A new tax guide arrived late last week: The Complete Analysis of the Tax Cuts and Jobs Act. It’s what I consider light reading on a Sunday afternoon.
Tax season is over, but tax planning is more important than ever with the new tax laws and changes. Consulting and planning with clients started May 1st and continues strong. I’m booked out until mid-July. If you own a business or investment properties you need to consider consulting with a tax professional to take full advantage of the new Qualified Business Income deduction.
One problem from earlier in the year has probably corrected itself. Withholding tables were adjusted in early February to account for the elimination of exemptions and the new tax brackets. The new tax tables overcompensated by under withholding. This meant people would pay less tax while getting a smaller refund or even owing! It was a timing issue of when you would actually pay your tax liability.Read More
When you think of the most powerful, motivating speeches ever given, Abraham Lincoln’s Gettysburg Address comes to mind. In less than three hundred words* Lincoln encompassed the issues facing the nation. As great as the speech was, it was backward looking (Four score and seven years ago) with hope to the future. Lincoln was able to clearly articulate his message in a few minutes. He struggled up to the moment of addressing the crowd as Gettysburg. It was the planning and preparation that lent to the quality of the message.
Closer to home we might consider the commencement address Steve Jobs gave at Stanford in 2005. At fifteen minutes, Jobs communicated a narrower message with significant reinforcement of his theme. Once again, serious planning took place prior to the presentation. Jobs was legendary in his drive toward excellence. He could speak before a crowd extemporaneously, but preferred formal presentations he could and did practice again and again until everything was choreographed to perfection. Errors were ironed out. He practiced so much that when he was live he could continue without missing a beat if technology failed while he was on stage. A Steve Jobs presentationRead More
It’s hard to see when watching at the speed of life, but there is no doubt it keeps getting easier to reach financial independence. Some in the crowd might disagree with me. The statistics are clear, however. As the hand of time ticks by the human race is finding greater and greater opportunity at every turn until now when it is laughably easy to reach virtually any financial goal.
But we need to start at the beginning.Read More
Anyone who has been around the FIRE, leanfire, FI blogosphere, podcasts and book tours know the demographic is heavily invested in index funds and for good reason. Active management’s record tends to be unflattering compared to index peers and with a heavier expense ratio for opportunity to enjoy underperformance.
People serious about building wealth as quickly as possible learn the index fund trick early on. But there are times when index funds are not an option.Read More
My adrenaline was pumping as I entered the room full of judges and FVTC staff. My entrepreneurship teacher was also running the show. I had to make him proud as my entrepreneurship teacher is the reason I’ve come so far. My pitch went great and the judges seemed interested in my teaching style I created and the opportunities for people in the valley and around the world to become employed by me. I’m an ambitious little thing that doesn’t let my size determine how big my dreams can be.
I won first place at the Fox Trap Pitch Contest. This was one of the first times I’ve seen myself succeed at something and then be told that I need to continue with my plan. I learned many things when I prepared and presented my 90-second pitch. The most important thing I learned was that writing a pitch is nearly identical in writing an essay for a scholarship.Read More
The first turning point came when Heather decided the local technical college was an okay place to start her formal education. She busted her tail working to fund her education so dad relented and provided a modest—around $2,500—of financial support. When my kid puts in the effort I’ll do my best to help them.
Choosing a local college and a career she could reasonable expect to earn enough at to calculate a return on her education investment gave dad hope. Heather likes to travel the way I like to nest on the farm. Heather wants to see Asia. She is in love with the cultures and peoples. The only thing missing was some scholarship money to grease the process.Read More
Twin brothers walk into the Wealthy Accountant’s office. One brother is as smart as a whip with an IQ of 147 and a wiz with numbers. The other twin, while looking identical to his brother, is a bit short in the mental category. The less bright brother is hard working, but knows he can’t outthink his twin brother.
Which twin do you think has the greatest financial advantage? Which one is likely to become a millionaire?
Would you believe me if I told you the super-smart twin is orders of magnitude less likely to amass a financial fortune? Yet time and time again I see it in my office: smart people underperforming and average people hitting it out of the park.Read More
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