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THEY’RE WORTH THE WAIT! Enjoy the Process and Embrace All Experiences
“WE WERE TOGETHER, AND AT THE END OF THE DAY, THAT’S WHAT IT’S ALL ABOUT.”
Summer is here! Every year when summer rolls around, I’m reminded of some of my favorite summers and vacations spent under the sun at the beach or the lake. In the back of my mind, one particular vacation stands out. One summer, when my son and daughter were young, we visited my wife’s family in Sarasota, Florida, and of course, we wanted to visit the beach. So, we packed up the kids, the diapers, their toys, the towels, and all of the other beach essentials and headed out. It was a lovely day, the weather was great, and everyone had a fabulous time — except for our 2-year-old daughter. All she wanted to do was eat sand!
it’s important to remember that even a bad experience is an experience, and it’s not about the experience but rather who you experience it with that matters. When many of our clients find us in situations where they encounter a large IRS debt, they find that they can’t afford to take a vacation because they are hindered by choices they made in the past. They have to weigh out if they can make it happen, and more often than not, they sadly can’t. Our decisions affect our future decisions, and every decision comes with a consequence — good or bad. Even indecision is a decision. Thinking back to that day at the beach, we had a great time, despite fighting to keep every grain of sand out of my daughter’s mouth. We were together, and at the end of the day, that’s what it’s all about — long-lasting experiences that are meaningful. It’s the ones you can look back on and laugh at that are the best. Just because you’re going through something right now doesn’t necessarily mean you will be in it forever. In today’s world, we live in a microwave society where we crave instant gratification, but you can’t let that impact each decision you make. Sometimes, it’s better to put your food in a slow cooker and allow it to simmer for many hours. The flavor is incredible, and the wait is well worth it! -Ben Golden
To deter her, we tried everything — dipping her in the water, offering her snacks, playing games, and showing her how to play with sand instead of eating it. We spent the whole day hyperfocused on keeping sand out of her mouth. This experience was a big reminder that sometimes, just like my daughter, we do things that we think are good for us, but we later find out they are harmful and wind up biting us in the butt. However,
JULY 2023
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A summer garage sale is a tried and tested way to earn a little cash while eliminating things you no longer need. But it’s also the perfect opportunity for parents to teach their children a few life lessons. Making your garage sale a family project can teach kids about organization, money management, and the pride of a hard day’s work. The lessons start immediately as your family determines what they no longer need. Younger children, in particular, often struggle to part with their possessions. A garage sale is an opportunity to discuss what they use, what they don’t, and why we can’t keep every object we own forever. This process will teach kids organization as they create their “keep,” “sell,” and “toss” piles. On the big day, your children can also play a significant role in organizing and displaying your merchandise. Kids can help determine which items should share a table and what should be front and center to catch buyers’ eyes. Math and money management also play a pivotal role in any successful garage sale. First, you must determine what the items you’re selling are worth. While letting your kids set prices is probably unwise, you can help them understand market value and what people will pay for used merchandise. Your children can take a more active role in the sale itself. Depending on their ages, they can gain valuable experience making change for customers or negotiating a deal on the items for sale. The best part of using your garage sale as a learning opportunity is that your children can personally experience the value of hard work. They’ll watch their old possessions disappear and the cash trickle in. More than anything, they’ll probably love adding up the day’s takings. Whether or not you give your kids a cut of the earnings is up to you. But even if they don’t end up with fatter pockets, your children will walk away from the family garage sale with lessons that will last longer than any extra cash could. WHAT YOUR SUMMER GARAGE SALE CAN TEACH YOUR KIDS
Every day, a new strong-willed individual sets foot into the world of entrepreneurship. Now more than ever, people see the benefits of a simplified business environment or a side hustle. However, this move can create unexpected tax bills. While all taxpayers file the same income tax forms, tax obligations for entrepreneurs may look different for multiple reasons, some of which you can avoid and others you can’t. One of the most significant changes when you start up your business is self-employment tax, which takes the place of the FICA taxes that are withheld from employee paychecks. These are mandatory contributions to Social Security and Medicare. You only need to pay the employee’s responsibility when you’re an employee. However, if you are self-employed, you end up paying for both the employee and employer portions, doubling the amount owed. Most American workers count on their employer to withhold money from each paycheck to pay their tax obligation over time. When you’re self-employed, this service doesn’t exist, which may leave a large, unpaid tax bill come April’s tax filing deadline. BE PREPARED FOR Don’t Get Caught Off Guard
Depending on your business structure, your income may be taxed differently. For example, a sole proprietor will typically be taxed on all their profits, even
Sazon Grilled Chicken Thighs Inspired by AmbitiousKitchen.com
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ORP, OR LLC
R THE UNEXPECTED
if it isn’t counted as income, while incorporated business owners only have to declare the income.
