Take a look at our November newsletter!
Going the Extra Mile Shapes Our Approach to Clients and Employees A Culture of Care
Today, things move and change so rapidly that without putting in extra effort, it’s easy to get left behind. On Nov. 1, we celebrated Extra Mile Day. To some, it might sound like just another silly holiday, but it’s actually a meaningful reminder. Our slogan, “peace, protection, and posterity,” highlights the importance of going above and beyond. Protection and posterity especially capture our commitment to go the extra mile for everyone who walks through our doors. When it comes to protection, we pride ourselves on going the extra mile for our clients. If there’s an urgent need in a case, we act immediately to ensure it’s fully supported. We’ve had instances where the state or IRS levied funds directly from clients’ accounts. In those cases, we didn’t hesitate — we jumped in right away to help address the levy. Without our prompt response, those funds would be held for a 21-day period, putting a strain on our clients. Sometimes, the bank doesn’t immediately send the levied funds to the IRS. They provide a 21-day window to intervene — but this means we must take immediate action. If we don’t step up, that money could be lost, leaving our clients in a difficult position where essential payments, like their car or house, are suddenly at risk. To us, that’s what real protection means: going the extra mile to ensure our clients aren’t left in a tough spot. If we didn’t provide that level of support, we’d be no different from the big-box companies who prioritize process over people. When it comes to posterity, we often meet clients who feel trapped and can’t see any way forward. It’s our responsibility to show them that there is hope
on the horizon. Many clients face overwhelming stress, which can lead to feelings of despair, sometimes even impacting their mental health and relationships. We’ve worked with clients struggling with severe depression and thoughts of self-harm. The weight of financial challenges can be crushing, but we’re here to help lift that burden, remind them that brighter days are possible, and support them every step of the way. That’s why we make it a priority to go the extra mile — not just to shield them from the IRS, but to help them see hope beyond the immediate challenges. We work to paint a clear picture of what’s possible, even if that light at the end of the tunnel is still a year or two away. The journey may take time, but by focusing on that brighter future rather than each difficult step, they can stay motivated and keep moving forward. It’s all about staying focused on that light and taking each step with purpose. I believe management’s role is to care for our employees, and our team members, in turn, care for our clients. For instance, we recently had an employee who became seriously ill and needed medical treatment several hours away from home. We covered his accommodations during his treatment to ensure he had everything he needed. Similarly, when other team members have faced tough situations, we’ve provided loans, extra time off, or whatever support necessary to go the extra mile for their well-being and safety. Taking care of our team is important to us — it’s what enables them to take the best care of our clients. I believe embracing a mindset of togetherness — where we’re all running this race arm in arm and ready to help each other when needed — is essential. In life, creating an environment where we all go the extra mile and support one another leads to something bigger than ourselves. It fosters a positive outlook and a sense of purpose in this beautiful journey we call life. -Ben Golden
“If we didn’t provide that level of support, we’d be no different from the big‑box companies who prioritize process over people.”
NOV 2024
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Budgeting and saving are skills many Americans learn late in life, if at all. Only 36 states require high schools to offer personal finance courses. While that’s a marked increase from seven states in 2000, it still leaves many Americans adrift. Many consumers benefit from setting up regular automatic deposits to each of the four key savings and investment accounts, either through paycheck withholding or via their bank. With this system, growing their savings requires no conscious effort. Start an emergency fund. Deposit 2% of your paycheck into an emergency fund, either a high-yield savings account or a money market fund. These accounts currently yield about 4% annual interest or more, so your money will be working for you. Work toward setting aside enough to cover at least three months’ expenses to avoid using high-interest credit cards. Automate retirement savings. If possible, put 10%–15% of your paycheck into a retirement account, such as a 401(k), Roth IRA, SEP-IRA, or another investment account. To help you meet this lofty goal, take full advantage of any matching program your employer offers. That’s free money! Open a brokerage account. A regular investment account gives you access to stocks, bonds, and other instruments. Most advisors recommend a low-cost index fund as an initial investment, but if you are uncomfortable with stock market volatility, consider certificates of deposit or bonds. If you hold investments for at least one year, your earnings will be taxed at the long-term capital gains rate — far less than the tax on your ordinary income. Set up a health savings account. Health savings accounts (HSAs) are a powerful way to set aside income tax-free to pay medical bills. They offer a triple tax advantage in that deposits, earnings, and withdrawals are tax-free if you use withdrawals for eligible medical expenses. You can sign up for these plans through an employer or HealthCare.gov by opting for an HSA-eligible health insurance plan. To determine how much to deposit, search online for “HSA Contribution Calculator.” Unlike other tax-sheltered savings vehicles, HSAs do not have a “use-it-or-lose-it” requirement, so you can accumulate funds for the future. Lock in a Fail-Safe Savings Plan
The season of gratitude has arrived! Giving back through charitable donations is a powerful way to support meaningful causes, and it can be a strategic way to reduce your tax liability. In recent years, the tax benefits associated with charitable contributions have made donations an even more effective tool for your tax planning. Let’s look at four examples. Maximizing Deductions With Charitable Donations If you itemize your deductions, charitable donations can significantly reduce taxable income. When you donate cash, property, or other assets to a qualifying nonprofit, you may be able to deduct the fair market value of your contribution. Cash donations to qualified organizations can be deducted up to 60% of your adjusted gross income (AGI), while contributions of appreciated assets, like stocks, are typically limited to 30% of AGI. If you have stocks or assets that have appreciated over time, donating them directly can allow you to avoid paying capital gains taxes. SEASON OF G HOW CHARITABLE DON CAN BOOST YOUR TAX S
Bundling Donations With a Donor-Advised Fund If you’re considering a more substantial charitable impact, a donor-advised fund (DAF) could be a beneficial option. With a DAF, you make one contribution to the fund in a high- income year and immediately receive a tax deduction for the full amount.
