Take a look at our January newsletter!
The Key to Lasting Change RESOLUTIONS VS. DISCIPLINE
“Let’s leave resolutions behind and make real, lasting change together!”
Time Change doesn’t happen overnight, and neither does resolving tax issues. You didn’t get into this situation quickly, and you won’t get out of it quickly, either. Meeting deadlines is important. Time is a shared responsibility between us and you, as we must also meet IRS deadlines together. Investment This isn’t just about money — it’s about prioritization. You must invest in the process, and we must invest in you. If you could’ve done this alone, you would have. But together, as partners, we can achieve success. Your role in providing necessary information and support is as important as our expertise. Accountability Accountability is about taking ownership. It’s not if but when we hold your feet to the fire to move in the right direction. This accountability builds a foundation for positive and lasting change. We encourage our clients to move beyond resolutions to true discipline. Many revert to old habits because resolutions don’t always account for the systems needed to maintain change. Discipline, however, is supported by consistent actions and tools that help you stay on track. Just like someone who is quitting smoking might use patches or hypnotherapy or someone losing weight relies on regular gym visits, your financial success requires systems and consistency. At IRS Trouble Solvers, we’re here to help you implement the discipline and strategies needed to resolve your tax issues and ensure you never face them again. Let’s leave resolutions behind and make real, lasting change together! -Ben Golden
Statistics tell us that about 90% of people who set resolutions for the new year do not achieve them. Making New Year’s resolutions is a tradition that encourages growth, change, and new beginnings. However, many resolutions fizzle out quickly. Have you ever heard of Quitters Day? It’s only the second Friday of January, and it’s when most people abandon their goals. But don’t let that discourage you! I’ve always believed there’s a huge difference between making a resolution and cultivating discipline in your life. Resolutions often feel fleeting — a promise made at the start of the year that sometimes lacks the foundation needed for long-term success. Discipline, on the other hand, is an ongoing commitment to making better choices, even when it’s difficult.
At IRS Trouble Solvers, we operate on four foundational beliefs that reflect this idea:
Change Change begins with a decision — a line drawn in the sand. Once you step over it, you commit to moving forward. For example, you might say, “I’m no longer going to create a problem with my taxes; I’m going to solve it.” That willingness to change is what kicks off progress.
JAN 2025
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TAX CHANGES ARE COMING What the 2025 Tax Cliff Could Mean for Your Family
Now that the new year is here, you may start hearing the term “tax cliff” more frequently. Although it may sound intimidating, understanding what it means and its implications is the first step to preparing yourself! Here’s a simple explanation of what the tax cliff is, why it matters, and what you can do about it. What is the 2025 tax cliff? Tax cliff refers to the expiration of several provisions from the Tax Cuts and Jobs Act (TCJA) of 2017. This law brought large changes to the U.S. tax code, including lower tax rates for individuals, an increased standard deduction, and expanded
The moon has been Earth’s primary companion in space for about 4 billion years, inspiring countless poems, songs, and space missions. Recently, however, the Earth attracted a second moon — a mini-moon temporarily pulled into its orbit by the Earth’s gravitational force. The tiny asteroid, named 2024 PT5, was about 33 feet wide, roughly the size of a school bus. The moon’s rocky little companion didn’t hang around for long, however: 2024 PT5 hurtled away a little before Thanksgiving toward its permanent home, the Arjuna asteroid belt, a collection of space rocks orbiting the sun. Scientists say the Earth’s gravitational field pulled 2024 PT5 as it ventured within 28 million miles of us, traveling at a relatively low speed — in space terms — of around 2,200 mph. The Earth’s downward force was strong enough to draw the slow-moving asteroid into orbit. The rendezvous didn’t last long. The attraction wasn’t sufficient to capture 2024 PT5 for more than about two months. 2024 PT5 didn’t make much of a splash among amateur astronomers, either, because it was too small to be seen through amateur telescopes or binoculars. Natural objects become moons when they orbit planets, held by the larger body’s gravitational pull. Some moons form at the same time as their home planet, while others come into being when an asteroid smashes into their primary planet. Still others, like 2024 PT5, are itinerant asteroids that come too close to a planet to escape its gravitational pull. Several mini-moons have been detected in Earth’s orbit since 2006, but all proved fleeting companions. “You may say that if a true satellite is like a customer buying goods inside a store, objects like 2024 PT5 are window shoppers,” astronomer Carlos de la Fuente Marcos told Space.com. Earth Lures 2nd Moon Into Its Orbit
child tax credits. However, many of these changes were temporary and are set to expire at the end of 2025.
If these provisions expire, tax rates are expected to revert to higher pre-2017 levels unless new legislation is passed. This potential increase in taxes is what people are calling the 2025 tax cliff.
One-Pot Chicken Noodle Soup Inspired by TasteOfHome.com
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WIN OF THE MONTH Strategic Patience Leads to Major Savings
What changes can we expect? Here are some key changes that could impact individuals and families: • Higher Tax Rates: The lower tax brackets introduced in 2017 will expire and you may find yourself paying more in federal income taxes. • Reduced Standard Deduction: The standard deduction, which nearly doubled under the TCJA, will decrease, potentially making more of your income taxable. • Shrinking Child Tax Credit: The expanded child tax credit will revert to lower amounts and reduce tax benefits for families with children. • Estate Tax Exemption: The higher estate tax exemption is set to expire, which could affect those planning to transfer wealth to their heirs and loved ones. What can you do? While the potential changes might sound concerning, proactive planning can help you navigate this transition. Here are some steps to take! •
At IRS Trouble Solvers, we know every tax case is unique, and success often comes from persistence, expertise, and strategic planning. Here’s how we recently helped a long-standing client achieve significant savings on their income tax liability. The Challenge The client faced an income tax liability of $397,995.86 spanning nearly a decade, from 2013 to 2021. Despite our repeated efforts to negotiate resolutions, the client’s situation required a tailored approach.
