Posts Tagged ‘IRS’
This morning has started out similar to yesterday. Starting a little late and it is all good. This lets me know that I needed the rest. Believe me I have been going on sheer adrenalin for the last few months due to our IRS audit. WOOHOO that is over and we came through it “beautifully”. We were not stressed because I knew what I had placed on our returns was valid and I could prove everything we claimed. The majority of the time was really spent on locating the documents and getting everything in order which I shared before. Hubby believed and TRUSTED in me and what I said. That makes a big difference in a relationship when a husband and wife can work together.
What I thought was interesting was that I went from one project right to another. A wife is working it all out though because each time I learn more and more along the way! What about you? I know that today will be spent on some meal planning so I can shop later. Money has already been set aside. Once again the key is to “PLAN” for it. BIG caution do not go grocery shopping hungry. If you do, you will always spend more money than you had planned in addition to buying something you may only eat one time!
The twins will be thrilled because that means we will get what we need for Oatmeal pancakes. They also asked me about green beans, etc. I love that they want to eat healthy and LIKE it! Eating healthy is not bad as long as you choose the right meals that are appealing to the eyes and palate! Let’s face it you cannot put a price tag on health! Be honest with yourself.
We also know that finances being in disarray can affect health. People will run to the doctors to get a diagnosis when they know at the end of the day, it is the money that they are stressed about and they begin to develop all these “symptoms” which will not lead to a true diagnosis but a pseudo diagnosis. Stop today and begin taking control of your money instead of being controlled by your money.
Money and Marriage Lessons for Today:
1) You can’t put a price on health.
2) Finances being out of order affects health which can also cost more money.
3) Be honest with yourself and address the financial challenges in your life today.
Money and Marriage Encouragement for Today:
An apple a day keeps the doctor away. How about paying attention to your finances regularly can keep extraneous fees away!
I am actually getting a chance to write on the day about our money and marriage conversation. This rocks! Monday is that day that I check all the accounts to start out the week as we prepare for the week. I have been very pleased with our planned spending and accomplishing several items on our task list that we made a few months ago. Achievement always makes you feel good.
Once I checked all the accounts, updated my ledgers and I proceeded to get ready to go to meetings for the day. The twins got up had their breakfast and prepared to leave. They were already excited about going to the meetings and making some notes. We would be gone pretty much all day and they were up for it. Such troopers – I love it.
Let’s step back for a minute and talk about the IRS. Once I scheduled the meeting the next three weeks were spent locating documents, making charts and clipping receipts together. Remember, I said to my husband that I had this under control. He said okay! Lesson 1: He believed in me to do what I said I would do when it came to preparation. Caution: If you and your spouse don’t realize you are on the same team, one of you could very easily sabotage the relationship or each other.
I was determined to get every piece of paper that we were being asked for. I didn’t discuss what was happening with anyone other than my husband. Lesson 2: You don’t need to include a lot of outside people in your marital business especially when it comes to money. That also includes family members. There are people that like a whole lot of drama! Newsflash – we are not that kind of couple. I found it served us real well to keep it between us.
I turned our family room literally into a battle zone. I needed to be able to spread out with all the different files, my laptop, and had more than enough reams of paper to copy documents. Let me say that this turned into literally a full time job until I went to the meeting. Lesson 3: When you know that you have been truthful about your information – you fight and be able to present your case without any doubt. Since I felt that way, I was cool headed and determined to do what was needed. Nothing was going to get me off of this project. Actually, I saw it as a new chapter in our Money and Marriage journey.
About two weeks prior to the meeting, I met with our account so that he could review the different documentation that existed and provide me with feedback on what would happen and if my documents were the right things. Remember to always have an expert for those areas that you don’t understand or not real comfortable with. MAKES all the difference in the world.
After meeting with the accountant, I discovered I was missing one or two charts. I felt confident because I still had time to finish putting it all together. I returned from that meeting and talked with my husband about what happened. He said okay babe, keep on pressing on. He continuously let me know throughout this process how much he appreciated my handling this.
This day was different because you were getting lessons all throughout this post. Go back and review them.