EVERYTHING- SEASONED DINNER ROLLS Inspired by RealSimple.com
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WIN OF THE MONTH
GIVING NATIONS STRATEGY
ESCAPING A MASSIVE IRS LIABILITY
You can then decide how and when to distribute funds to different charities
over time, giving you more control over your philanthropic goals while receiving an upfront tax deduction. This “bundling” approach can be particularly useful if you want to maximize tax benefits in a year when you’re close to a higher tax bracket.
Required Minimum Distributions and Qualified Charitable Distributions
If you’re over age 70 1/2 and need to meet your required minimum distributions (RMDs), consider a qualified charitable distribution (QCD) from your IRA. With a QCD, you can donate up to $105,000 directly to a charity, which satisfies your RMD but doesn’t add to your taxable income. This can be particularly useful if your itemized deductions don’t exceed the standard deduction.
Giving Back Strategically Integrating charitable donations into your tax strategy isn’t just about reducing taxes — it’s also a meaningful way to support causes that matter
We’re thrilled to share a remarkable success story where we saved a family from a staggering IRS liability of $379,346! Our clients, ages 51 and 49, received an IRS Notice CP2000 proposing penalties for unreported income. After a deep dive into their tax return and IRS transcripts, we uncovered that they had failed to report the sale of their primary residence and some smaller 1099 income. By leveraging IRC Section 121, we proved they met the ownership and use tests for the sale of their home, successfully excluding the gain. The IRS agreed, reducing their liability to a mere $1,332. The relief was immense, and our clients are now stress-free after paying the small remaining balance. CASE SNAPSHOT Client: Married Couple Type of IRS Issue: Personal Income Tax Tax Years in Question: 2021 IRS Claimed Liability: $379,346.00 Savings: $378,014.00 (99.6%)
to you. By combining thoughtful financial planning with the joy of giving, you can maximize your impact and enjoy both immediate and long- term benefits.
No need to make rolls from scratch this holiday season. Instead, dress up store-bought rolls with delicious everything bagel seasoning!
INGREDIENTS
• • •
Cooking spray
• •
1 tbsp honey
20 frozen dinner rolls 2 tbsp unsalted butter
2 tbsp everything bagel seasoning
DIRECTIONS
1. Coat a 13x9-inch baking pan with cooking spray and arrange frozen rolls in the pan to thaw according to package instructions. 2. Preheat oven to 350 F. Then, melt butter and honey together in the microwave or on the stove. Once the rolls thaw, brush butter mixture over the rolls and sprinkle seasoning on top. Bake for 15–20 minutes, or until golden, and serve these tasty rolls straight out of the oven!
Do you have a tax issue of your own? Reach out and see how we can help you achieve similar results!
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1 Building a Community of Support 2 4 Must-Have Savings Accounts to Secure Your Future Donations Can Play a Role in Your Year‑End Tax Strategy 3 Everything-Seasoned Dinner Rolls Win of the Month 4 Uncover the Hidden Stories in Your Family Ancestry INSIDE THIS ISSUE
approach helps build a robust family tree, starting with the most accessible information.
clearer understanding of familial relationships and histories. This process clarifies lineage and enriches the personal connection to your ancestors. Share your discoveries. As the family tree expands, sharing these discoveries with family members can rekindle relationships and spark collective interest in your shared heritage. These revelations often lead to family gatherings and deeper connections, bridging past and present through shared ancestry. You may even find more information through family members! Enjoy lifelong exploration. Genealogy is more than a hobby; it’s a continuous journey through history with endless opportunities for discovery. It involves solving familial mysteries, breaking through research barriers, and preserving stories for future generations. So, if you’ve ever been curious about your family’s past or are just looking for a rewarding project this fall, genealogy might be the perfect adventure. Grab a cup of tea, pull up a chair, and start uncovering the chapters of your unique family story. Who knows what fascinating tales you’ll find!
Choose the right tools. A crucial first step is selecting a reliable genealogy database program. This tool is essential for organizing and collecting various forms of documentation — from personal records to official certificates — and serves as the foundation for structuring and preserving the familial legacy. The National Genealogy Society has an impressive list of free websites at NGSGenealogy.org/free-resources/websites . Gather essential records. Once you prepare the workspace, the next phase involves gathering documents. Early stages typically involve collecting recent generations’ birth, marriage, and death certificates. As you dig deeper, the search extends to census records, military enlistments, and old newspapers, available through free online resources like FamilySearch (the top site on the NGS website mentioned). Organize family groups. In genealogy, organizing information into family groups is vital. This involves clustering data about immediate family members, allowing for a
Diving into the world of genealogy can be as thrilling as unraveling a good mystery. As we enter the cozy season, why not embark on a journey through your past? Here’s how to begin your genealogical adventure. Start with what you know. The golden rule in genealogy is to start with the known and work backward. Begin with personal details and then progressively move to exploring parents and grandparents. This systematic DIG TO THE ROOTS OF YOUR FAMILY’S GENEALOGY Weave Your Family Tapestry
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