CASE SNAPSHOT
Client: Long-Term Client Taxpayer Type of IRS Issue: Income Tax 1040 Tax Years in Question: 2013–2021 IRS Claimed Liability: $397,995.86 Savings: $278,981.36
Consult a Tax Professional: Work with a CPA or financial advisor to understand how the changes may impact your specific situation Evaluate Your Estate Plan: If you’re planning to pass on assets, review your estate plan now to maximize exemptions before the changes.
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Plan for Higher Taxes: Adjust your budget and savings strategy with the possibility of increased tax liability in mind.
INGREDIENTS
Our Strategy We enrolled the client in the Tax Monitoring Program (TMP) to monitor the liability while the IRS’s Collection Statute Expiration Dates (CSEDs) began to expire. Surprisingly, the client was not in active collections, which allowed us to focus on maximizing the benefits of the CSED expirations.
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2 1/2 lbs skinless, bone-in chicken thighs
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4 celery ribs, chopped
4 medium carrots, chopped
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1 tsp salt
2 bay leaves
1 tsp pepper 2 tbsp olive oil
1 tsp dried thyme
3 cups uncooked egg noodles (about 8 oz)
The Result Over time, strategic patience and monitoring have paid off in a big way:
1 large onion, chopped 3 garlic cloves, minced 10 cups chicken broth
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1 tbsp chopped fresh parsley
1 tbsp lemon juice
• $278,981.36 of the client’s liability has already been written off as CSEDs expired. • The most recent CSED expiration on July 1, 2024, eliminated an additional $108,301.19 in liability. • Total Savings to Date: $278,981.36 This case highlights how understanding and leveraging IRS policies, like CSED expirations, can lead to extraordinary outcomes. Strategic enrollment in the Tax Monitoring Program allowed us to save the client thousands of dollars while ensuring they remained compliant and stress- free. It’s another win that showcases our commitment to delivering expert solutions for even the most challenging tax situations.
DIRECTIONS
1. Season chicken with salt and pepper. In an 8-quart stockpot over medium-high heat, add oil and chicken and cook until golden brown, 3–4 minutes. Remove chicken and set aside. 2. Add onion to drippings; cook over medium-high heat for 4–5 minutes. Add garlic and cook for 1 minute. Add broth and bring to a boil. Return chicken to pot. Add celery, carrots, bay leaves, and thyme. Reduce heat and cover; simmer until chicken is tender, 25–30 minutes. 3. Turn off heat. Remove chicken to a plate. Add noodles and let stand, covered, until noodles are tender, 20–22 minutes. 4. Shred chicken meat into bite-size pieces, and return to pot. Stir in parsley and lemon juice, and discard bay leaves.
If you’re facing a tax issue, reach out to IRS Trouble Solvers today. We’re here to help you find relief.
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1 Why Discipline Triumphs Over Resolutions Every Time 2 Earth Lures Tiny New Moon Temporarily Into Its Orbit INSIDE THIS ISSUE
Don’t Get Caught Off Guard by the 2025 Tax Cliff
3 One-Pot Chicken Noodle Soup Win of the Month 4 Bon Jovi Saves Woman on Bridge
ROCK LEGEND SAVES WOMAN IN PERIL JON ‘BRIDGE’ JOVI
Nashville is known as “Music City” because of its role in the birth of country music and its centuries-old Ryman Auditorium. Famous performers like Jimi Hendrix, Otis Redding, and Dolly Parton have performed in venues on the city’s iconic Jefferson Street. As amazing as their live performances are, they are nowhere near as impactful as Jon Bon Jovi’s was on Tuesday, Sept. 11, last year. Keep the Faith On Wednesday, Sept. 12, Jon Bon Jovi, frontman of the rock band Bon Jovi, became the unwitting star of a viral video released by the Nashville Metropolitan Police Department (NMPD). The
day prior, while filming a music video for his upcoming album on the public Seigenthaler Pedestrian Bridge, Bon Jovi came across a woman standing on the ledge overlooking the Cumberland River. He quickly acted to ensure she didn’t get “One Step Closer” and did his best to provide her with “Something to Believe In.” Over several minutes, Bon Jovi evoked his song, “I Got the Girl,” and successfully convinced her to step away from the ledge to safety. Nobody’s Hero The NMPD was impressed by Bon Jovi’s selfless act. After YouTube took down the video of Bon Jovi’s rescue, the NMPD reposted it on
their Facebook page and lauded the singer’s achievements wherever they could.
“It takes all of us to help keep each other safe,” NMPD Chief John Drake said of Bon Jovi on X (formerly Twitter). Bon Jovi is no stranger to altruism. His nonprofit organization, the JBJ Soul Foundation, assists those suffering from homelessness, poverty, and hunger. His foundation’s food and affordable housing programs have aided the less fortunate since 2006. It sure seems like Bon Jovi is committed to “Work for the Working Man.”
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