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You’ve put blood, sweat, and tears into your family and your business. Now it’s time to protect it.
AUGUST 2024
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From Paperbacks to Audiobooks There’s No Wrong Way to Enjoy a Great Book
Reading is a gateway to endless opportunities. It allows us to explore new worlds, gain knowledge, and unwind from our daily routines. We learn valuable lessons,
In the book, Clear introduced the concept of habit stacking as a powerful strategy to build new habits. Habit stacking involves linking a new habit to an existing
discover different perspectives, and find inspiration through reading. It’s a powerful tool that enriches our minds and fuels our imaginations. Aug. 9 is National Book Lovers Day — a perfect time to celebrate the joy of reading. Recently, I’ve started listening to audiobooks. While I’ve always been an avid reader and love sitting down with a good book, finding the time can be challenging. Luckily, there’s a great alternative — audiobooks. With audiobooks, I can listen during my shower, commute, or downtime. It lets me multitask without giving up a hobby I love. After all, books take many forms — ebooks, audiobooks, and paperbacks. There’s no “wrong” way to enjoy an author’s work. And when I think about it, as an attorney, I’m constantly scanning documents, reading reports, and managing countless emails. By the
one, leveraging the consistency of the established habit to create a seamless transition. For example, if you want to start meditating, you might stack it onto your morning coffee routine. By doing this, the established habit of having coffee serves as a trigger for the new habit. This method simplifies the process of habit formation and makes it easier to make positive changes in your life. Additionally, Clear highlighted concentrating on the small, consistent actions that lead to success and using habits to reach your goals. He emphasized that habits are the foundation of long- term achievements, and by improving just 1% every day, significant results can be realized over time. This approach shifts the focus from daunting objectives to manageable routines, making staying motivated and on track easier. Good habits are the key to progress.
end of the day, my eyes are exhausted. Audiobooks provide the perfect balance, allowing me to enjoy books without straining my eyes further. I recently listened to “Atomic Habits” by James Clear, a popular book that’s gained a lot of traction over the years. While the insights weren’t revolutionary, they shifted my perspective on key concepts that translated to my professional and personal lives.
I’ve set a goal to get through a book a month, and thanks to audiobooks, I’m on track to achieve that this year. To reach this goal, I’ve made a habit of listening to books on tape (thanks, James Clear). I’m telling you, it all adds up, and I genuinely enjoy the experience!
–Tyler Q. Dahl
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The Importance of a Financial POA
Did You Know? Did you know that the longest novel ever written is “In Search of Lost Time” by Marcel Proust, with over 1.2 million words? Or that the most expensive book ever sold was Leonardo da Vinci’s “Codex Leicester,” purchased by Bill Gates for a whopping $30.8 million? While these crazy facts about books seem too crazy to be true, it doesn’t stop there! Check out these quick book tidbits! The world’s smallest book is “Teeny Ted from Turnip Town,” measuring just 70 micrometers by 100 micrometers. The world’s largest book is “This the Prophet Mohamed,” which weighs a hefty 3,306 pounds and measures 16.40 x 26.44 feet.
Securing Your Future and Legacy
The show goes on whether or not you are there to take part in it. There may come a day when you need to pay debts or make important financial or business decisions but cannot because of incapacitation or being otherwise unavailable. This is why establishing a Financial Power of Attorney could be key to securing your future and legacy. WHO NEEDS A FINANCIAL POWER OF ATTORNEY? A Financial Power of Attorney (POA) has the ability to conduct business in your stead. Anyone dealing with large business decisions, handling expensive assets, facing deadlines on debts, or caring for dependent children can benefit from establishing one. DRAFTING YOUR DOCUMENT Your Financial POA document must specify who you have chosen, what powers they will have, the circumstances that must be present for them to execute their authority, and how the POA can be revoked. You, the chosen individual, and a notary public must sign off on the document for it to go into effect. CHOOSING THE RIGHT PERSON Naming a Financial Power of Attorney is not as simple as just picking someone just to have one in place. This individual should be someone you trust with your life. They need to be financially savvy and familiar with the matters you have them dealing with, including potential real estate matters, the inner workings of your business, your financial accounts, and deadlines. Remember that nothing requires choosing a family member or a business partner. This person should, however, be accessible if something suddenly makes you unavailable to make decisions for yourself. At Dahl Law Group, we prioritize making the right decisions. We can draft your POA documents to ensure you have durable coverage for financial and business decisions when needed. Contact our offices, and we will not only help you draft your documents but also assist you in appointing the right person for the job.
The Bible is the best-selling book of all time, with over 5 billion copies sold and distributed.
Do you have a friend who needs our help? When you’re done reading, give them this newsletter and recommend they scan our QR code. We can help them solve their tax, business, or estate planning problems before things get worse.
