Cincinnati Tax Resolution - August 2022

Cincinnati Tax Resolution - August 2022

AUGUST 2022 VOLUME 6, ISSUE 8

TOPH’S TAX RESOLUTION TIMES

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BACK TAXES VS. STUDENT LOANS: WHICH SHOULD YOU PAY FIRST?

My house is currently ground zero for back-to-school chaos. Almost all of our kids are in some kind of school program this year, and they’re incredibly excited. Every day is another whirlwind of backpack-selecting, school supply-buying, and schedule-rehearsing. It never stops! I can’t help but think about the future when I watch Mac talk excitedly about his favorite subjects and his new second-grade teacher. Will he want to go to college? Or will he opt for a trade school or even go straight into on-the-job training? There’s no way to know, but I want to make sure he and the rest of the kids know they have options. When I was growing up, I thought everyone went to college — that’s just what you had to do. Looking back, I can see what a spoiled kid I was. My parents paid for most of my education, so I didn’t value it. Instead of looking at college as an investment in myself and my future, I saw it as an opportunity to socialize. I actually sat in my dorm with my syllabus at the start of each year, putting my mathematical brain to work on this burning question: “Exactly how many days of class can I skip this semester and still get a B?” It took years for me to appreciate how much other people sacrificed to get the education I took for granted. I got a window into that world when I met Ashley. She’s my complete opposite! She worked hard to get straight A’s all through high school and took out loans to pay for college. I’ve also gotten that perspective from my clients. Many of the people I help with their back taxes don’t just owe the IRS. They also have other financial problems — often including crippling student loan debt. The thing about student loan debt is that in 99% of cases, it isn’t forgivable. You can’t hire an “education resolution specialist” to negotiate your loan down. Unless the government offers some kind of forbearance, you’re stuck paying off that loan for the rest of your life. That’s why when I have a client in student loan debt, I always recommend prioritizing that

over their back taxes. You can and should tackle both problems at once, but your money needs to go to the student loans first.

That strategy helps you reduce your permanent debt and also puts you in a better position to negotiate with the IRS. If you have student loans that can’t be absolved, then you can show that you need to put money toward those — leaving less for the IRS. The agency will understand your situation and likely offer a lower settlement. I hope my kids are never saddled with the kind of financial stress that Ashley and I were once under (and which would have been significantly worse had I had student loan debt). If and when our kids do go to college and take out loans, Ashley and I will make sure they’re aware of what that decision means for their finances. Fortunately, so far the kids seem to be taking after Ashley in the education department. I doubt they’ll take school for granted. And if they do take after me … well, I figured things out eventually! It took years and some hard life lessons for me to discover my passion for representing clients before the IRS. When I finally applied myself, that effort paid off: I passed the CPA exam on the first try and subsequently have been able to help our clients achieve many millions of dollars of tax savings. If you know someone in student loan debt and back tax debt right now, send them to me for help. I can tackle the IRS piece of the puzzle and reduce their financial stress.

“When I was growing up I thought everyone went to college — that’s just what you had to do. Looking back, I can see what a spoiled kid I was.”

–Toph Sheldon

DON’T LIVE IN FEAR - TOPH IS HERE!

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TRANSFORM YOUR WORKPLACE

Exploring the Evolution of the Meeting Room

The conference room is perhaps the least favorite space in the modern office. It’s the place where countless workers have nodded off, shared eye rolls, or secretly checked phones held in their laps. The old-school space is getting an upgrade, as the design has contributed to some of these responses. In the early days of the pandemic, management was quick to make changes in the conference room to adhere to safety guidelines. But since the return to the workplace was postponed, again and again, bigger changes are taking place. A Brand-New Design Instead of the traditional formal, rectangular room, companies are designing new spaces that can transform and become hyperflexible. Thanks to movable partitions, companies can create a space that grows or shrinks depending on need. Whether it be a hybrid or face-to-face meeting, adding more dynamism to a conference room can increase productivity levels and ease employees back into the workplace comfortably. New Locations Most conference rooms are found in building amenities or sometimes even outside. Exposure to nature tends to spark creativity and reduce stress levels, so companies are opting for open-air workspaces. Natural ventilation breaks the traditional flat, four-cornered room and offers employees a change of pace. Creating a place for employees to escape the typical workplace environment allows them to clear their minds and come up with new conclusions or ideas. Technological Upgrades Conference rooms have accommodated the new workflow with videoconferencing and updated camera, screen, and microphone placements. In most conference rooms, the screen is in the front center of the room and employees must turn their heads to face it. Companies are now placing screens along the sides of the room so they can view meeting attendees from any angle. Cameras and microphones are mounted on walls or ceilings to capture responses from in-person attendees for the benefit of videoconferencing attendees. Meetings are essential for effective collaboration in the workplace. As our world is constantly changing, companies are evolving functional workspaces to improve productivity all while creating a space for employees to thrive.

