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LATEST BLOG POSTS
Miss the newest posts? Here are the last six!
Financial Independence is Getting Easier Every Year
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.
Increasing Profits and Efficiency in a Tax Office
Running a business is similar to conducting a science experiment. Unsuccessful proprietors use trial and error hoping to find a winning strategy. Gamblers do something similar. Successful business owners do things a bit differently; examine where need exists and then search out a plausible solution.
Success is similar across all industries and business sizes. Whether you are managing a massive international corporation, a regional firm, a small local business or running a side gig to pay the bills while you enjoy all life has to offer, the rules of success are similar from top to bottom.
Today we will focus on the side hustle and small local businesses. The conversation will also focus on the tax preparation industry.
I own and run my own accounting practice which is centered on tax and have been doing so for over three decades. What worked in the 1980s and 1990s would bring you ridicule if you tried the same thing today.
Price’s Law and Why the Early Retirement Community Will Not Harm the Economy
The FIRE community has been educating the public in attaining financial independence and early retirement for a decade or so now. Whenever the topic arises it is sure to be followed by the exasperated rebuke, “We can’t all do this! Who will do the work if we all retire at 30? The economy will fail.”
The argument has a sort of logic on the surface. If everyone retired by their 30th birthday there could be a problem. A 50% savings rate could crush the economy! Right?
Or maybe not. A high national savings rate doesn’t harm the economy! The United States had a double digit savings rate in the 1950s and the economy roared. China and many other nations with vibrant economies have high savings rates. A low savings rate seems to be the real problem. In the U.S. we struggled more as our savings rate declined to its current low single digit home.
SPECIAL SALES TAX REBATE ALERT! for Wisconsin Taxpayers
Wisconsin announced a special one-time $100 (per child) sales tax rebate. It seems the state treasury is overflowing so the legislature decided to get the money divested as soon as possible. This rebate applies to 2017 tax returns!
It is unlikely tax preparers will notify clients since the cost of doing so will exceed the income derived from the work brought in. This article will outline the simple steps necessary to claim your sales tax rebate.
If you have dependent children you probably qualify for the rebate. But, you can only claim the refund from May 15th through July 2nd! After July 2nd the rebate is lost if you haven’t applied by then. You can’t apply before May 15th either as the website only contains program details prior to May 15th.
The sales tax rebate is for sales and use tax paid in 2017 for raising a dependent child. Only one person can claim the rebate! No recordkeeping of actual sales taxes paid is required.
If you claimed a dependent on your 2017 Wisconsin tax return, the dependent
Taking the Lottery Out of Scholarship Applications
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.