Landmark Tax Group - March 2022

Landmark Tax Group - March 2022

Landmark Ledger

(813) 406-4612 Professional | Experienced | Licensed Expert IRS & State Tax Relief

March 2022

YES, YOU SHOULD FILE — EVEN IF YOU KNOW YOU CAN’T PAY! Your Guide to a Successful Tax Day

Tax Day is looming large on next month’s calendar like the spooky swamp monster in a children’s movie. On Monday, April 18, our 2021 IRS tax returns are due. Yikes! If you have a back tax issue right now, you’re probably already dreading it. You may have even pulled out your fat stack of financial paperwork and spread it over your kitchen table. I know I have. All of those numbers and forms can be incredibly overwhelming. Faced with it, you might catch yourself wondering, “If I’m already in trouble with the IRS, should I even go through the hassle of filing?” It’s tempting to shove all of those forms back in the closet and avoid the issue until next year, hoping it all goes away. But here’s the difficult truth: That is the very last thing you should do. As a taxpayer, you must always file on time, even if you cannot fully pay the tax owed. Why? Because the “Failure-to-File” penalty is the largest tax penalty the IRS dishes out. If you fail to file on time, the agency can penalize you by

increasing what you owe by up to 25%. In other words, if you owe $10,000 in taxes this year, the IRS could bump that up to $12,500 simply because you failed to file. That penalty — not Tax Day — is the real monster in this story. If you’re stressed about the filing process or have procrastinated on preparing for April 18, you can request a filing extension with the IRS that will give you until Oct. 15 to file. That’s six extra months of cushion! However, it’s worth noting that an extension only provides you more time to file, not to pay. If you owe federal tax for 2021, it will still be due on the original due date in April. I understand that probably isn’t the message you were hoping for when you started to read this newsletter. But now that I’ve told you the bad news, I can share the good news: When dealing with an IRS back tax issue, there are always options available for taxpayers who need relief while faced with a personal or financial hardship. Here at Landmark Tax Group, my team and I have resolved over $200 million in back taxes for thousands of taxpayers across the country. We

can help no matter how tough your situation is. A few years ago, I helped one client — I’ll call her Gina — tackle $103,756 in back taxes. My team and I negotiated a payment plan for her with the IRS. In the end, the agency agreed to accept payments of $100 per month for a total of $12,000. The IRS forgave the other $91,756 of her tax debt. That’s an 88% savings! As I told you in the January newsletter, a great way to tackle your back taxes is with the IRS’ Fresh Start Program, which we can help you utilize. To learn how to get a free Fresh Start with the IRS before Tax Day, visit LandmarkTaxGroup.com/ FreshStart. It may not make the pile of paperwork on your kitchen table or tax deadline swamp monster go away, but it will give you an opportunity to clear your name with the IRS.

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Next year, Tax Day will be as easy for you as it is for me and my family today.

See you soon at LandmarkTaxGroup.com/FreshStart .

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Make a 4-Leaf Clover Keepsake But Find the Elusive Good-Luck Charm First

Clover Craft

One of St. Patrick’s Day’s most popular symbols is a four-leaf clover. In Ireland, these clovers represent luck and good fortune. Each leaf on the clover has a different meaning — faith, hope, love, and success. It’s a tradition to find a four-leaf clover on St. Patrick’s Day and do activities involving this lucky leaf. So, how do you find these good-luck charms, and what can you do with them?

Once you find your clover, preserve the luck in it all

year by placing it in a picture frame. First, gently press the clover leaves between the pages of a large book for several days to flatten

How to Find a 4-Leaf Clover

them out. After pressing, you can add green food coloring to your clover to enhance its color. Once it’s dry, clean it and let it sit overnight. Then, place your clover onto acid-free paper, cut to fit the size of a picture frame of your choice. Next, use acid-free glue to keep your clover in place, and finally, seal your frame shut. You now have your personal good luck charm! Searching for a four-leaf clover and creating a keepsake will be a great bonding experience for you and your family. We wish you luck! Happy St. Patrick’s Day!

Although it may seem difficult, it’s easier than you might think. First, find a dense patch of white clover — near it is where four-leaf clovers reside. They are different from the rest and are often smaller, so keep that in mind when you look for the lucky green clovers. Instead of staring at the patch in close detail and counting leaves, search the patch without focusing on the tiny details. This increases the odds of eyeing a four-leaf clover because the different patterns, shapes, and sizes of these clovers will jump out at you. If you find one, keep looking! There’s a chance another one might be nearby.