I recently opened our company’s Google Reviews and found a wonderful surprise: A five-star review from our client, Matt, telling his tax resolution story. It touched me so much I have to share it. “If you have tax woes, then you definitely need to see Toph Sheldon. Long story short, I took the plunge and started my own business in 2013. My taxes went sideways [through] no one’s fault but my own. Feeling pressure from the IRS, I was considering accepting defeat. “I looked up tax help on Google and instantly started getting flooded with ads all over my social media and tons of junk mail from tax relief businesses. All of these were from far out of the area. Everything would be conducted online and by email with no face-to-face meetings. [Then] I found out about Toph Sheldon in Cincinnati … Once I retained his services, the threat letters from the IRS stopped, and [that] definitely lowered my stress level. I had monthly phone calls and occasional face-to- face meetings with frequent updates throughout the whole process and just recently came to a settlement with the IRS. “Toph was able to get me a $6,700 settlement. The IRS was originally demanding $82,000. It feels like the weight of the world was lifted from me. With the upfront fees and the settlement amount, Toph has saved me $70,000. All of my taxes are up to date and in order now. I will continue to use him for my annual tax returns. He is definitely worth the money. I highly recommend you call him sooner than later. He and his assistant, Mandi, have made the process for me as painless as possible!” After I resolved Matt’s back taxes, he told me, “The best feeling was when you called to tell me my offer had been accepted. I was so happy because I knew all of this stress and worrying was finally coming to an end.” WE SAVED MATT $70,000! This Is His Story — In His Own Words

For me, the best feeling is helping people like Matt get out of debt and put their lives back on track. This review made my whole month!

Matt, if you’re reading this, thank you for the kind words. I look forward to continuing to work with you and to keep you protected so you never have to deal with the IRS again!

–Toph Sheldon

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ASHLEY’S CORNER Can You Help Me Raise Great Students?

This summer zipped by at a crazy pace. Maybe it was the “no screen time” experiment I told you about last month that

how that goes, since she’s a pandemic baby and has never really been away from me. I also can’t imagine what it will feel like to have those mornings alone with Kip. I know our kids are young, but I’m already proud of the students they’re growing up to be. Last year, Mac even asked me if school could be longer because he loves going so much. (It was very cute!) A big part of his love of school is the socialization aspect, but he’s also great at helping out his teachers and really thrives on their praise. Like Toph mentioned on Pg. 1, he and I were opposites during school. He just skated by, but I was that competitive kid who cried if I didn’t get an A. I hope that our kids take after me. I’ll have to ask my mom how she motivated us when I was growing up.

made the clock go so fast. Or maybe it was the fact that I was constantly taking the kids from activity to activity to keep them busy. Whatever

caused the time warp, I’m thrilled that school is starting up again.

I say that, but really, the transition every year is bittersweet. On one hand, the kids and I all crave the routine. Summer is an alternate universe where we can have lunch at 2 p.m. and make s’mores for dinner. It will be nice to start the day without asking myself, “Okay, what’s my game plan to keep these five kiddos entertained?” On the other hand, the house will be weirdly quiet. All of the kids except for baby Kip are doing some form of school this year. When did they get so old? Mac is going into second grade, Rex will start “real school” in kindergarten, Roz will be in preschool, and even our toddler, Tess, will have preschool two mornings a week. It will be interesting to see

If you have any tips for raising great students, email me and Toph at [email protected] . We need all of the help we can get!

Take a Break

TASTY BRUSCHETTA CHICKEN

Ingredients

•

4 boneless and skinless chicken breasts, pounded to even thickness

• • • • • •

3 tomatoes, chopped 2 cloves garlic, minced 1 tbsp fresh basil, chopped Salt and pepper, to taste 4 slices mozzarella cheese Parmesan cheese, grated

• • • •

4 tbsp olive oil

2 tbsp lemon juice, divided

1/4 tsp pepper

1 tsp Italian seasoning

Directions

1. Add chicken to a large resealable bag. 2. In a small bowl, combine olive oil, 1 tbsp lemon juice, pepper, and Italian seasoning. Pour over chicken and seal. Refrigerate for 30 minutes. 3. Turn a grill to medium-high heat and add the chicken. Discard the marinade. Grill chicken 5–7 minutes per side or until fully cooked. 4. Combine the remaining lemon juice, tomatoes, garlic, and basil. Add salt and pepper, to taste. 5. Before taking the chicken off the grill, top each breast with a slice of mozzarella cheese. Cover and cook 2–3 minutes, then serve topped with the tomato mixture and grated Parmesan cheese.

Solution on Page 4

Inspired by Delish.com

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

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INSIDE 1

A Student Loan Tip From Toph

2

3 Ways the Traditional Conference Room Is Changing

A Note From Our Client, Matt

3

Ashley’s Corner: Share Your Best Tips!

Tasty Bruschetta Chicken

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Dionne Warwick’s Tax Trouble Takes Center Stage

TAX RESOLUTION PAID OFF FOR DIONNE WARWICK

She’s Singing a Happier Tune!

Even if you haven’t heard of the six-time Grammy Award-winning singer Dionne Warwick (and you should have), you’ve definitely heard of her cousin — Whitney Houston. The famous family made the news for tax trouble in 2013. That year, Warwick filed for bankruptcy. She had more than $10 million in debt at the time, and a whopping $6.96 million of it was owed to the IRS. That tax debt dated back to the years 1990–2008. Despite the age of the bill, the IRS wouldn’t let it go. Warwick filed for bankruptcy in the hopes of discharging her debt, but the agency continued trying to seize her assets and contesting the discharge. It didn’t stop there. The IRS even came after Warwick for additional years of back taxes, claiming she’d failed to report over $71,000 of income in 2011 and 2012. After that, the argument seemed destined to become a court battle! Fortunately, Warwick must have retained great tax representation. In 2019, The Blast revealed she and the IRS were both dropping their lawsuits and had filed to dismiss the case. It’s impossible to know for sure, but perhaps Warwick, her team, and the IRS agreed on a settlement amount outside of court — likely much less than $7 million.

Warwick’s case goes to show that no matter how much you owe (or how much drama the IRS causes in your life), there’s always hope of resolving the problem with the help of a tax professional. If you or someone you know is struggling with back taxes, call our team at Cincinnati Tax Resolution today. Like Warwick, you’ll soon be singing a happier tune!

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DON’T LIVE IN FEAR - TOPH IS HERE!