Toph CPA - November 2021

Toph CPA - November 2021

NOVEMBER 2021 VOLUME 5, ISSUE 11

TOPH’S TAX RESOLUTION T IMES

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Thanksgiving is my favorite holiday, but I might not be everyone’s favorite guest. Why? Well, most families aren’t fans of talking about things like politics, personal views, and other hot-button issues on Turkey Day. But I have to admit, after a large quantity of mashed potatoes and a couple of adult beverages, I’m the guy who brings those things up! Some people might look at this as a flaw, but honestly, these discussions are one of the best parts of Thanksgiving. Having an open dialogue with friends and family is valuable. Every time we sit down with our families and these big topics come up, I learn more about my relatives’ thoughts and feelings. That helps me understand them better. I think it’s fantastic! After all, spending time with family is what Thanksgiving is all about. Of course, sometimes talking politics gets me in trouble! I argue and negotiate for a living, so when a relative disagrees with me, sometimes they’ll point out that it isn’t a fair fight. This could easily escalate to yelling and drama, but I have a strategy to fall back on to keep things calm: listening. It sounds simple, but the biggest mistake people make on Thanksgiving is failing to listen. You won’t learn anything if you talk over someone when they’re sharing their opinion, or tune them out while thinking about your next point. And if you’re not learning, there’s no reason to bring up a tough topic in the first place! (They’re also more likely to start yelling at you.) SURVIVAL IS EASIER THAN YOU THINK! My One-Word Solution to Thanksgiving Drama

My recommendation is to listen at least as much as you speak this Thanksgiving — if not more. That will keep the drama to a minimum and give you the chance to really learn from your relatives while you’re all at the same table. It works for my family most of the time! That said, deep talks aren’t the only reason I love Thanksgiving. I also appreciate that it’s an opportunity to get family together without the stress and expectation of gifts. The feast itself is pretty great, too! My mom’s Caesar salad and Ashley’s grandmother’s cinnamon rolls (read more about those on Pg. 3) are special favorites in our house. They take the usual turkey, mashed potatoes, and pumpkin pie to another level. For the first time, Ashley and I will be hosting Thanksgiving at our house this year. We thought it would be best not to travel with the new baby, so the whole family is coming to us. (Thank you for your well wishes, by the way! Ashley and the baby are both doing well, and I’ll share more in the next newsletter.) I’m already looking forward to the discussions, the cinnamon rolls, and the football. If you get into a debate with your family this year, I hope my tip to listen comes in handy. Let me know how it goes if you try it.

Happy Thanksgiving!

–Toph Sheldon

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About a year ago, a very unusual client reached out to us for help. She was an instrumentalist who once played for the well-known, big-city opera. When she retired, the opera gave her a monthly $180,000 in Back Taxes, Gone! How We Saved an Opera Performer’s Retirement

By now, you should have an idea of what you want your business to achieve in 2022, but have you considered how you will grow during that year — and the impact that could have on your business? Often, entrepreneurs and business leaders take on the identity of their companies, but in order to personally thrive and see their companies take off, they have to grow right alongside it. 3 GOALS EVERY ENTREPRENEUR NEEDS IN 2022

pension. It should have been retirement bliss, but there was one big problem: When she stopped working, she also accidentally stopped filing some of her tax returns!

This sweet woman didn’t halt her filings and payments to

To do so, consider these goals all entrepreneurs must focus on at some point in their careers.

spite the IRS. Far from it! She just assumed that since she was retired and living on a fixed income of $6,000 per month, she no longer had to file tax returns. By the time the IRS caught wind of what was happening, they claimed she owed them over $185,000! The combination of unfiled returns and filed, unpaid returns was a major problem. The IRS had no mercy. They seized her retirement funds and siphoned off about 60% of her monthly income, leaving her with just $2,000 to live on. She spent two years like this, borrowing money from her son to pay her bills and barely scraping by. Finally, she broke down and hired a tax attorney. The attorney’s solution was hardly a solution at all. They told her she would have to pay $1,500 per month to the IRS for the rest of her life toward her back taxes, and an additional $1.500 per month for her current taxes. That would mean living off just $3,000 per month. With her living expenses, health care costs, etc., that was impossible! She didn’t want to borrow from her son forever, so she called us for help. As soon as we looked over the tax attorney’s work, we knew we could do better. We went to battle for our client against the IRS and negotiated with everything we had. When the dust settled, the agency agreed to wipe her debts clean if she paid just $4,634! We were so happy we almost danced around the office. Today, this client who was barely getting by and borrowing from her family to survive is living out her retirement in peace. It’s never too late to call in tax resolution specialists like us. If we think you have a chance, we’ll fight for you no matter what. And a win could just change your life.

Goal No. 1: Get a Life You are more than the company you started. Plus, having hobbies or personal interests outside of your work can help you excel in work. It allows your brain to grow in new ways, sparking fresh ideas and perspectives. Consider activities that you’re interested in learning more about — like painting, podcasting, reading, or running — and get started. Maybe you’ll fail, but just keep trying! You may find a new activity that brings you the joy you need. Goal No. 2: Save More Many of the dimes you earn as a business owner go back into the company, but don’t forget to consider your future. Is your retirement plan in order? Do you have a plan should your company need to close? Will your family be secure? Consider these questions and hire a trusted financial advisor who can help you find personal investment success. Goal No. 3: Meet New People Becoming inundated by daily, menial tasks can make us miss opportunities. This is where meeting new people can be so valuable! By doing so, you create a network of people who have different experiences than your own. They can help you see beyond your biases and discover a new path. Who knows? You just might find the next great venture for your company!

