Those little devils are everywhere. Drone fever has swept the country and it has me hopping mad. In the last week my office has been buzzed every workday and the Accountant farm had its privacy disrupted three times.
The animals hate it! Drones buzzing overhead send the chickens running for cover while the steers run the length of the pasture trying to get away. Privacy is the main concern at the office. If somebody wants to invade my privacy on the farm while I water the horse out back there isn’t much to see. (Ah, that didn’t come out right.)
Therefore, I hereby announce The Wealthy Accountant will start selling anti-drone guns for $500 a pop with the beautiful logo of The Wealthy Accountant emblazoned on the side. This is a limited offer! Only 10,000 will be manufactured. When they are gone they’re gone.Read More
After nine years of steady growth in the economy and stock market both indicators have taken a sharp turn north. Economic stimulus in the form of tax cuts in an already good economy holds the possibility of destabilizing the whole economic structure.
There is ample concern over the staying power of the advancing stock market. Valuations are at or near record highs in all measures. All news seems to be good news. Predictions for future gains have reached nosebleed territory.Read More
Recent tax law changes have gutted many itemized deductions. State and local taxes are limited starting with tax year 2018. What many people are forgetting is that certain miscellaneous deductions and job expenses are also no longer deductible.
Schedule A has suffered many changes. Miscellaneous deductions, subject to 2%, are eliminated. Common deductions in this area include tax preparation fees, safe deposit box fee, legal expenses to protect income, certain job related expenses and unreimbursed employee business expenses.Read More
The latest tax cuts have sent the eight year old stock market rally on a steeper trajectory after 300% gains to date. Tax cuts and interest rate reductions have a habit of sparking market rallies, but only one has anything to do with value.
To understand why the market is rallying so hard you have to understand what people expect the corporate tax cuts to do. You also need to understand if these gains are based on real increases in value or only a mirage.Read More
It started with a simple request for an update to my personal net worth.
Over the years I’ve been mum about the subject, only exposing myself due to the Rockstar Finance Net Worth Tracker. I’m still undecided about discussing my *exact* net worth publically. It’s really nobody’s business and is only public because I write a personal finance blog.Read More
As tax season approaches I start to fall into a familiar pattern I’ve developed over the years to help focus my attention.
Some people like listening to music while they read; I don’t. I prefer absolute quite, huddled in a dimly lit corner while I devour pages of knowledge or embark on an adventure through space and time.Read More
There is nothing wrong with doing your own return to the best of your ability and then hiring a tax pro for the return you will file. (Read the last sentence again and again until it sinks in.) Yes, you might have two prep fees for the year: one for the DIY program (required when you print) and the accountant. But you will also see where you missed things.
An alternative is to hire a tax pro when you have a unique issue and then go back to preparing your return for a couple years. Some accountants hate this. I don’t.Read More
Bloggers often miss many opportunities when organizing their taxes. Writing on a regular schedule occupies a large part of the creative artist’s time. Taxes frequently become an afterthought.
Over the last two year several bloggers have approached me to review their tax situation.Read More