Posts Tagged ‘small business’

Why I’m Retiring the Day I Graduate from High School

I’m different. I’ve always been different. I was born with a big disadvantage. Before I was a year old I had more surgeries than most people in a lifetime. At twelve I started taking over a dozen medications. Pill after pill is cut and placed in a dispenser like that of a 90 year old man.

Dad picks on me that all the pills I take are a meal in itself. My parents are supportive, but they have no idea how much of a pain it is to be sick all the time.

I’m also different from my family in other ways. My sister wants to travel the world and teach English (more on that later). My dad hates traveling past the mailbox at the end of the driveway. He says he wants to build a wall around the farm. When Trump came out with his wall on the Mexican border dad said he needs to talk to Trump and see if he could get a section built around the farm.

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The Power to Do Evil: The Ethical Dilemma

As a society we think of certain people as more prone to ethical lapses. This might be the result of the professions involved. Police officers make repeated ethical decisions every day. Judges, prosecutors and even jury members must deal with their personal ethics and that of others. But law enforcement or military personnel aren’t the only ones thrust into serious choices. Attorneys and doctors are forced into making decisions that might not seem ethical at first, but they are often forced to make a choice and fast. No choice is an ethical choice all too often with serious consequences.

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Tariffs, Stagflation and Stock Market Risks

What is so bad about a tariff? It raises money to pay for the recent tax cuts. It promises to raise prices for steel and aluminum manufacturers. Some laborers stand to benefit from higher wages and with less competition, more job security. At face value it sounds like a good idea!

Of course, it only works if the tariff takes place within a vacuum. The tariffs Trump promises this week are blanket, meaning they hit steel and aluminum from every nation. When such a draconian ax is taken to the playing field there will be a response.

Normally tariffs take a long process to change. Treaties and trade agreements go through a long process of negotiations before each member nation to the agreement presents the details to their legislative branch for approval. Passage isn’t guaranteed. Several safety nets are in place to encourage each nation to honor the terms of all trade agreements.

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How and When to File a Superseding Tax Return

There is no question the tax code is massive. No matter how knowledgeable or experienced you are, mistakes will happen. The consequences of such mistakes can be minor or they can cost serious amounts of additional tax, interest and penalties.

Filing an amended return is your only option after the due date, including extensions. An amended return solves most problems. Interest and penalties may apply. In some cases even an amended return can’t fix an error; you could lose entire deductions forever.

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The FIRE Community is Killing the Economy and Society

Members of the FIRE (financial independence/retire early) community might want to sit this one out. It’s going to get rough and I’m naming names!

The concept we now know as the FIRE community has been around for a long time under different names. Frugality and minimalism come to mind. Talking with grandpa they held many of these values 70 plus years ago without a fancy name to make it cool. Many of the personal habits of members of the FIRE community sound very familiar when reading the ancient Stoics: Marcus Aurelius, Seneca, Epictetus.

Guys like Jacob Lund Fisker (Early Retirement Extreme) and J.D. Roth (Get Rich Slowly) put frugality on the map. J.D. made getting out of debt and financially independent cool!

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The Wealthy Accountant is Selling a Limited Number of Anti-Drone Guns

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.

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How to Deduct Unreimbursed Business Expenses Without Itemizing

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.

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Tax Cuts Don’t Create Value, This Does

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.

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