Landmark Tax Group - February 2020

Valentine’s Lessons

Talking to Your Adolescent About Relationships

With Valentine’s Day approaching, stores are filled with chocolates, stuffed animals, and cards for significant others. Love is in the air! Even though you may not realize it, your kids may also be feeling the pressure. Crushes, dates, and broken hearts are part of their lives, too, but they may struggle to talk with you about it. Thankfully, developmental experts have weighed in on how to approach these important and delicate conversations. Judith Myers-Walls, professor emeritus of child development at Purdue, urges parents not to treat their kids’ crushes as silly. We may know these early expressions of love aren’t that serious in the long run, but to an adolescent, the emotions are very powerful. “They are very easily embarrassed about those feelings,” Myers-Walls observes, “so parents and other adults should be respectful and not tease about those issues.” Rather than make kids feel ashamed of these early romantic feelings, let them know you’re there to talk to them about it. No Laughing Matter

to consider,” he writes, explaining that adolescents tend to only focus on their own feelings and need to learn to consider how their crush may feel about them. This awareness might prevent them from overstepping someone else’s comfort zone.

Respecting Themselves

At the same time, kids and teens should know the importance of respecting their own feelings. Setting boundaries can be especially important when your child is confronted with an unwanted Valentine’s Day card or request for a date and feels pressured to reciprocate. “Boundary setting is imperative to learn during adolescence because it is a time of identity formation,” writes Dr. Marilyn Price-Mitchell in Psychology Today. “Healthy boundaries allow teens to feel respected, valued, and empowered to build positive relationships in their lives.” It also helps them handle uncomfortable social situations with grace and maturity. Crushes and first dates are a part of growing up, as is learning how to contribute to healthy relationships. Much like a first step or learning to drive, patient, loving parental support makes all the difference.

Respecting Others

Dr. David Anderson, a clinical psychologist at the Child Mind Institute, believes it’s especially important to talk to adolescents about respecting boundaries. “One of the big lessons we want to be sending to kids at any age is that there are two people

Losing Sleep Over Your Tax Debt? Have No Fear, IRS Payment Plans Are Here

With tax season in full swing, it’s a stressful time of year. If you utilized our last newsletter to determine how much you owe in preparation

responsible for penalties and fees. If you do get approved for an installment plan that lasts several years, you’re required to adequately file and pay all subsequent tax returns during that time. Eligibility is also dependent upon your previous history. As long as you have not failed to file your returns during the last five years and have not entered into an IRS payment plan during that time, you are still eligible. In situations of debt larger than $25,000, the IRS may require you to submit a financial package to evaluate your income, expenses, and assets. If your business has a debt larger than $10,000, it’s almost guaranteed you will need a financial package. This will allow them to thoroughly investigate your finances to verify your need for a payment plan. But like any other debt, interest still accrues while you’re on the program. Applying for payment plans can be tricky and stressful to navigate. If you find yourself in need of one, reach out any time. For a free consultation, give us a call at ( 949) 260-4770 or visit our website at .

for tax season and find that you’re short, you have options that may make tax season a little less stressful — as long as you’re realistic with your approach. If you work with a licensed IRS representative, they can help you establish a fair and reasonable payment plan. There are a couple of different ways to set these up, but they’re all dependent upon filing your taxes on time. During your filing, you can submit an installment agreement request by mail, phone, or online. From there, the IRS will review your request and your tax account to determine if you meet their guidelines. However, if you owe $10,000 or less, you’re much more likely to get a payment plan that best suits your needs. If you’re uncertain about your eligibility, there are a few other key factors you need to be aware of. You are liable to pay off your debt within a strict time frame allotted by the IRS. Otherwise, you’re


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