Money and Marriage Encouragement: Remain focused on the prize and go for it. Don’t get tripped up by the bump in the road.
Yesterday was quite busy. I had to go out to a meeting that morning, then return and do some follow-up emails. One of the discussion my husband and I were having as I was out that morning was what bills had been processed and he needed me to review a bill from his business account. He wanted to make sure he was right on what he had been charging a client for a specific job. There I was opening up one of my favorite programs – Quickbooks and doing the research. Easy enough!
Once I was out, I knew that I would have to do the banking at the end of the day instead of first. I was more than happy about that because I was on a MISSION! Once I’m on a mission, I will not be distracted. Went to the meeting and did what I needed to do. Then the kids and I headed back home. We already had a plan for lunch which having planned our meals for the majority of the week has helped out.
Believe me there is nothing like being real hands on with your finances. You know what comes in and what goes out. Makes it that much easier to plan and enjoy life. I was sharing with my husband on Day 7 – each day we have to make a choice when it comes to money. Do you pay this bill or do you not pay the bill and spend your money on something else. It ALL boils down to choices and what you want to experience in your life. Do you want to have a good quality of life, bills are paid, you can do what you want or will you choose to not pay the bills and be living a life full of stress and worry?
We often talk about brides and grooms, why some people hesitate in getting help? Let’s face it there are some people that are very comfortable struggling financially and being stressed. Now take a minute, because I didn’t say it was right but I am sure yo have heard there are people who don’t like trying new things. There’s usually a fear of the unknown when truly the unknown could be where you need to go.
Back to the money conversation we had today. Bills paid – check, where are we with the IRS — let’s return to that conversation. So once I told him about the IRS and we agreed to keep it between us, then the work really began on my part. I contacted the IRS and scheduled my meeting with them. Very thankful that it was the second week in May because I was due to leave for the Bridal show within three days after that phone call. Mind you, my excitement level was really high because I’d be debuting my latest book and I’d FINALLY get to meet one of my twitter friends in person.
Who would have known how much fun this was going to be. Did you notice that I didn’t let this notification nor phone call stop me from what I had already planned for the book, nor did I let it stop us from different things we had already planned for our twins. We continued to proceed right on with our plans.
Because they were auditing all of our businesses for a particular year, I had to spend a great deal of time pulling receipts, mileage charts, expenses and etc. I would hang out with the family and I went to the Blackbride.com Bridal show, met my dear friend Mary and had loads of fun. When I returned the work really began to locate documents, receipts, and all that fun stuff. Since I was the one that got all of our accounting records together every year, I had already shared with my husband that I would attend the meeting and handle things on our behalf this way he wouldn’t have to sit there with me and become frustrated. From my understanding of the video I watched, the meeting could take up to 5 hours.
So we agreed that he would keep the kids that day while I handled the meeting in May. I also would be meeting with our accountant once I returned so that he could give me some idea on how the meeting would go. Ladies and gentleman when you are not knowledgeable in an area – go to an expert and get some answers. It is worth the INVESTMENT! No need in creating a mess when you don’t have to.
Join me tomorrow as I share more about IRS.
Money and Marriage Lessons for today:
1) Do not tell everyone what you are going through when it comes to finances because they will express their fear and anxiety and if you are not careful, you will take on those feelings when they are not warranted.
2) Continue on with your plans whenever a financial situation arise. Believe me it is all in how you handle situations that determine how you will come out of it. Expect a GREAT report and it shall be. If you are expecting negativity and doom and gloom – so be it. You decide what you prefer to experience.
3) When a husband and wife are in agreement, they are UNSTOPPABLE!
4) Know each other’s strengths and weaknesses and work together accordingly.
Money and Marriage Encouragement Today: When a financial challenge arise, take the time to think about the big picture and consequences.
OOH what a day. I was running literally from the time I got up and still going strong. Today was one of the goals was to make sure that the bills that had been scheduled to be paid a couple of days ago had cleared the account. Believe me, if you are not hands on when it comes to your money and marriage you wind up in unexpected financial situations that will not make you happy.
