ORP, OR LLC
TAX SAVINGS: Credits, and Incentives that reduce your taxable income, credits will reduce the tax you owe. Some key tax credits include child tax credits, earned income tax credits, and lifetime learning credits. If you have qualifying dependent children, are a low-to-moderate income worker, or have eligible education expenses, including tuition and fees, contact us to learn how to benefit from these credits! Remember tax incentives. Tax incentives are specific provisions designed to help encourage specific investments or behaviors and provide an opportunity
WIN OF THE MONTH Aloha, Debt!
to receive a tax benefit. Tax incentives include retirement account contributions to your retirement accounts (401(k)s and IRAs), energy-efficient home improvements, and small- business deductions. In order to maximize your savings, it’s crucial to keep deductions, credits, and incentives in the forefront of your mind every time tax season comes around.
Be sure to stay informed about changes and updates to tax laws and regulations, and as always, give us a call with any questions you may have — we are always here to help!
CASE SNAPSHOT Client: Maui, HI, Resident Type of IRS Issue: IRS Error Tax Year in Question: 2015–2021 IRS Claimed Liability: $502,918.35 Savings: $488,790.35
INGREDIENTS
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2 32-oz cartons beef broth
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5 tbsp olive oil, divided
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Salt and pepper, to taste
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1 tbsp butter
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24 slices baguette (1/2- inch thick)
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8 cups sliced onions
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3 garlic cloves, minced
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3/4 cup shredded Gruyere cheese
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1/2 cup port wine
We serve clients all over the United States — even in Hawaii! When this client first contacted us, she was anxious because she hadn’t filed personal or business taxes in many years. After putting her at ease and taking her under our wing, we immediately started planning so we could determine the appropriate action to take. Once we had a game plan, we explained the entire plan to our client and got to work. As the saying goes, good things come to those who wait. It took us 31 months to complete an Offer in Compromise. Our plan changed slightly over the course of the process, but we were able to pivot and file the tax returns and get the IRS to approve the liabilities to be written off in the amount of $488,790.35! The client could say “Aloha” to the $502,918.35 original liability and pay under $15,000 to settle her debt!
DIRECTIONS
1. In a Dutch oven, heat 2 tbsp oil and butter over medium heat. Add onions and cook until softened, then reduce heat. Occasionally stir until brown (around 30 minutes). Add garlic and cook for 2 more minutes. 2. Stir in wine and bring to a boil. When liquid has reduced by half, add broth, salt, and pepper. Bring to a boil, reduce heat, and simmer for 1 hour. 3. Preheat oven to 400 F. On a baking sheet, brush baguette slices with remaining oil. Bake until golden (3–5 minutes each side). 4. In 12 broiler-safe 8-oz bowls, place 2 toast slices and pour soup into each. Top with cheese and broil until melted.
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