Toph CPA - September 2021

Toph CPA - September 2021

SEPTEMBER 2021 VOLUME 5, ISSUE 9

TOPH’S TAX RESOLUTION T IMES

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If you owe back taxes to the IRS, you may think of them as your own personal problem. Maybe the debt feels like a dirty secret you try not to think about, let alone discuss. I see this mindset all the time. If what I described sounds familiar, I have an important message for you: Your tax problem isn’t just your problem. It isn’t a secret that exclusively hurts and upsets you. In fact, its negativity creates ripple effects throughout your whole life, especially if you own a small business. If you don’t take action soon, you’ll continue hurting not only yourself but also your family, your team, and your company. Maybe that sounds dramatic, but I’ve seen it happen over and over, and I’ve even experienced it myself! Many years ago, I had a serious financial problem of my own and I felt desperate and lost. I couldn’t focus on the things I really wanted to do — only the dark cloud of my debt. When debt is hanging over your head, it changes the way you look at the world. It’s difficult to make the best decisions for your family and your company because you’re operating from a place of fear. This makes it tough to do everything from planning a family vacation to hiring a new employee. I think of this dark place as “desperation mode.” When you’re in it, you can’t think rationally because your tax problem is causing you constant worry. There’s no bandwidth to focus on growing your business because you’re too stressed about making payroll. You may think you hide this stress well, but believe me, your family, your employees, and even your clients can tell. Back when I was in desperation mode, my wife Ashley definitely knew it. The feeling affected every facet of my life negatively, from my marriage to what I ate and drank. RESOLUTION WILL HEAL YOUR FAMILY, YOUR TEAM, AND YOUR BUSINESS Your Tax Problem Isn’t Just Your Problem

Toph and Ashley relaxing on vacation

lower your prices or sell harder because the IRS is breathing down your neck, but usually these tactics don’t work. Potential clients will sense your desperation and run. Labor Day is coming up this month, so if you’re a business owner, now is the time to think about your employees. Maybe some of them are your family. I bet most or all of them are your friends. Do you really want them to continue dealing with the trickle-down effects of your tax problems? I know this is probably hard to read if you or someone you know is hanging on by their fingertips right now. But here’s the good news: I got out from under that cloud of debt and you can, too! Overnight, I went from being scared to death of the future to feeling free, excited, and optimistic for the first time in years. To employ a cliche, that peace of mind is truly priceless. It’s almost impossible to describe how good it felt to have that weight lifted. Today, I can go on vacations (read more about a recent one on Pg. 3) and focus on my business without stress. I went into the tax resolution business to help other people find that feeling and pull their own families and companies back from the brink. If you’re reading this, it’s not too late and your problem isn’t too big. I can help. Call me today to learn how.

–Toph Sheldon

For business owners, the biggest impact of desperation mode is stagnation. Your business won’t grow if you’re desperate. You might

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Toph Wins a Couple Peace in Retirement

If you’re restless at your desk, extra exercise and movement might be exactly what the doctor ordered. Even just a little bit of unplanned movement every day can help boost your mood and maintain good blood circulation. Here are five ways you can fit in extra movement without losing your productivity! No. 1: Park farther away. It might be more convenient to park as close to your destination as you can, but parking farther away can add some extra steps. It’s a small difference that certainly can’t replace regular cardio, but it doesn’t hurt either! No. 2: Drink more water. Drinking plenty of water is healthy for flushing out bacteria in your system, but it’s also a great way of helping you get up from your desk. The more water you drink, the more times you’ll have to refill it in your kitchen or at the watercooler. And, on your way back to your workspace, take the long way around to say hi to your coworkers! No. 3: Stretch in doorways. Our shoulders and neck can quickly get sore from the amount of time we spend slouching in front of our screens. An easy way to relieve the stress is to press your hands on either side of a door frame, then lean forward as far as you can. If you don’t have a doorway to use, you can try doing shoulder shrugs or neck rolls right at your desk to ease some stress or even just clear your head. No. 4: Do more calf raises. One of the easiest exercises to do in public or at home are calf raises. Do this by simply raising your feet high off the ground one at a time. Squats and lunges are also easy to do but may require more flexible clothing than you’re wearing and a space where you can move freely. No. 5: Walk for all of your phone calls. Sometimes, people start walking naturally while they’re on a phone call. Why not make it an intentional movement every time you take a call? Studies show that walking will keep your body in high gear by encouraging energy and productivity! 5 WAYS TO FIT EXTRA MOVEMENT INTO YOUR DAY

How a $30,000 Tax Debt Became $1,320

As I mentioned on Pg. 1, when you have a tax debt hanging over your head, it’s hard to make

time for what you’d really like to do. In the case I’m sharing today, my clients wanted to retire and enjoy their golden years, but they owed the IRS $30,000, and they didn’t have the money to pay off their debt.

This couple was self-employed and struggling, so they turned to me for help.

