ORP, OR LLC FOR SUCCESS elf-Employed Person Should Know
A Zero- Liability Feat! WIN OF THE MONTH
Consider retirement savings options. When it comes to retirement savings, freelancers and self-employed individuals have several options available to them. One popular option is a Simplified Employee Pension (SEP) IRA, which allows you to contribute a percentage of your income to a retirement account. Contributions to a SEP IRA are tax-deductible and can help reduce your taxable income. Additionally, consider setting up a Health Savings Account (HSA) if you have a high-deductible health insurance plan. Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free, making it an attractive option for freelancers and self- employed individuals looking to save on health care costs. Seek professional tax assistance. Finally, don’t overlook the importance of working with a qualified tax professional. A tax professional can help you navigate complex tax laws, maximize deductions, and ensure compliance with IRS regulations. While it may be tempting to handle your taxes on your own, investing in professional tax preparation services can ultimately save you time, money, and stress. For assistance with you tax planning needs, contact Ben Golden at our sister company : Golden Tax Relief GoldenTaxRelief.com | 844-229-8936 Info@goldentaxrelief.com
CASE SNAPSHOT Client: Staffing Company
Type of IRS Issue: Corporate Taxes Tax Year in Question: 2016–2018 IRS Claimed Liability: $19,625,559.58 Savings: $19,625,559.58
INGREDIENTS
Recently, our client faced a daunting challenge: They received a notice of a proposed levy from the IRS, as outlined in Letter 1058, covering tax years 2016, 2017, and 2018. The total amount in question exceeded $19 million, including penalties and interest stemming from a client software issue. This led to the rejection of Forms 1094/1095 (Employer-Provided Health Insurance Offer and Coverage). Understandably, this situation was incredibly stressful for our client. After thoroughly investigating the case, we discovered a promising avenue for resolution and took the initiative to challenge the initial decision by appealing to the IRS Appeals Court. We focused our request on obtaining penalty relief and the abatement of civil penalties. We’re thrilled to announce that WE WON! This victory marks a fresh start for our client, clearing the slate and opening new doors for their financial future. We are thankful to be entrusted with this crucial task. Remember that we’re here to navigate the complexities of tax law, ensuring the best possible outcomes for those we serve.
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Nonstick vegetable oil spray 2 cups all-purpose flour, extra for dusting 5 tbsp sugar, divided 1 1/2 tsp baking powder
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3/4 tsp baking soda 3 tbsp chilled unsalted butter, cubed
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1 cup buttermilk 2/3 cup raisins
1/2 tsp kosher salt
DIRECTIONS
1. Preheat oven to 375 F. Coat an 8-inch round cake pan with nonstick spray. 2. In a bowl, whisk together flour, 4 tbsp sugar, baking powder, salt, and baking soda. Cut butter into the mixture with your fingers or a pastry knife until crumbly. Make a well in the center and pour in buttermilk. Gradually mix until dough comes together. Mix in raisins. 3. Using floured hands, form dough into a ball and transfer to pan. Sprinkle with remaining 1 tbsp sugar. 4. Bake bread for about 40–45 minutes or until golden brown and a tester stick comes out clean. Let bread cool in the pan for 10 minutes, then enjoy!
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