My husband and I talked about my checking the account and updating our records. Then we decided we would focus on the IRS. So let’s return to my telling you about the IRS. So on Day 5 I was sharing with you how we had gotten this letter in the early part of April saying that we were being audited. Did you pay attention to who I notified about this? If not, go back and read Day 5. Keep on reading because there are lessons to be learned even in that. Alright so as I continued to get prepared for the Blackbride.com First Annual Bridal Show a couple of days had passed and I was gauging my husband’s temperament each day as he came home from work.
I know from past history that April is one of his busiest months for his own business and we work hard getting through it. Now I had a new book that had just been released, he was really busy AND I knew that we had received this letter from the IRS but he didn’t. As the third day approached that I had it, he came home that evening and was relaxed. The day wasn’t stressful and he was on top of his game with his business. There I was no better time like the present, he will receive this information now and we will move forward.
As he was relaxing on our couch and we had talked about our accountant, I said to him look what we got in the mail. I proceeded to give him the letter. He looked at it and said We are being audited? I said yes we are and I have everything under control. Our businesses are being audited and I’ve already talked with our accountant. Once I contact the IRS, I will schedule a meeting with him and we will review everything. Then I proceeded to say to him we don’t need to share this information with anyone UNTIL it is over. Once it is over, we can share the testimony. He agreed and that conversation was done and we had dinner with the twins. Once dinner was over, we went on to talk about what else I needed in the way of handouts for my trip to Atlanta for Bride and Groom Money Talk FAQ’s booksigning.
Money and Marriage Lessons for Today:
1) Presentation about any financial issue is KEY! It is all in how you present it that makes the difference.
2) Make sure you know your spouse and continue getting to know them especially when it comes to money. How they will handle certain news!
3) When delivering information make sure that you are truthful about what you feel and not trying to fake it because it will be apparent if you are pretending!
4) Be sure you know who is on your team besides your spouse in case you need a certain level of financial guidance beyond your knowledge base.
5) When financial situations arise, it shouldn’t stop you from doing what you were in the midst of doing. Address the issue and keep on moving forward. Do not get “derailed” by an issue.
Money and Marriage Encouragement for Today: Each day our marriage grows stronger and stronger in the area of money and marriage! We are the DRIVERS of the bus and WE make happen what WE want!
What would you do if you received an envelope in the mail from the IRS? Would you immediately become upset without even opening it just because it says IRS or put it aside for a few days not really wanting to know what it may say inside. There I was about doing my regular routine one day in early April getting the mail and it was a letter from the IRS. Without even driving off and continuing with what I had planned, I sat there in the car and opened the envelope. Mind you there was also an envelope for my husband with I imagined at the same time, the same letter.
There I was reading notification that we were being audited! My first thought was oh yea we are moving on to a higher level in our walk AND that was very true. I was not going to let this letter get me off track. My second step was to call my accountant and make him aware of this notification and that I’d be seeking some guidance from him. Incidentally this was the week prior to April 15th and I knew that he would be slammed yet he would make some time for me on the calendar.
The letter gave me 15 days to call and schedule a meeting. At this very same time, I had just released Bride and Groom Money Talk FAQ and was preparing for a trip to Atlanta for Blackbride.com’s First Annual Bridal Show. I would be exhibiting and signing my book. So what did I do having just received this notification – kept right on with my plans. I ordered copies of my book, began writing press releases and putting things in order for the “debut” of this book.
Remember on Day 3, I asked the question what would you do if you received a letter from the IRS in the mail? I want to give you some of the background over the next few days to weeks in order to catch you up to the letter on July 2nd.
Being the money manager for our household, there are several things I know when it comes to my husband:
1) Be conscious of his temperament when he walks in the door. We usually talk right before he gets off work so I know whether he is mentally drained from the day, had a good day or having had a frustrating day with jobs.
2) When sharing information, if I present it in a fashion that is negative or doubtful then he will mirror that behavior.
3) When it comes to money provide all the options and as a TEAM we decide what is best.
Our talk today was on reviewing the finances at the beginning of our week and accomplishing what needs to be done prior to that letter we received on July 2nd.
Money and Marriage Encouragement for Today: A threefold cord is not easily broken!