If you are an entrepreneur, to avoid tax complications, consider additional tax planning to keep your business and personal tax obligations low and avoid surprises. You can time the purchase or sale of assets and maximize tax-advantaged deductions like retirement contributions to help. One strategy is to meet with a qualified tax service more than once throughout the year to stay on track and plan. If you have encountered surprise tax bills, don’t ignore the problem — meet
with our team at IRS Trouble Solvers today. We’ll work with you to identify your tax challenges, find all available options, and fix past issues as inexpensively as possible. Call today to make an appointment.
INGREDIENTS
CASE SNAPSHOT Client: 40-Year-Old Taxpayer Type of IRS Issue: IRS Error Tax Year in Question: 2014 IRS Claimed Liability: $64,720.16 Savings: $43,529.53
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1 1/2 lbs boneless skinless chicken thighs
2 tbsp olive oil
1 tsp cumin
1 tsp ground coriander
1 tsp turmeric
1/2 tsp garlic powder
1/2 tsp oregano
1/4 tsp cayenne pepper (optional)
1/2 tsp salt
Freshly ground black pepper
DIRECTIONS
While we expect them to get it right, there are times when the IRS gets it wrong. That’s why it’s paramount for us to thoroughly research our clients’ issues every time! In this scenario, our client was forced to liquidate his retirement accounts following a divorce. During this process, one of his retirement accounts was rolled over into another account, and the IRS issued a Substitute for Return (SFR) and did not take the rollover into account. Remember that if a client has an SFR issued, it is NEVER in their favor — most times, it will only reflect income with no deductions, credits, or costs considered. After thorough research and proper planning, we were able to properly file the original return and save the client $43,529.53! This was a savings of over 67%!
1. In a large bowl, add chicken, olive oil, cumin, coriander, turmeric, garlic powder, oregano, cayenne pepper (if desired), salt, and pepper. Toss together to coat chicken; let it marinate for 30 minutes to 1 hour. 2. Preheat grill to 400 F. Grill chicken thighs for 6–8 minutes per side or until fully cooked and an internal thermometer reads 165 F. 3. Transfer cooked chicken to a plate and cover with foil to keep warm, then chop into bite-size pieces to use in salads, tacos, bowls, and more!
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IRS Trouble Solvers ™ ®
100 S. York Road, Suite 214 Elmhurst, IL 60126 www.IRSTroubleSolvers.com 630-832-6500 | 877-4-IRSLAW
1 It’s Worth the Wait! 2 Help Kids Learn While They Earn What to Do With Unexpected Entrepreneurial Taxes 3 Win of the Month Grilled Sazon Chicken Thighs 4 I Spent How Much Money?! INSIDE THIS ISSUE
Break Your Habit of Overspending DO YOU KNOW HOW MUCH MONEY YOU’RE SPENDING?
When you go to the supermarket, you may find something you love. So, you put it in your cart without a second thought. When you shop online, you do the same thing. Later, when you check your bank account, you’re shocked you spent more money than anticipated. It’s time to ask: Do you often make impulsive purchases? If you feel your money is burning a hole in your pocket, you can change that and be more in control of your spending! How do people develop the habit of overspending? Money is personal — everyone has a different relationship with it. Therefore, it’s essential to understand the emotional needs and habits that play a role in your spending habits.
it. They can calculate how much money you spend at certain stores and how often you use businesses and services. When you see the actual amount you’re spending, it can put things in perspective! Furthermore, if you’re at the store and see something you want, stop and ask yourself, “Do I need this?” “Will this purchase help me reach my goals?” “Can I wait to buy this at a later date?” Taking a moment to distinguish between “want” and “need” will help you practice self control. It’s also beneficial to create a budget and outline your monthly expenses so you know how much disposable income you actually have after you meet your financial obligations (bills). Creating a budget and prioritizing needs over your wants will help you cut ties with your overspending habit and avoid unnecessary consumer debt and stress.
We are all bombarded by advertisements and social media pressure. Businesses use strategies that give a sense of urgency to their
consumers — some even provide a one-click checkout option. Additionally, influencers often film themselves shopping with full carts and link their products to an Amazon wish list or “store” so you can easily buy the same things. How do you break the overspending habit? Becoming aware of your spending is the first step, and several online banking apps allow you to track
Everyone’s financial situation and goals are different, and budgeting can be difficult. However, a financially savvy friend or financial advisor can help you outline steps to maximize your financial resources. Smart spending habits are at the core of financial success, so don’t wait to get started!
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