In December 2019, I took their case and offered the IRS a total of $100 to settle the debt. This was a pretty low offer, of course, but it’s better to start small! After that, things got complicated. It took the IRS a full year to get back to us on the offer because the employee assigned to my clients’ case wasn’t doing her job well. That sounds harsh, but it’s true — she wasn’t responding to calls or cooperating with the negotiation. At one point, she was on the verge of rejecting my offer altogether without suggesting a compromise. So, I got her manager involved. I know what proper IRS protocol is, and she wasn’t following it. Fortunately, the manager agreed and reassigned the case. The new agent quickly agreed to settle my client’s $30,000 debt for just $1,320 — a huge win for them! This wasn’t the first time I had difficulties with an IRS. I’d say that similar problems pop up about 10%–20% of the time. That’s why it’s so important to have a tax resolution specialist like me on your side who knows all about proper IRS processes and the rights you have as a taxpayer. Most people assume that whatever the IRS says goes, but sometimes an IRS employee is in the wrong. I have plenty of experience navigating these situations, so I was able to mitigate the challenges of this case for my clients. As I write this, the case is closed and the couple I fought for is in the process of submitting their final payment. When that’s finished, they’ll be free to kick back and enjoy their retirement without worry or stress. I’m proud to have helped them accomplish that.

–Toph Sheldon

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Ashley’s Corner

We Escaped to the Virgin Islands!

Back in July, I told you Toph and I had plans to get away for a bit on a “babymoon” trip — and I just realized I never shared how it went! We ended up traveling out to Saint John, a beautiful Island in the Caribbean that’s part of the U.S. Virgin Islands. My mom stayed with the kids so we could go alone, and it was so refreshing! I can’t tell you how nice it felt to have a conversation with Toph that wasn’t interrupted by our tiny humans. We hiked every morning and picnicked in the highest spot we could find. In the afternoons, we were beach bums. I read and Toph finally relaxed in the sand after going a mile a minute all tax season. When we waded waist- deep into the crystal clear water of the Caribbean, sea turtles swam all around us. It was our first time alone together since 2019! I’ve needed that break for a while. Before the trip, I was starting to get frustrated by every bit of bad luck or misbehavior from the kids, but afterward, it was a whole new me! When Toph and I got home, the kids immediately spilled a bright orange smoothie on our light-colored carpet. Guess what I did? I shrugged, said, “Accidents happen,” and cleaned it up! It’s amazing what a week in the sun can do to help you relax. I have a fresh bucket of patience to dip into, just in time for the baby to arrive.

If you have kids and a partner, I highly

recommend trying to get away for a few days as a couple. This trip helped me and Toph recenter and

refocus, and I’m sure it would do the same for you. Keeping up with a spouse, kids, and a business all at once is no small feat. You deserve some time to recharge, and you don’t have to go all the way to the Virgin Islands to do it.

Usually, Toph and I try to go on a short road trip and rent a cabin. That said, I’m glad we went big this time before kiddo No. 5 arrives! We came back happy, tan, and ready to get back to work.

Take a Break

ONE-PAN APPLE CIDER CHICKEN

Bring the taste of fall into your kitchen with this sizzling skillet meal.

Ingredients

•

1 1/2 lbs boneless, skinless chicken thighs

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4 tsp olive oil, divided

3 sweet apples, cut into 1/2-inch slices 2 tsp fresh rosemary, chopped, plus more for garnish

• • • •

1 tsp salt, divided

1/2 tsp black pepper, divided

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1/2 cup apple cider 2 tsp Dijon mustard

Directions

1. Sprinkle chicken with 1/2 tsp salt and 1/4 tsp pepper. Set aside. 2. In a small bowl, combine apple cider and mustard. Set aside. 3. In a large skillet over medium heat, warm 2 tsp olive oil. When shimmering, add chicken thighs top-side down. Cook for 4 minutes, then flip and cook for 4 more minutes. Transfer to a plate and cover with foil. Wipe the skillet clean. 4. Heat the remaining oil in the skillet, then add sliced apples, remaining salt and pepper, and rosemary. Cook for 5 minutes. 5. Return the chicken to the skillet and add apple cider-mustard mixture. Cook for 5 minutes, then serve sprinkled with rosemary!

Solution on Page 4

Inspired by WellPlated.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

The Thousand Ripples Your Tax Problem Makes

2

5 Ways to Keep Yourself Moving

Toph Wins a Couple Peace in Retirement

3

Ashley’s Corner

One-Pan Apple Cider Chicken

4

Salsa Gone Wrong: The IRS Goes After Singer Marc Anthony

TOPH’S TAX NIGHTMARES

The IRS Goes After Famous Singer Marc Anthony

A long time ago, before she posted a selfie smooching Ben Affleck on Instagram this summer, Jennifer Lopez was married to the salsa singer Marc Anthony. Fortunately for Lopez, the couple filed separate taxes — so she escaped the worst of the damage when the IRS first went after Anthony in 2007. That year, the IRS revealed the five-time Grammy-winning singer was on the hook for years of unpaid New York state taxes. Anthony claimed he wasn’t aware he had “failed to file and pay corporate city and state taxes and that [his] personal income tax returns were not filed from 2000 to 2004” as CBS news put it at the time. To right the wrong, Anthony handed over a whopping $2.5 million. His touring company (Ari Enterprises), music publishing company

(Bolero Records), and tax team also pleaded guilty to tax crimes. However, that turned out to be just the beginning of Anthony’s tax troubles. In 2010, the IRS came after the singer again for a new round of unpaid taxes. First, the agency put a $1.6 million federal tax lien on Anthony’s home in Long Island. Then, it filed a demand for $1.8 million in back taxes. The New York Post reported Anthony’s total debt at the time tipped $3.4 million. It’s tough to say whether Anthony ultimately paid off that debt or if it’s still hanging over his head 10 years later while the IRS threatens his home. Either way, there’s a lesson we can all learn from the singer, who split from Lopez in 2014 after who knows how many money arguments they had: Don’t cross the IRS once, let alone twice!

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WHEN THE IRS COMES KNOCKIN’ ... LET US ANSWER THE DOOR!