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Ensuring Reasonable Compensation for S-Corp Owners The Fight Over Reasonable Compensation Begins Before the Investigation
HOW YOU CAN ENSURE YOU’RE PREPARED FOR A REASONABLE COMPENSATION CHALLENGE
The IRS gives special attention to S corporations to ensure that owners are being paid reasonable compensation, and the tax penalties for being found in violation can be costly. Depending on how well you prepared for a reasonable compensation challenge, proving your compensation to be reasonable could be simple or a hard-fought fight to avoid some hefty fines. DETERMINING YOUR REASONABLE COMPENSATION The IRS specifies that your compensation should be “At least as much as other businesses would pay for similar services,” meaning that you should pay yourself as much as you’d expect if you took a similar position under another company. Most business owners have prior experience and knowledge of their industry, so determining your salary may be simple. For the IRS, however, the process is not so straightforward. During a reasonable compensation challenge, the IRS will independently determine what they believe your reasonable compensation to be. If there is a significant discrepancy between your conclusion and theirs, you may have to pay penalties on the taxes owed, including interest for the period they determine you were underpaying. You can fight the IRS’ determination and avoid these fines with the right preparation.
An experienced business law and tax planning professional can help avoid trouble when the IRS conducts a reasonable compensation challenge. They can work with you to determine an easily defensible salary for yourself, using information backed up by industry data relevant to how you run your business. Most importantly, the data and conclusions that lead to your determination of reasonable compensation should be recorded and kept on hand in case of a challenge. Backing up your figures with documented evidence will show the IRS how you came to a fair conclusion and save plenty of time and effort in dealing with them. We provide Reasonable Compensation Reports to our clients who want to ensure they are protected from an IRS audit, and without that, you risk hefty fines and penalties in the event of an audit. If you’re an S Corp owner needing help determining reasonable compensation or dealing with any other corporate tax issues, Dahl Law Group has the experience necessary to protect you and your business. Contact us today to see how we can help you.
Sweet Potato and Avocado Salad
GET A HEAD START ON YOUR LEGACY INTERVIEW! Scan this QR code to request a FREE copy of our Legacy Interview questions. With them in hand, you
This simple vegan salad is flavorful and filling, featuring a delicious tahini- maple dressing.
Ingredients • 1 sweet potato sliced into 1/4-inch rounds • 1 tbsp avocado oil
• 1 pinch of sea salt • Water, to desired consistency
can create a precious gift for your children, grandchildren, and other loved ones that will preserve your memory for decades to come.
Salad • 5 cups of greens (spinach or lettuce) • 1 ripe avocado, cubed • 2 tbsp hemp seeds (optional)
Dressing • 1/4 cup tahini
• 2 tbsp lemon juice • 1 tbsp maple syrup
“Daring ideas are like chessmen moved forward; they may be beaten, but they may start a winning game.” –Johann Wolfgang von Goethe
Directions 1. Preheat the oven to 375 F. Line a baking sheet with parchment paper. Add sweet potato slices and toss in oil. 2. Bake for 15 minutes and flip. Bake for another 5–10 minutes and remove from the oven. 3. In a small bowl, mix tahini, lemon juice, maple syrup, and salt. Whisk to combine and slowly add water until the dressing is semi- thick and pourable. 4. In a serving bowl, add greens and top with sweet potato, avocado, and hemp seeds. Serve with dressing. Inspired by MinimalistBaker.com
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INSIDE What’s
2. 1. Embrace the Magic of Reading Amazing Book Trivia Why You Should Consider a Financial POA
3.
Proving Reasonable Compensation to the IRS Sweet Potato and Avocado Salad Fun Farmers Market Activities for Families
4.
Exploring the Farmers Market Fun Activities for the Whole Family SCAVENGING FOR SAMPLES There is no shortage of variety regarding the fruits and vegetables offered at farmers markets. Engaging your family in a scavenger hunt to discover various produce among the local farmers’ stands is a great way to broaden their minds and keep them entertained. Plenty of farmers will offer you and your kids samples of their wares, allowing you to try before you buy. GROWING PRODUCE AT HOME After enjoying the farmers market, you may want to take what you learned home. Starting a small garden and growing starter plants with your kids is a great way to bond and create lasting memories. Growing and caring for plants and vegetables is a wonderful experience for children and helps them connect more with nature. Do yourself and your family a favor: Explore the farmers market and discover the flavor of your local area.
This time of year, we harvest fruits and vegetables in abundance, and farmers markets across the country are brimming with locally grown goods. Taking advantage of these wonderful events where local farmers and artisans sell the fruits of their labor is a great way to support local small businesses and explore all your area has to offer. Moreover, it is a perfect opportunity to share some wholesome fun with your family, as there are activities and attractions at farmers markets suitable for all ages. LEARNING FIRSTHAND Your local farmers are a treasure trove of agricultural know-how. Many farmers will happily talk with you or your children about their favorite crop, what’s in season, and their recommendations for recipes that incorporate their produce. It’s a great way to grow your kids’ social skills and get them interested in gardening and farming.
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