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man riding a black bull

Naming the New Year: 2024 “Bucking Bull”

Like many people, I enjoy a good tradition.

Whether it is a familiar tradition like the family vacation or nightly family dinners, One of our favorite Traditions is Naming the New Year.

The New Year Name is chosen before the new year starts and will reflect important plans, challenges, obstacles, etc. ahead in the New Year.

Typically We’ve used a simple nomenclature = action + name

For instance,

  • 2019 – “Riding Tiger”
  • 2020 – “Running Bear”
  • 2021 – “Soaring Eagle”
  • 2022 – “Hanging Man”
  • 2023 – “Hungry Hummingbird”
  • 2024 – “Bucking Bull”

Why is this important?

In my experience, the tradition of naming the New Year has been at times inspirational, accurate and foreboding.

2023 “Hungry Hummingbird”, for example, was pretty accurate for the volatile Housing Markets and true to form, unexpected but awesome, rebound of the Stock Markets.

As entrepreneurs and business owners, it is important to work IN your business as well as work ON your business. The New Year name helps us associate an idea larger than any 1 person and at the same time focus 100% on the work at hand.

2024 “Bucking Bull” will be a year of energy, enthusiasm and competition. Much like riding a Bucking Bull, Smart Business will navigate uncertain economy and avoid getting dragged into uncontrolled situations. It will be more important then ever to stay enthusiastic and align your journey with competitive advantages.

A lot of people probably stopped reading when I said “nightly family dinners”, but for those of you who appreciate a tradition, We wish you a happy and safe New Year and best wishes in 2024.

Info@mrarrachecpa.com

man riding a black bull
Photo by Louise Brawn on Pexels.com

2020 Tax Deadlines for Business Owners

  • January 31, 2020
    • W-2s / 1099’s
  • Now July 15, 2020 was March 16, 2020
    • Partnerships / LLC’s
    • S-Corporations
  • Now July 15, 2020 was April 15, 2020
    • C-Corps
    • Individuals
    • Single Member LLC’s
    • Estates and Trusts
    • Gift Tax Returns
    • Foreign Bank Account Rerpots (IRS FinCen Form 114)
    • Last day to make retirement plan contributions to Traditional IRA, ROTH IRA, HSA, SEP-IRA or Solo 401(k) for previous calendar year
    • Estimated Tax Payment Q1
  • May 15, 2020
    • Nonprofits
  • June 15, 2020
    • Estimated Tax Payment Q2
  • September 16, 2020 (Extensions)
    • Partnerships
    • S-Corporations
    • Estimated Tax Payment Q3
  • October 1, 2020 (Extensions)
    • Estates and Trusts
  • October 15, 2020 (Extensions)
    • C-Corps
    • Individuals
    • Single Member LLC’s
    • Gift Tax Returns
    • Foreign Bank Account Rerpots (IRS FinCen Form 114)
  • November 15, 2020 (Extensions)
    • Nonprofits
  • December 15, 2020
    • Estimated Tax Payment Q4

New tax law changes – Restaurants and Manufacturers big winners

Of all the new tax law changes effective January 1, 2018 – Restaurants and Manufacturers are lined up to receive significant tax benefits.

Section 199A Deduction for Qualified Business Income(QBI) of Pass-Through Entities – The new QBI deduction will greatly benefit non-“C-corporation” ( taxpayers especially those with taxable income over approximately $300k.

Make sure your business is eligible and ready to take advantage of these new tax benefits – schedule your tax consultation today.

Schedule through our website or email us at Contact@MrSmartTax.com

Economic Troubles Ahead? Clean Up, Save Up, Understand & Review

Whether you prefer hands on investing or hiring wealth managers, start saving money and protect your portfolio. Healthy cash reserves cover 12-24 months of living expenses, but 6 month reserves is a great start. Most importantly keep an eye on your investments and make smart moves with your money.

John Riley, AIF from Cornerstone Investment Services is worried about the economy. In his recent article published June 2016, he discusses 4 charts that indicate negative economic trends and 4 helpful tips to protect your portfolio .

Ultimately the key to fortifying your financial position is to clean up, save up, understand & review – Mr. Smart Tax, Inc. is here to help. Schedule your free initial consultation today!

(800)-425-0570 or email us at contact@MrSmartTax.com

Read full article by John Riley here…

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