Landmark Tax Group - June 2019

Landmark Tax Group - June 2019

Landmark Ledger Making the Time Reflections on Father’s Day

(949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

June 2019

With Father’s Day upon us, I’ve recently taken a look

remember later on. I could never forgive myself if I let those slip away. It’s much easier when you love what you do for a living. I have poured myself into Landmark Tax Group, and it gives me life to watch it grow. That’s why my work life and my home life are inextricably tied together sometimes, and it’s why I have to make quality time every chance I get. With that in mind, my son has become pretty fond of playing in the office. When my two worlds collide, my son will spend the day running around our desks or doing his best business impression on an unplugged phone. My wife and I have even taken this time to show him the principles we live by here at Landmark Tax Group. We talk to him the best we can about the values of hard work and what it means to earn a dollar. And while he’s about a decade away from having to worry about any of that, it’s never too early to start passing on valuable lessons to your little ones — in moderation, of course. I try to balance out the play time by being a role model for my son, just like my father and my uncle did for me. Then, after the day is done and we get him ready for bed, we make sure to let him know how loved he is before he wakes up to start all over again. Here at Landmark Tax Group, we understand what it means to have priorities in your life. That’s why we do everything we can to get you back on track with your tax- related issues. With one less thing to worry about, you’ll be able to throw yourself into the things that give you purpose in life. Debt isn’t the end of the world, but when it’s gone, you open up a whole new life to live. That’s what we aim to do for our clients every day.

back at the delicate balance I keep in my life. Like most parents, it’s not always easy to find the time for my family while trying to move forward in my profession. But at the end of the day, I wouldn’t have it any other way. I consider myself lucky to have so many moving factors in my life; that means I’m doing something right. That give-and-take means you have to set aside time every day to make things work. I suppose we never appreciated that enough when we were growing up with our own parents. It’s only after we have our own little ones that we truly start to understand just what it means to share your life with people you love. No matter how many late-night diaper runs I’ve had to make with my wife or early morning bottles of formula I’ve had to cook up for my crying son, I know that this is the parent’s gift — and I know I’ll miss it when they get older. While there’s no perfect way to raise a kid, I welcome the challenge with open arms. The major issue for me is trying to be present as much as possible. Not just physically present, because anybody can phone it in, but it’s hard to be mentally involved. The true challenge starts when you have to pick yourself up after the workday ends and throw yourself into your family’s life. After all, they need me just as much as I need them. A son needs his father, and I put everything I can into making sure my little boy has the best life he can. The same goes for our next child, who’s set to be born this August. That’s why I make sure to leave work at the door as much as I can. Your life at home is a life worth living, and that means throwing yourself into it 100 percent. Family life takes many forms. Whether it’s a trip to the park or just throwing the ball around, it’s these memories that they’ll

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Heroic Dads Who Didn’t Back Down Being a Parent Isn’t Always a Walk in the Park

Kids often look up to their father as one of their greatest heroes. There are the long drives to sports tournaments, the late-night movies, and the sweets when Mom isn’t looking. We probably all have some reason to look up to our dad as one of our biggest influences. It’s Father’s Day this month, a special time of year when we take a moment to think about the sacrifices the father figures in our lives have made for us. Most dads are pretty great, but some go above and beyond the fatherly call of duty. Let’s take a look at some heroic dads who risked everything to keep their families safe. Brad Lewis: Over the Ledge Life can change in a split second, and how you choose to react in a moment of peril can define your legacy forever. Few people know this as well as Brad Lewis. When Brad and his young son, Oscar, were deeply entrenched in an intense Nerf battle, he surely didn’t think the situation would turn as dangerous as it did. When a few darts missed his father and landed on the balcony, Oscar ran after them but soon found himself teetering on the balcony’s ledge, 12 feet above the ground. Thinking fast, Brad grabbed his son just before he fell over, both taking the plunge while Brad protected his son with his own body. Just as he’d intended, Brad absorbed most of the blow. While Oscar sustained serious wounds, his father’s injuries were more severe. Brad was left fighting for his life in the ICU, with severe

fractures to his skull and vertebrae. Thankfully, Brad is expected to make a full recovery and has made serious strides since the accident. He and his son will live to play another day.

Greg Alexander: Couldn’t Bear to See His Son Hurt While camping in Great Smoky Mountains National Park in June 2015, Greg Alexander awoke to the sound of a nightmare. The screams of his son intermingled with the roars of an unknown assailant, beckoning Greg to his son’s tent. There, he found his son Gabriel being attacked by a bear. The bear had his son by the head and was dragging him away. Greg jumped on the bear’s back, desperately trying to take attention away from Gabriel. Amazingly, it worked, and in the end, the bear ran away. Gabriel was left with serious cuts to his head, but thanks to his dad’s heroism, the two were able to walk away from that campsite and back to their lives together. The important thing to remember is that you don’t have to take a leap of faith or fight a bear to be a hero in your family’s eyes. Just be yourself, show some support, and do the best you can. Happy Father’s Day, everybody.