5 Serious IRS Back Tax Mistakes (And How to Avoid Them)

In football, a single bad play can cost you the game — and it’s the same with your fight against the IRS. Back taxes are complicated, and IRS procedures are even more complex. To avoid losses like nasty fines, interest, and penalties, steer clear of these five mistakes. Mistake No. 1: Putting Off Action Ignoring IRS letters and phone calls will not encourage them to forget about you and disappear. Instead, the longer you wait, the worse your situation will get! You can avoid this by contacting our team now. We’ll reach out to the IRS and stop their enforcement action. Mistake No. 2: Not Learning Your Rights The IRS will take advantage of your ignorance if you let them. So, don’t! Remember, you have the right to be treated with professionalism and courtesy, the right to privacy, and the right to pay only the amount you actually owe. You can also seek professional representation and appeal IRS actions. Our team can explain your rights further and help you use them.

causes more problems than it solves. Most high-interest credit cards accrue interest so quickly that they will cost you more than IRS penalties would in the long run. Instead of going that route, work with a professional to reduce the amount you owe the IRS. Mistake No. 4: Forgetting to Keep Copies In a conversation with the IRS, it’s vital that you document everything. Make notes during phone calls (including the name, direct phone number, and badge ID of the representative you’re speaking with), keep copies of all of your correspondence, and always get agreements in writing. Mistake No. 5: Going It Alone You may think you can handle the IRS, but the agency’s rules and regulations are constantly changing. What worked for you before or your family member in the past may not work today. If you owe back taxes you can’t pay off within 90 days, call our team for help.

Want more great tips like these? Check out our library of complimentary resources at LandmarkTaxGroup.com/Free .

Mistake No. 3: Paying Your Taxes on a High-Interest Credit Card It’s tempting to pay your taxes off however you can, but this method

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SAVE ON YOUR PROPERTY TAX BILL With Assistance From Attorney Royce Rounsaville

If you’re already in IRS debt and working to repay it, the last thing you need is another hefty bill on your desk — like sky-high property taxes. Sometimes, property tax assessments can be inaccurate, causing your bill to go up unfairly. In this situation, an experienced attorney like Royce Rounsaville of The Law Firm for Family Law can help lower your cost. Royce is an expert at appealing county property tax assessments. “I am most excited when I see a client happy after saving thousands of dollars on their property tax bill or when I help them navigate a prenuptial or postnuptial agreement,” he says. Royce is a licensed real estate broker as well as an attorney, and he has 28 years of experience dealing with real estate valuation appeals at the county level. In addition to that work, he and his firm also handle family law issues, including divorce, prenuptial agreements, and postnuptial agreements.

can help you, too. A pre- or postnuptial agreement could be key to safeguarding your assets and potentially save you thousands of dollars in alimony and other expenses down the line. We connected with Royce on LinkedIn, and he has been a valuable asset for our clients, especially those in Florida where The Law Firm for Family Law is based. “I first practiced law in Miami, Florida, starting in 1992. I practiced for a few years in Texas where I was an arbitrator for the State Comptroller’s Property Tax Division before returning to Florida,” Royce says. Royce is licensed in Florida, Texas, and Missouri.

To learn more about Royce and his property tax assessment appeals, family law, and real estate expertise, visit his firm at TheLawFirmForFamilyLaw.com or his real estate office, ARMM Realty, at ARMMRealty.com.

“We are a three-attorney law firm founded to represent families during their most trying times,” Royce says.

If an upcoming divorce or marriage is what inspired you to pick up this newsletter and tackle your IRS debt for good, Royce and his team

S UDOKU

TAX QUOTES

“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”

–Mark Twain

Solution on Pg. 4

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19046 Bruce B. Downs Blvd. Ste. 1520 Tampa, FL 33647 www.LandmarkTaxGroup.com (813) 406-4612 Professional | Experienced | Licensed Expert IRS & State Tax Relief

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Inside This Issue To File or Not to File 1

Sudoku Answer Key

Create a Keepsake for Good Luck Year Round Are You Making These Back Tax Mistakes? 2 Save on Property Tax and Divorce Tax Quotes 3 Packing Tips to Save Your Back, Wallet, and Sanity 4

Leaving on a Jet Plane?

3 Essential Packing Tips

Many people are considering traveling this spring for the first time since the pandemic started. A lot has changed since 2020, but packing for vacation remains a hassle, and baggage fees haven’t gone anywhere. Here are some essential tips to keep your load as light as possible — physically and mentally. Make a list. It’s just as easy to forget things as it is to overpack. Solve both problems at once by creating a packing list in advance. Consider in detail what you’ll need, and put it in writing. As each item gets added to the suitcase, check it off. Writing everything down creates a system to prevent leaving anything behind. And when it’s all on paper, you’re more likely to notice that you probably don’t need that many pairs of sandals. Use your personal item for extra storage. Airlines generally allow travelers one carry-on bag and one personal item. The dimensions allowed vary by airline, but

the general rule of thumb is that the personal item needs to fit under the seat in front of you. Don’t bring a small purse or a laptop bag when you can take a large tote or backpack. With the extra room, you can avoid checking another bag. Never check essential items. Lost luggage is the worst way to start a vacation, but it happens. If your luggage is misplaced, you probably won’t get it back that same day. So, you need to pack all essential items, like prescription medications or glasses, in your carry-on bag. Some experts even recommend tossing an extra shirt or pair of underwear in your carry-on in case your bag gets lost. You’ll be glad to have them if something goes awry.

Packing smart will make for a less stressful journey. You can kick back, relax, and enjoy the trip knowing that everything you need is right there in your suitcase, and everything you don’t need is safe at home.

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