LATEST BLOG POSTS
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How Long Should You Keep Your Records and Tax Return
A common question around the office involves records retention. Many people think they need to keep their tax returns for seven years, others think it is three; both are wrong.
Tax returns are not the only records you need to consider when building a record retention policy in your business and personal life. Some items can safely be disposed after one year; some items need to be kept forever—your estate can handle disposal.
Record retention in the past required filing cabinets filled with papers. The filing cabinets can be—and should be—replaced by digital storage. A fire, theft or weather damage put irreplaceable documents at risk when stored in a filing cabinet. A better solution is to scan all documents into a digital filing cabinet and store a backup copy offsite.
Imagine you had a time machine. You could go back in time and change anything you wanted. A past mistake could be erased, a missed opportunity taken, a relationship saved. If I had such a time machine I would change nothing. I would leave everything exactly as it happened, including all the regrets.
A popular attitude suggests many people would go back in time and kill Adolf Hitler before he committed his crimes against humanity. I wouldn’t. I would let the approximately 60 million people died; I would allow the gas chambers to continue.
Why would I pass a chance to save all those people? Am I really that cold? No, I am not that cold, but I do know everything happens for a reason. If Hitler didn’t do what he did more than a billion people could have died and the human race sent back to the Stone Age.
Imagine a time machine existed allowing anyone to go back and kill Hitler before the nightmare began. Imagine someone bumped off little Adolf when he was a wee tyke. How would human history have evolved differently.
How Actively Managed Funds Legally Lie about Performance
I’m going to start an investment company. Actually, I’m going to start a whole bunch of’em. Anyone interested in throwing in with the Wealthy Accountant? Read on if you think I am a good investment risk.
As an accountant I don’t want to leave anything to chance. People invest in firms with proven track records that exceed the norms. Therefore, my investment company will start several investments with only my money at risk. Several different strategies will be used to see which ones outperform. Underperformers will be closed without any investor money put at risk.
Before you start shedding tears for me, know I only invested a token amount into each fund. My loses were small and so were the gains. I just needed to know which ideas worked best.