The event of my life happened on April 2, 1987. It was the most unlikely of events and was totally an accident. Unfortunately you can’t enjoy what I experienced. The modern world no longer tolerates that kind of thing.
The spring of 1987 was a calm part of my life. I owned my own home, I had money and I was living the dream. Only one thing was missing.
My lust to learn goes back to my childhood. With plenty of free time I could read from sunrise to sunset. I would walk to the corner café for a cup of coffee and dinner most days. I would putz around the place and yak with the local farmers as I swilled my coffee. To prevent my underwear sticking to my ass or crawling up thereof I would hop behind the counter and pour coffee. The patrons loved the conversation so the owner comped most of my meals and coffee.
As much as I was enjoyingRead More
Burnout sets in post-tax season. Long hours working leads to exhaustion only to be repeated the next day eventually takes its toll. Recovery is less certain than in the past. Age is part of it, but the new tax code and demands from a wider audience also play a role. Due to these factors there will be significant changes to this blog going forward.
The most notable change will be the publishing schedule. Tax season became so overwhelming something had to give. I reduced the publishing schedule from three times a week with a “Stalking” edition on Saturday to twice per week.
What surprised me was the increase in traffic when I reduced the amount of material published! I was warnedRead More
As children we dream. We dream unfettered. We dream of traveling to the stars; we dream of life as a policeman, fireman or even a doctor. Some fall in love with numbers and can’t think of anything else. We dream of great discoveries as scientists or helping people reach their dreams and goals financially.
Then we grow up.
Society tells us we must prepare for retirement as soon as possible. The financial services industry breathes and dies by our willingness to buy into their story.
The news feeds are filled with stories of people who started early, saved hard and retired early. As someone living inside said community I notice a pattern. A large majority of people whoRead More
Tax professionals all have stories of clients who wanted to cheat on their taxes. It might be tempting to nudge the line a bit to the left to keep a client happy and collect a fee. But you need to think long and hard before you make your decision.
If you prepare your own return you can avoid all the pesky demands of tax professionals to file an accurate tax return. Just as a tax professionals face serious penalties, so does the taxpayer. If you talk a tax professional into an unreasonable position on your tax return you will be penalized a lot faster than the tax professional. Tax preparers are really just entering data. She may not be aware of the malfeasance. That leaves you blowing in the wind. And a cold wind it is.Read More
There is a secret seldom spoken of by the financially independent. Those in the know can hear echoes of the secret periodically in the utterances from great financial leaders like Charlie Munger when he said the surest way to get in financial trouble is with the three Ls: liquor, ladies and leverage. Then Munger’s buddy, Warren Buffet, laughs about the comment in an interview saying Charlie was joking about the first two; it’s leverage where all the trouble lies.
Did you miss the secret? Unless you are loaded (financially, not with liquor) there is a good chance the greatest secret of wealth whistled past your left ear unnoticed.
Here is the secret for those who missed it:Read More
Determining your tax filing status can be tricky at times. I see the same questions on social media and a few times per year in my office where people are confused on what filing status to use when they are estranged from their spouse. On the tax subgroup in Reddit the question popped up a few times this tax season already and with two new clients in the past week.
I included a decision tree to help you determine your filing status. However, there are details that didn’t fit within the decision tree neatly so it is important to read the text of this post to assure you are using the correct filing status.
There are several reasons when you may want to consider filing a separate return from your spouse. In rare instances your combined tax liability is smaller. Example: spouses have widely different incomes and one spouse has a very large uninsured medical expense.Read More
Large international public corporations aren’t the only game in town. There is another world fraught with many risks and the promise of undiscovered gems worth many multiples of its listed price.
These quasi-public companies are followed by virtually no one. Worse, audited financial data is hard to find if available at all. And the biggest problem of all: insider trading.
People commonly call these unique animals penny stocks. They don’t always trade for pennies, but frequently trade under $5 per share.Read More
Yesterday was April Fools’ Day; it was also Easter. I couldn’t bring myself to pull a prank on the day celebrated by Christians of Jesus’ resurrection. But today is fair game!
To lighten the mood as your favorite accountant traverses the bowels of the late stages of the current tax season I decided to publish something fun. (Well, it was fun to me.) Be forewarned. After two months of sleep deprivation there is something seriously wrong with my head. While I think this is funny, you may not. Of course this doesn’t belong published on a personal finance blog. That’s why I published it.Read More