Check out our latest edition!
An Attitude of Gratitude
“Gratitude is not just about recognizing the positive aspects of our lives but also about understanding and appreciating their significance.”
Turkey, stuffing, and cranberry sauce — oh my! As Thanksgiving approaches, many of us are gearing up to express our appreciation for the blessings in our lives. I’m grateful for all things both small and large that have positively impacted my life. I’m thankful for my family, friends, relationships that inspire and challenge me, a roof over my head, food on my plate, and the opportunities that have brought me to where I am today. I am grateful for the efforts of my team to provide the best service for our clients, the support I receive from family and friends, and the love that flows amongst us all. William Arthur Ward once said, “Feeling gratitude and not expressing it is like wrapping a present and not giving it.” I believe there is a difference between being thankful and having gratitude. We can be thankful for the many blessings in our lives, but if we never offer gratitude, we miss an opportunity.
Thankfulness is often temporary. On the flip side, gratitude transcends mere thankfulness. It’s a more profound and enduring emotion that encompasses a broader perspective on life to allow us to truly give thanks. Gratitude is not just about recognizing the positive aspects of our lives but also about understanding and appreciating their significance. With gratitude comes contentment, which allows us to be truly satisfied with what we have. However, many of us in the U.S. always strive for more. Studies show that people in our country put in more work and longer hours than other countries worldwide. But if we express an attitude of gratitude, we become much more in tune with where we are in life and being happy and content, and we find peace within ourselves. As Todd Stocker said, “Thankfulness creates gratitude, which generates contentment that causes peace.” As we gather with loved ones to celebrate Thanksgiving, let’s strive to move beyond mere thankfulness and embrace the transformative power of gratitude. While it’s wonderful to express thanks for the blessings we receive, cultivating gratitude as a way of life can lead to profound personal growth and a more meaningful, fulfilling life. Gratitude reminds us that even in the face of adversity, there is always something to be thankful for. Let’s nurture the enduring flames of gratitude in our hearts and embrace the true meaning of the holiday. From my family to you and yours, have a happy Thanksgiving! I hope you all enjoy plenty of turkey, ham, stuffing, potatoes, pie, and all of the fixings! -Ben Golden
Thankfulness, at its core, is a simple and immediate response to something positive that has occurred in our lives. It’s the act of recognizing and acknowledging the good things we experience. It tends to be a reaction to external events, circumstances, or gestures, such as receiving a gift, enjoying a delicious meal, or having a successful day at work.
NOVEMBER 2023
1
WWW.IRSTROUBLESOLVERS.COM
Published by Newsletter Pro • www.newsletterpro.com
S CORP, C CO
NEW R NEW THRE How 2023 Tax Change
The Science Behind Why Dogs and Humans Can’t Resist Leaf Piles Whether it’s your boisterous toddler or rowdy pup, a perfect pile of autumn leaves might be too good to resist! You probably remember the days when you also jumped into a crunchy orange leaf pile without a second thought. But why do humans and dogs love jumping into huge piles of leaves? The main (and most obvious answer) is because it’s fun! For kids, dogs, and even some adults, jumping and rolling around in the fall leaves is a satisfying form of play that releases energy. While this may be the simple reason for humans, there are a few more reasons your canine companion can’t resist a tower of leaves. Instinct to Dig Digging is a dog’s favorite pastime that dates back to their wolf ancestors. Just as natural as sniffing and barking, digging is an ingrained behavior for dogs, and they want to follow their instincts the moment they see a leaf pile. Whether they’re digging in to rest in the cool leaves or demolishing the pile entirely, your dog is just doing what dogs have always done. Irresistible Seasonal Scents Our sense of smell doesn’t even come close to dogs’ incredible scent skills. While we have 5 million scent receptors, dogs have anywhere between 125–300 million! This means they can smell countless other scents we can’t, and autumn may bring some exciting aromas your dog hasn’t experienced in a while. The result? They’ll dive right into a leaf pile and get sniffing! Marking Territory Another scent factor could be your dog wanting to claim a particular leaf pile. We already know dogs use their scents to mark territory, and rolling in a beloved pile of leaves is a way to infuse their scent. After diving head first into some leaves, they leave their scent behind so other animals can smell them and know that the leaf pile has already been claimed!
In an attempt to track gig income in the economy, Congress made adjustments to how online marketplaces such as eBay and payment service providers like PayPal report transactions. This change was hidden within the American Rescue Plan of 2021. Previously, these digital marketplaces were only obligated to issue 1099-Ks if a seller exceeded 200 transactions and earned over $20,000 in annual income from their sales. This was done to differentiate between individuals conducting businesses and those sporadically selling items or transferring cash to friends and family for coffee, meals, and gifts.
However, at the beginning of 2023, the $20,000 threshold in annual income took a significant dip. Now, if you receive $600 or more for selling goods and services online, you may receive a 1099-K. It should be noted that there is no longer a minimum transaction requirement.
