Cincinnati Tax Resolution - April 2022

Cincinnati Tax Resolution - April 2022

APRIL 2022 VOLUME 6, ISSUE 4

TOPH’S TAX RESOLUTION T IMES

513-342-4000 WWW.513TAX.COM

The Joke in Our Wedding Vows Came True!

ASHLEY AND I PREDICTED THE FUTURE

When Ashley and I got married, we had pretty unusual wedding vows. I think the one that raised the most eyebrows was our public promise to have between four and eight kids together! At the time, those high numbers were a private joke. My dad was one of five kids and my mom was one of 10, so I always loved the idea of a big family with lots of siblings and cousins. When Ashley and I were dating, we borrowed from my family history and joked that we’d have between five and 10 kids one day, even though we didn’t really intend to have that many. Once we got two dogs, we lowered the total to four to eight kids because we figured the dogs counted for at least a kid and a half. I’m not entirely sure how the joke made it into our wedding ceremony — or when we started taking it seriously! But after Mac was born, we both fell in love with the idea of actually having a big family. It took us a whole year to get pregnant with Mac, but after him, the rest came easy. Now we have five kids, and our wedding vows have come true! I started thinking about all of this when I found out April 10 is National Siblings Day. I think we got really lucky with the age and order of our kids and their sibling dynamics. I grew up with two younger sisters, Jess and Sadie, and we were locked in a constant sibling rivalry. I’ll admit it: I was a little bit of a bully. I always wanted the basement to myself so I could watch my favorite shows on TV, play video games, or do both at once. Who got the basement was a constant fight, and I kicked my sisters out multiple times. We had plenty of blowout arguments over the years, partly because we didn’t have a lot in common. They were younger and more artistic than I was. It wasn’t until we were out of the house that

I started seeing them for the great people they are rather than my kid sisters playing with Barbies and doing craft projects.

Despite having two sisters, I always wanted a brother growing up. I felt alone as the oldest and only boy and jealous that they had each other, while I didn’t have a buddy to share things with. That’s one reason I’m so happy with how our family has turned out. Our two oldest boys, Mac and Rex, are best buds and play together all the time. Rex also gets along well with Roz, our middle girl, when Mac is off at school. And when the two of them aren’t playing together, Roz also has a buddy in her sister, Tess. Kip is the youngest and the only one who isn’t part of a “pair,” but the other four kids all adore him. I think as the baby of the family, he’ll never be short on love or siblings to play with. It’s funny to look back and compare my childhood with the one my kids have now. Despite my arguments with my sisters, I truly love my family and feel like I had a great upbringing that set me up for a good life. I hope that when Mac, Rex, Roz, Tess, and Kip grow up, they feel the same way!

“I’m not entirely sure how the joke made it into our wedding ceremony — or when we started taking it seriously!”

–Toph Sheldon

DON’T LIVE IN FEAR - TOPH IS HERE!

513TAX.COM • 1

With Tips From ‘Chatter’ TAKE YOUR INTERNAL PEP TALKS UP A NOTCH You probably know about the benefits of positive self-talk, but have you mastered it? If not — or if you’ve never heard that phrase — “Chatter: The Voice in Our Head, Why It Matters, and How to Harness It” by Ethan Kross may be the most important book you read in 2022. Positive self-talk is something most of us engage in daily. It’s the “you can do this” nudge you give yourself to combat dark thoughts like “I don’t know what I’m doing” and “no one will take me seriously” before a big presentation. But few resources give you precise strategies for how to engage in positive self-talk effectively so you can make those negative impulses go away. “Chatter” is an exception to the rule, perhaps because it was written by an actual psychologist! Leaning heavily on scientific research and engaging case studies, Kross offers concrete tips for reducing negative thoughts (what he calls “chatter”) and giving your self-confidence a boost. One of his biggest tips, which drives a big chunk of the book, is the importance of creating

Do you remember my list of “5 Things to Avoid During Negotiation” from last month’s newsletter? Well, I have a story to share about a client who ignored my advice and made several of those mistakes. Amazingly, I was still able to secure a settlement for him — but if he’d followed my suggestions, I’m sure he would have gotten a resolution faster and paid the IRS less! When this client — we’ll call him Joe — came to me in 2020, he was five years behind on filing his taxes. He owed the IRS about $100,000, and he had $35,000 in a retirement account. Things started off well. I recommended Joe put his $35,000 toward pre-paying his 2020 taxes. This would help him get current with the IRS, show them he wasn’t wasting the money he had on something frivolous, and ensure the IRS wouldn’t calculate the $35,000 into his settlement. Joe followed my recommendation, and we were off to a great start! I submitted an offer of $655. That’s when the case went off the rails. Mid-negotiation, Joe raised the IRS’s suspicions when he moved in with his girlfriend. He told me that they were engaged and wanted to get married. I counseled him not to do it until after his case was settled and reminded him that if they were married, the IRS would factor her income into his settlement. He agreed, and I went back to negotiating. (I didn’t share the engagement news — since the IRS didn’t specifically ask.) The IRS asked more questions, and when I checked with Joe, I was shocked by what I found! Not only had he gotten married without telling me, he’d bought a $400,000 house with his wife. This broke two big rules: no changing income streams, and no big purchases. I went back to the IRS praying they didn’t ask more questions. Eventually, they offered a $16,855 settlement, and because Joe wasn’t in a position to negotiate anymore, we took it! $16,855 is a great settlement for a $100,000 debt, but I could have reduced it even more. If I’m helping you settle with the IRS, do yourself a favor and do everything I tell you to do! THIS CLIENT DID EVERYTHING WRONG … And We Still Scored a Settlement

“mental distance” during your internal pep talks.

