Going to a theme park is one of the most memorable ways to spend a family vacation. Theme parks are full of excitement, but they can also be overwhelming — especially with young kids in tow. The right game plan can turn a day of long lines and potential meltdowns into a fun, memorable adventure. Plan smart, play hard. Rather than simply packing up and heading to the park, take some time to research and plan your trip. Look into show schedules and ride restrictions, such as height limits, ahead of time so you can plan your day. Many parks also have mobile apps to track wait times and order food. Visit the most popular attractions early before the crowds swell. Visiting on weekdays or during off-peak seasons also helps avoid long lines to maximize your family’s fun. THRIVE IN THE THRILLS A Family Guide to Theme Park Fun
Many of our tax victories for clients depend on our ability to negotiate a favorable compromise with the IRS. Now and then, though, we take a deeper dive and turn our clients’ big tax debts into dollars in their pockets. That was the case with a client who came to us early last year in a panic. This client, a retiree, had been audited, and the IRS claimed he owed $330,000 for the tax year 2020 on profit from the sale of his home. He had sold his house for $580,000 but neglected to report the sale on his tax return. When the IRS received a 1099 reporting the proceeds, the agency assumed his cost basis was zero and accused him of underreporting his income by $580,000. The result: The IRS slapped him with a bill for $250,000 plus interest and penalties and a lien on his assets. By the time this client came to us, his tax bill had ballooned to $330,000, the IRS was sending threatening letters, and he was frantic. It’s fair to say that many companies promoting themselves as tax resolution specialists would have taken one look at the sheer size of this guy’s tax bill and charged him a huge fee. Also, they would have handled his case as a collections issue, without questioning whether he actually owed the money. They may have lacked the expertise, the commitment, or both, to examine this taxpayer’s finances and scrutinize the IRS’s claims. FROM A 6-FIGURE TAX BILL TO A REFUND CHECK Toph’s Tax Triumph
Remember snacks, drinks, and sun protection. Theme park restaurants can be expensive and busy. If you plan to dine in the park,
make reservations to avoid wasting precious time in long lines. If allowed, pack your own lunch to save time and money. It’s also wise to carry reusable water bottles to keep the family hydrated without breaking the bank on expensive bottled water.
I reviewed the client’s tax filings, did some research on his property, and quickly concluded that he actually didn’t owe the IRS anything — nada .
If visiting a park during summer, don’t forget the sun protection. Sunscreen, hats, sunglasses, and
He did err in neglecting to report the sale of his house. But if he had reported that income, he also would presumably have reported what he paid for it, which was $400,000. Therefore, he actually gained only about $180,000 on the sale, well below the $250,000 exemption the IRS allows on profit from the sale of a primary residence. The result: For a small fee, we simply filed an amended 2020 return reporting those facts.
breathable clothing are a must when walking all day in the heat. Taking a few minutes for a midday break in a shaded area or at an indoor show will help the family recharge for the rest of the visit. Keep expectations flexible and fun. Even with careful planning, things won’t always work out like you hope — expect ride closures, long lines, and cranky kids. Creating a list of backup attractions or activities can help you easily pivot if Plan A doesn’t work out. And don’t try to see everything in one visit. Trying to hit every ride can backfire and make the trip miserable. Often, the best memories happen in unexpected moments. A little structure mixed with flexibility can lead to a lot of fun and ensure your family’s theme park adventure is about making memories rather than managing stress.
And instead of a bill for $330,000, the IRS recently issued my client a refund check for $9,200!
Had his case been handled as a collections problem, all my client would have gotten out of the process was a big bill from the tax specialist, relief from the IRS’s aggressive collections tactics, and a time-payment plan. That massive debt would have hung over him for years.
Instead, we made the debt go away. Needless to say, our client was ecstatic.
–Toph Sheldon
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