Stuffed Pepper Soup Inspired by TasteOfHome.com
Whatever the case, jumping into a pile of leaves is completely normal — and fun! — for both humans and dogs.
2
630-832-6500 | 877-4-IRSLAW
Published by Newsletter Pro • www.newsletterpro.com
ORP, OR LLC
RULES, ESHOLDS: es Affect Online Sellers In most cases, people may sell items online at a loss. Consider this scenario: You purchased exercise equipment for $1,000, and after a year of non-use, decide to sell it for $600. Under the new regulations, you may receive a 1099-K for this sale, even though it’s not a taxable event, as you incurred a $400 loss. Here’s where it becomes complicated. While the IRS acknowledges that the example above isn’t a taxable event, you are now tasked with proving it. You must demonstrate that you bought it for $1,000 and sold it for $600, and the burden of proof rests on you.
WIN OF THE MONTH Everything Is Squared Away
While these new rules aim to enhance tax compliance in the digital marketplace, they may bring unintended complexities for both sellers and tax authorities.
Staying informed and maintaining accurate records of your online transactions is crucial to navigate these changes effectively and ensure you’re not paying more taxes than you owe!
INGREDIENTS
CASE SNAPSHOT Client: Worried Business Owner Type of IRS Issue: Business Income Tax Tax Year in Question: 2017 IRS Claimed Liability: $20,599.55 Savings: $20,599.55
•
2 tsp salt
•
2 lbs ground beef
•
2 tsp beef bouillon granules
•
6 cups water
•
1 tsp black pepper
•
1 28-oz can tomato sauce
•
2 cups cooked long- grain rice Chopped fresh parsley (optional)
•
1 28-oz can diced tomatoes, undrained 2 cups chopped green peppers
•
•
•
1/4 cup packed brown sugar
DIRECTIONS
Our client owns a company in Puerto Rico that relied on Square Inc. to complete some of the business transactions. Our client reported her business income correctly, but Square Inc. sent a 1099-K personally to her instead of the business and refused to correct the mistake. To help our worried client, we jumped into action. We were able to adjust the personal return and provide company bank statements, a company tax return, and Square Inc. reports to prove that all of the income had been correctly reported. The IRS agreed that she should not be liable for personal income taxes on income that was already reported on her business taxes. We saved our client the entirety of the assessed liability in the amount of $20,599.55 and got her IRS issues “squared away”!
1. In a Dutch oven over medium heat, cook beef until no longer pink, breaking it into crumbles; drain. Add beef back to the pot and stir in all ingredients except the cooked rice. Bring to a boil.
2. Reduce heat. Simmer uncovered until peppers are tender, about 30 minutes.
3. Add cooked rice and simmer, uncovered, for about 10 minutes. If desired, sprinkle with chopped fresh parsley.
3
WWW.IRSTROUBLESOLVERS.COM
Published by Newsletter Pro • 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 Cultivate a Heart of Gratitude 2 Explore the Instinctual Call of Crisp Autumn Leaf Piles INSIDE THIS ISSUE
Understanding the Latest Online Selling Tax Regulations
3 Stuffed Pepper Soup
Win of the Month 4 The Right Way to Protect Your Children’s Inheritance
The Trust Advantage SMART STRATEGIES FOR DESIGNATING BENEFICIARIES
As a parent, you want to do everything possible to ensure your children are cared for if you pass away or become incapacitated. Many people start a life insurance policy, thinking they’ll be able to leave a large sum to their children if the unthinkable happens. Many employers offer life insurance as a job benefit, or you can get coverage through an insurance agent. Once you establish what you want from your life insurance package, you have to name the beneficiaries of your policy. While most people choose their spouse or partner, many consider naming their children as the beneficiaries. It sounds like a great idea on paper, but complications arise when it’s implemented. When you name a minor as a life insurance beneficiary, they won’t be able to receive the proceeds directly. Instead, your appointed legal guardian (if you don’t have a legal guardian
named in your estate plan, the state will appoint one for you) will manage and distribute the money. And they could make decisions that don’t coincide with your wishes. So, what do you do instead? You could directly name an adult guardian to become the beneficiary, but this still opens you up to the problem already mentioned. Even if they’re good with your kids, they might not be the best money managers. The best path forward is to create a living trust and name the trust as the beneficiary of your life insurance policy. With a trust, you can name a bank or money manager as the trustee while setting specific guidelines for who gets access to the funds and when. This means you can set up the trust to help pay for your children’s education and other expenses as well as a monthly stipend
for the guardian without giving anyone untethered control of the funds. You can even determine the age your children will gain full access to the trust. Don’t make the mistake of naming your minor children as beneficiaries of your life insurance policy. Establish a trust — it’s the best way to take care of your legacy.
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