A FEDERAL TAX LIEN What Options Are Available for You

• Subordination This method allows other creditors, aside from the IRS, to move ahead of the IRS lien. This can be done once you prove to the IRS your willingness to pay the lien through your home equity or the savings you have on a newly refinanced mortgage. • Withdrawal If you enter into an agreement to partially or completely pay off the lien at a set amount of time, the IRS will have the public notice of federal tax lien withdrawn. By doing so, the IRS ensures no other creditors will be competing for your property. A lien may be withdrawn once you pay your taxes in full. • Discharge of Property When a homeowner sells their home for less than what the lien amount is, they can request that the IRS discharge the amount only if it is to complete the sale. If a tax lien has been filed in your name and on your property, visit LandmarkTaxGroup.com/lien or call us at ( 949) 260-4770 where we can advise you on which options are best for you and your financial situation.

When your home has a federal tax lien, it makes it nearly impossible to sell or refinance it. It’s important to keep in mind that a lien does not mean the IRS will seize your home, but you are still responsible for paying it. There are several ways you can remove it and sell your home, and the first step is understanding what a lien is. What Is a Lien? The IRS states that a federal tax lien is “the government’s legal claim against your property when you neglect or fail to pay tax debt.” This debt includes failed or neglected payments for taxes, such as property or income tax. The lien’s primary function is to protect the government’s interest in your personal property, financial assets, and real estate. You receive a lien after the IRS calculates how much you owe, sends you a notice and bill for that amount, and you fail to pay it. How can I pay off a lien? There are a few ways to pay off your lien. The first and simplest is to pay your debt back in the full amount. Other options to reduce or pay it off include the following:

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An Unwelcome Surprise What You Probably Didn’t Know About the IRS

Every IRS-fearing citizen knows some of the basics about what they can take away from you. You’ve likely heard of the devastation and inconvenience audits and property seizures can cause to those who cross the IRS, intentionally or not. While they may seem like an be-all and end- all of authority, you may not know just how far their reach actually goes. Let’s take a look at some of the tax man’s lesser-known practices.

chance of incomes higher than $200K and the 6 percent chance for people who rake in over a

million dollars a year, those are pretty good odds. With that in mind, don’t let the ever-present threat of the IRS ruin the longevity of your life or business. They know who they’re going for.

They Make Plenty of Mistakes

They Can Get Your Passport Taken Away

It’s important to realize that like any government entity, the IRS can send out all kinds of erroneous claims. While human error does play a part in their mistakes, their programs are prone to negligent errors as well. Something as simple as accidentally adding an extra zero to an income claim can lift you into a completely different tax bracket, strapping you with higher charges. That’s why it’s important to move toward getting your audit notice amended by a trusted tax group as soon as you receive it.

Now, technically the IRS isn’t solely responsible for this happening, but they can certainly set in motion a chain of events that will see your passport status being restricted. If you are a seriously delinquent tax debtor, they will file documents that can cause the State Department to restrict your travel privileges, lest you fly the coop. The government defines this group of people as those who owe more than $51,000 in taxes and haven’t started making payments to the IRS. That’s why it’s best to address your issues as soon as you get a notice and before the threats start pouring in.

The Spoils of Making Less Than 200K

Something that doesn’t get mentioned enough is your chances of getting audited by the IRS. The truth is if you make less than $200K a year, you most likely aren’t in danger of getting audited. Studies show that you have a chance of less than 1 percent of getting audited if you make under that amount. Compared to the 3 percent

If you need help getting the IRS off your back, contact your friends at Landmark Tax Group.

TAX QUOTES

“No government can exist without taxation. This money must necessarily be levied on the people; and the grand art consists of levying so as not to oppress.” –Frederick the Great, 18th-century Prussian king “The best measure of a man’s honesty isn’t his income tax return. It’s the zero adjust on his bathroom scale.” –Arthur C. Clarke, author

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Inside This Issue Juggling Work and Parenting 1 A Few Dads Who Went Above and Beyond the Call of Duty An IRS Tax Lien 2 The Secrets of the IRS Tax Quotes 3 Roadside Attractions with Fun for All Ages 4

Sudoku Answer Key

Enjoying the Journey The United States can be a weird place, and some landmarks definitely reflect that sentiment. Along almost every highway, bizarre landmarks draw road trippers of all ages. Sometimes tourist traps aren’t worth the price of admission, but when you’re taking your summer road trip this year and your family needs a place to stop and stretch, these are three roadside attractions worth checking out. Roadside Attractions Worth Visiting

optical illusions such as balls rolling uphill and a cabin where visitors can lean toward the ground and appear to defy gravity. It might not be aliens, like some believe, but visitors of all ages will get a kick out of the illusions messing with their perception. Plus, the nearby hiking trails through the redwoods offer a free added experience.

Dinosaur Land; White Post, Virginia

The Lost Sea; Sweetwater, Tennessee

It might not be Jurassic Park, but it’s still worth a look. Nestled in the greenery of Northern Virginia, this park has over 50 life-size statues of dinosaurs of all kinds. Tours are self- guided, parking is free, and children (or adults) with dinosaur obsessions are sure to smile and point out their favorites. It’s certainly something to “rawr” home about. Whether these spots are your destinations or you’re just passing through on your summer road trip, visiting these roadside attractions and others like them will add some fun to your travels.

The Lost Sea is the largest underground lake in the U.S. Lying 140 feet beneath the surface, it’s a fun escape from the summer heat, since it’s 58 degrees year-round. Kids and adults alike can learn about the history and geology of the area on a guided tour through forest above and lake below. And afterward, you can stop by the general store, ice cream parlor, or cafe.

The Mystery Spot; Santa Cruz, California

Advertising itself as a “gravitational anomaly,” this wacky spot in the middle of the redwood forest showcases a series of

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