubleSolvers.com 630-832-6500 | 877-4-IRSLAW
1 Finding Solutions With IRS Trouble Solvers 2 Discover the Campground in Your Own Backyard (Literally) INSIDE THIS ISSUE
Top Financial Benefits for Educators
3 Lime Chicken With Corn and Poblano Salad Win of the Month 4 Do Elections Affect the Stock Market?
DECODING ELECTION YEAR STOCK MARKET TRENDS Bulls, Bears, and Ballots — Oh, My!
Looking to the Future Investors are always trying to hedge their bets and plan for long-term economic downturns, another pattern worth looking into. According to T. Rowe Price, a global investment management firm, there’s a 22% probability of an election happening during a recession. What’s interesting, however, are the numbers in the years that follow. There’s a 57% chance the following 365 days will have a recession, with the second and third years coming in at 30% and 17%, respectively. The big question remains: Will the winner of this year’s race create an unstable market? Rob Haworth, senior investment strategy director at U.S. Bank Wealth Management, says, “At the presidential level, the differences between the candidates, from an investor’s perspective, are not as significant as many would expect.”
Making money in the stock market can often evolve into a pattern recognition game, with investors searching for any repetition in past data. Many traders and analysts have noticed a particular market trend in election years — and some wonder what that means for 2024. Let’s look at the data gleaned from previous years and uncover how (if at all) it applies now. Emerging Patterns A bull market is an economically stable time when prices are increasing. In contrast, a bear market is when stocks are losing value. Typically, stock market patterns in presidential election years show a weaker first half (bear), followed by a dip around May. After June, the index usually rises (bull), and the Dow’s second-half return in election years is an average of 8.6% as opposed to 3% in other years.
So, based on history, the stock market usually performs weaker at the beginning
Change is constant in the markets, so don’t base your entire portfolio on this historical data. Trends like this are never guaranteed to repeat — they’re simply interesting patterns discerned in previous years. Instead, use this information to inspire your investments and empower yourself with clever strategies for cultivating long-term financial stability.
of an election year due to economic uncertainty surrounding the candidate’s policies. As the year goes on and the parties solidify their plans throughout their campaigns, that ambiguity wanes, and the market picks back up.
4
630-832-6500 | 877-4-IRSLAW
Published by Newsletter Pro • www.newsletterpro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator