Take a look at our February newsletter!
LESSONS FROM A FEW FATHER-SON CANOE RACES Paddling Through Life
Growing up, my dad worked a crazy number of hours, so we didn’t get to spend as much one-on-one time together as I would have liked. But every Feb. 8, National Boy Scouts Day rolls around and brings back memories of campfires, merit badges, and some of the best times of my life. If you were ever a Scout, you know Boy Scouts wasn’t just about learning how to build a fire or pitch a tent — it was about the experiences, friendships, and adventures. And for me, it was the time I got to spend with my dad.
just about winning. They were about spending time together, working as a team, and making memories that I’d cherish forever. At Scout camp, we enjoyed campfire stories, team challenges, and a whole lot of mischief. It was a place where we could just be kids, explore the world, learn new skills, make lifelong friends, and, the best part, spend time with my dad. That’s the thing about childhood memories. When you’re a kid, you don’t worry about the financial burdens your parents may be carrying. You don’t think about bills, taxes, or unexpected expenses. All you know is that you’re having fun. But as adults, we bear those burdens for our families. We worry about making ends meet, keeping our businesses afloat, and planning for the future. And sometimes, those financial worries can take away from the time we should be spending with the people who matter most. That’s where IRS Trouble Solvers comes in. You don’t have to bear that burden alone. Our mission is simple: peace of mind, protection, and posterity.
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Peace of mind knowing your tax issues are being handled. Protection for your assets, cash, and future.
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Once a year, during Boy Scouts camp, for an entire week, it was just me, my dad, and the great outdoors — and, of course, the highly competitive father-son canoe race. My dad was strong — like really strong, and since I barely weighed 90 pounds at the time, our canoeing strategy was simple: He provided the power, and I steered. The race was pretty straightforward, too. You’d paddle down the lake, make a U-turn, and head back to the finish line. It sounds easy, right? Except for the fact that every other team would get jammed up at the turn. But not us. My dad powered through — he was a machine. We won that race three years in a row. It wasn’t even close. To this day, I still don’t think I’ve ever seen him prouder than when we crossed that finish line. Looking back now, those moments weren’t
Posterity so you can focus on what really matters — spending time with your family and making memories like the ones I had with my dad at Scout camp.
There will always be challenges, but the key is finding the right people to help you through them. So, while you’re out creating cherished moments with your loved ones, let us handle the stress of this process with the IRS. Because when you look back years from now, you won’t remember the bills. You’ll remember the laughter, adventures, and good times — maybe even a few canoe races. -Ben Golden
FEB 2025
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For many people, getting the most out of their hard-earned money can be a challenge. Thankfully, the 50/30/20 rule is here to help! This simple budgeting rule is straightforward, easy to remember, and useful (if you stick to it). According to the rule, you should take 100% of your after-tax income and allocate it in three different ways: 50% for needs, 30% for wants, and 20% for savings. For more on how to use the rule, read on! THE BENEFITS OF THE 50/30/20 RULE BETTER BUDGETING
Don’t Miss These
It’s here — tax season has arrived! This time of year can feel overwhelming, but it’s also a chance to maximize your savings by claiming deductions you might not even know exist. While many are familiar with the basic deductions like mortgage interest or charitable donations, several lesser-known deductions could help lower your tax bill. Let’s take a look at some commonly overlooked tax deductions that could save you money. State Sales Tax Did you know you can choose to deduct state and local sales taxes instead of state income taxes? This is particularly beneficial if you live in a state without an income tax or if you made a large purchase, such as a car or an appliance. The IRS even provides a calculator to help you determine the deduction. Student Loan Interest Paid By Parents If your parents contribute to your student loans, you may still qualify for a deduction. As long as you’re not claimed as a dependent on their return, you could deduct up to $2,500 of the interest paid.
Needs Half of your money should be put toward necessary expenses: groceries, utility bills, health care expenses, loans, mortgages, and other payments. However, you may need more than 50% of your money to cover your mandatory expenses, and the remaining money should be split between wants and savings as evenly as possible. Your needs could also require less than half of your after-tax income. In this case, use the leftover money to pay down loans and debts so you will have more money to dedicate to savings and wants in the future.
Job Search Expenses
If you were searching for a new job in your current field, you could deduct job-hunting expenses like resume costs, gas and
Wants What good is life if you can’t enjoy yourself? The rule says you should apply 30% of your after-tax income toward your wants. This portion can be spent on everything from tickets to see your favorite sports teams, a premier “Jurassic Park”-themed pinball machine, or eating out at a restaurant. However, it should only apply to things you want to spend money on immediately — not long-term investments. Savings The last 20% is the money you save for a rainy day. It can be cash you are saving for a dream vacation, money invested in a 401(k), or simply put into a savings account. Any long-term investment you make will fall into this category.
Fabulous Flourless Chocolate Cake Inspired by EasyDessertRecipes.com
While the 50/30/20 rule is not an exact science, it is worthwhile for budgeting your money responsibly and equitably!
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CASE SNAPSHOT Client: Business Owner Tax Years in Question: 2018–2023 State Tax Liability Claimed by IDOR: Paid in Full Savings Secured: $217,402 Monthly Payment Plan: Not Applicable Our team at IRS Trouble Solvers successfully filed a Voluntary Disclosure Agreement (VDA) application on behalf of this staffing company, which was approved for the tax years 2020–2023. As a result, the client was not required to file returns or pay balances due for the years 2018 and 2019. This strategic approach saved the business approximately $217,402 , not including the penalties and interest that would have been assessed for five years. WIN OF THE MONTH Staffing Company Avoids 5 Years of Tax Payments
Tax Deductions!
travel, and employment agency fees. Keep in mind this only applies if you itemize your deductions.
Self-Employment Expenses Freelancers and self-employed individuals often miss out on deductions for home office use, internet costs, and even business-related meals or travel. To qualify, make sure your home office is used only for work. Medical Expenses If your medical expenses exceed 7.5% of your adjusted gross income, you can deduct them. This includes out-of-pocket costs like prescriptions, dental care, and even mileage for driving to medical appointments.
Energy-Efficient Home Improvements If you’re installing energy-efficient windows, doors, or solar panels, you may qualify for a tax credit or deduction for contributing to a greener planet.
Educator Expenses Teachers often spend their own money on classroom supplies, and they can deduct up to $300 of these expenses. Married educators filing jointly can double this amount.
INGREDIENTS
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1 cup chopped dark chocolate 1/2 cup unsalted butter, melted 3/4 cup granulated sugar
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1/2 cup almond flour
1/2 cup chopped walnuts 4 large eggs, separated 2 tbsp cocoa powder
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DIRECTIONS
At IRS Trouble Solvers, we’re proud to help businesses like this staffing company resolve complex tax matters with proven solutions.
1. Preheat oven to 350 F and grease a springform pan with butter or nonstick spray. 2. Place chocolate in a medium bowl. Pour warm, melted butter over it, wait for 2 minutes, then stir until chocolate is melted and smooth. 3. Add sugar, almond flour, and walnuts and stir to incorporate. Stir in the egg yolks and set mixture aside. 4. In the bowl of a standing mixer fitted with the whisk attachment, whip egg whites on medium until stiff peaks form. 5. Fold 1/4 of the whipped egg whites into the chocolate batter. Repeat, 1/4 at a time, until egg whites are incorporated. 6. Pour batter into springform pan and bake for 30–35 minutes. 7. Remove from the oven and let it cool completely before removing from the pan. Dust with cocoa powder before serving.
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1 The Boy Scout Experience 2 Why You Should Use the 50/30/20 Rule INSIDE THIS ISSUE
Commonly Overlooked Tax Breaks
3 Fabulous Flourless Chocolate Cake
Win of the Month
4 Appreciate the Wonders of Eternal Flame Falls
Earth’s Eternal Flame A Glimpse Into a Mystery of Nature
Visitors to Eternal Flame Falls, a unique, naturally occurring gas flame emanating from the ground near Orchard Park, New York, often describe it with feelings of awe. A natural gas leak from deep in the ground fuels the Eternal Flame, and a waterfall tumbles down from a rock face between hikers and the flame, creating a grotto-like effect that draws scores of visitors year-round. Natural gas emissions from the Earth aren’t uncommon; however, the flame that gives Eternal Flame Falls its name is unique in several ways. According to a team of Italian and American geologists who investigated the leak in 2013, the gas is released at a relatively shallow depth of about 1,300 feet underground. The lukewarm shale surrounding its origins is much cooler than the 100-degree
Celsius temperatures at the origin point of most naturally occurring flames.
Natural gas leaks are usually composed of methane, but the gas fueling New York’s Eternal Flame is a unique blend of 35% ethane and propane in addition to methane. The research team also noted a series of other small gas seeps within the shale layer where the Eternal Flame flare originates. One geologist on the team theorized that the gas might have been produced within the shale by a different process that scientists have not yet identified. In addition to gas combustion, natural eternal flames can be created by peat fires or coal seam fires, ignited by lightning, human activity, or electricity caused by tectonic stress. Humans often create and maintain eternal flames, too, to
commemorate people or events. In the U.S., manmade eternal flames burn at Ground Zero, the site of the 2001 terrorist attacks, and the Holocaust Memorial Museum in Washington, D.C. The hike to view New York’s Eternal Flame Falls is a 40-minute round trip. However, the flame is difficult to access in wet seasons when the river swells to a torrent, so check the weather beforehand.
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