–Toph Sheldon

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Ashley’s Corner

The Gooey Center of Our Thanksgiving I Can’t Wait for Grandma’s Cinnamon Rolls!

Our family has a lot to be thankful for this year, but the No. 1 thing on my list right now (apart from our new baby) is that my mom and grandma are driving in from New York to help me host Thanksgiving.

My grandma is the only one who can bake the cinnamon rolls just right, and she knows it. The year I was pregnant with Mac, I had every intention of trying to make them myself, but in true Ashley fashion, I lost track of time

That’s great for two reasons:

1. 2.

I won’t have to learn how to cook a turkey. I’ll be able to eat my grandma’s cinnamon rolls.

and didn’t get to it. Fortunately, my grandma saw the writing on the wall and did the most Grandma thing in the world: She mailed them to me! All I had to do was bake them in the oven for 20 minutes. The insane shipping cost was worth every penny. This year, if Grandma comes, you can bet the cinnamon rolls will come with her! They’re the most nostalgic part of Thanksgiving for me other than celebrating my sister’s birthday (which sometimes lands on Turkey Day) and swapping memories of Black Friday. Honestly, I’ve been looking forward to that middle roll for months, and I’m going to get it no matter what.

These aren’t just any cinnamon rolls. They’re soft, delicious pull-aparts covered in brown cinnamon glaze. My grandma has been making them for holidays and birthdays my entire life, and they’re totally addicting! On Thanksgiving, we eat them right alongside the turkey, gravy, and mashed potatoes, and everyone fights over the middle roll. There’s actually a strategy to the battle. It’s not polite to go straight for the perfect roll in the middle when outside rolls are still there. So, every year we all force ourselves to wait. We want to dig into the cinnamon rolls right away, but we know that whoever goes first misses out on the best one! As soon as someone breaks and goes for the pan, it turns into a mad scramble.

Wish me luck!

Take a Break

EASY PUMPKIN BROWNIES

If you have a hard time choosing between chocolate cake and pumpkin pie on Thanksgiving, this 2-for-1 treat will knock your socks off.

Ingredients

•

1 box brownie mix, plus other ingredients listed on box

• • •

6 oz cream cheese, softened

3 tbsp sugar

• •

1/2 cup chocolate chips 1/2 can pumpkin purée

1 tbsp pumpkin pie spice

Directions

1. Preheat the oven as directed on the brownie box, then make the brownie mix. Fold in chocolate chips. 2. In a medium bowl, combine pumpkin purée, cream cheese, sugar, and pumpkin pie spice. 3. Choose your pan as directed on the brownie box. Grease it if needed. 4. Pour half of the brownie mix into the pan and spread evenly. 5. Add the pumpkin mixture to the pan, evenly or in a pattern. Cover with the rest of the brownie mix and spread evenly. 6. Bake as directed on the brownie box, adding 10 minutes to account for the pumpkin. Test for doneness, and when your toothpick comes out clean, cool and enjoy!

Solution on Page 4

Inspired by TheCookieRookie.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

Toph’s Tip for Avoiding Drama This Thanksgiving

2

3 Personal Goals to Make 2022 Better

Toph Wins a Client a Peaceful, Debt-Free Retirement

3

A Thanksgiving Dessert Worth Fighting For

Easy Pumpkin Brownies

4

The IRS Puts the Mean in ‘Mean Girls’

TOPH’S TAX NIGHTMARES

The IRS Turns the Tables on a ‘Mean Girls’ Star

In the 2004 movie “Mean Girls,” actress Lindsay Lohan plays high schooler Cady Heron — the new kid in town who falls in with a posse of teen bullies. Cady starts out sweet but eventually becomes a “mean girl” herself. Ironically, in reality, it was Lohan who faced down the biggest bully of all: the IRS! In 2012, the agency came after the movie star for $233,904 in back taxes and reportedly seized all of her bank accounts. In 2017, they hit her again, this time with a federal tax lien claiming she owed more than $100,000 in unpaid taxes spread over three years. It can be tough to sympathize with celebrities, but the truth is that the 2010s were a rough period for Lohan’s personal life. She was in and out of rehab for drug and alcohol abuse and

According to the Huffington Post, he cut a $100,000 check and sent it straight to her manager, who used it to pay off some of her debt. The unpaid taxes may not have even been her fault. In 2017, Newsday reported that she was “investigating whether her financial managers neglected to pay her federal income tax for three years.” Fortunately, things turned around for Lohan in the end. We can’t know for sure, but it’s likely she found a good tax resolution specialist! In late 2018, she paid off her 2017 tax lien and got back in the black. Lohan’s story is proof that even celebrities can fall on hard times and wind up under IRS pressure. If you or someone you love is in a similar situation, call us for help.

dealing with the fallout of multiple car crashes and criminal charges for drugs and grand theft.

Even Lohan’s coworker Charlie Sheen was deeply concerned about her financial situation.

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