Mental distance is exactly what it sounds like — stepping back mentally from your worries and problems so you can gain a new perspective. Kross goes over several ways to do this, including trying to “look back” at your current situation from one, five, or 10 years later; comparing this hurdle to tougher ones in your life; and shifting your internal monologue to third person so you can try talking to yourself as if you were your own friend. With these strategies, we can transform our thoughts, rather than avoid them.

Of course, those suggestions just scratch the surface of what’s offered in the book. Kross also goes over how to help your friends, colleagues, and employees eliminate chatter, and how mastering your inner voice will help you thrive under pressure. The magazine Inc. named “Chatter” one of the “4 Business Books That Will Accelerate Your Success In 2022” — don’t miss it.

–Toph Sheldon

2 • 513-342-4000

Published by Newsletter Pro •

ASHLEY’S CORNER My Favorite Method of Escape

Every month, I look forward to one particular afternoon when I can rely on our

When COVID-19 showed up, things changed a little bit, but we’re finally back in our routine. These days, we meet outdoors at a local brewery and have drinks while we chat. I’ve met some of my best mom friends through the book club and found a few amazing books I never would have picked up on my own, like “The Authenticity Project” by Clare Pooley and “The House in the Cerulean Sea” by TJ Klune. Even better, now that the kids are getting a little older, Mac has started to share my love of reading. He’s obsessed with the “Elephant & Piggie” book series by Mo Willems (as I write this, we have about 20 of them out from the library) and will read them out loud to the other kids at bedtime. Maybe one of these days he’ll join a book club, too. If you like to read, I highly recommend finding a club near you or just blocking off time in your schedule to sit down with a book. You’ll be amazed how much you needed the mental break.

babysitter, escape the daily grind, and do some self-care just for me. It’s not a mani/pedi or even a nap: I’m talking about the

Madeira Moms Book Club!

For as long as I can remember, reading has been a form of self-care for me. I love romance novels, mysteries, and suspense. Flipping through a book feels healthier for my brain than watching TV, and joining a book club also had the benefit of getting me out of the house and helping me socialize. When we moved to Madeira and I joined Madeira Moms (which also offers other perks like tennis lessons), the book club was a game-changer. Ten to 15 of us met each month at a different member’s house for treats and a book discussion that — let’s be honest — usually turned into socializing. I never minded! The month’s host picked the book.

Take a Break

CROSTINI WITH RICOTTA, PEAS, AND MINT

Ingredients

• • • • •

1 French baguette, sliced 4 tbsp olive oil, divided

• • • •

1 lb fresh ricotta cheese Fresh mint leaves, sliced

1 tbsp and 1 tsp salt, divided 1 lb English peas, fresh or frozen

Sea salt, to taste

Freshly ground black pepper, to taste

2 garlic cloves, smashed

Directions

1. Preheat oven to 375 F. 2. On a large baking sheet, place baguette slices. Drizzle with 2 tbsp olive oil and sprinkle with 1 tbsp of salt. Bake for about 7 minutes, but do not brown. 3. In a medium pot, add water and 1 tsp salt, then bring to a boil. Add peas and cook for 3 minutes. Drain peas and place them in ice bath. Cool for several minutes before draining. 4. In a medium skillet, heat 2 tbsp olive oil over medium-high heat. Sauté drained peas with garlic until cooked through. The peas should still be firm, not mushy. 5. On a large platter, layer crostini with ricotta, peas, and a few slices of fresh mint. 6. Season each crostini with sea salt and freshly ground black pepper. Inspired by AheadOfThyme.com

Solution on Page 4

513TAX.COM • 3

• www.newsletterpro.com

Cincinnati Tax Resolution Powered by Toph Sheldon 9200 Montgomery Rd., Ste. 7B Cincinnati, OH 45242

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

513-342-4000 513TAX.COM

INSIDE 1

An Inside Joke Predicts the Future

2

‘Chatter’: Your Guide to Thriving Under Pressure

The Resolution That Almost Didn’t Happen

3

Ashley’s Corner: Meet My Escape Hatch

Crostini With Ricotta, Peas, and Mint

4

Back Taxes Catch Up With Martha Stewart

A Dark Chapter of Martha Stewart’s Tax History NEW YORK GOES AFTER AMERICA’S GRANDMA

At this point, most people know that home decor expert Martha Stewart spent time in prison after an insider trading scandal in 2004 — her occasional cooking partner, Snoop Dog, even makes jokes about it on social media! But what many Americans don’t realize is that wasn’t the first time the government came down hard on America’s grandma. Before her brush with white-collar crime, the New York State Department of Taxation and Finance went after Stewart for failing to pay property taxes on her New York City home. According to the New York Daily News, the “diva of domesticity” was on the hook for $221,000 because she failed to pay her 1991 and 1992 taxes. Apparently, she didn’t think she needed to pay them … because she lived in Connecticut most of the time. This argument didn’t fly with the judge, who accused Stewart of a “lack of credible testimony” in 1997. He ultimately ordered her to pay both the entire $221,000 bill and a penalty because some of her crucial tax records were missing. Stewart appealed the judge’s decision, but her indignation died quickly. When several of her lies were uncovered in court and the judge discovered her testimony conflicted with accounts from her staff, she ultimately lost the appeal in 2000 and paid up in 2002.

Amazingly, this tax scandal didn’t put much of a dent in Stewart’s reputation. It took another four years, a white-collar crime, and prison time to do that! Still, the businesswoman and actress couldn’t weasel her way out of paying New York a significant chunk of tax change. It just goes to show that even if you’re a beloved TV star, your state and federal taxes will always catch up to you! Even Martha Stewart, the queen of crafts, wasn’t crafty enough.

4 • 513-342-4000

DON’T LIVE IN FEAR - TOPH IS HERE!