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The Wealthy Accountant by Keith Taxguy - 1w ago

When I was a child I wanted to be President of the United States and an astronaut. At the same time, if possible. My uncle, Kev, wanted to be the first person to farm on the moon. Growing up poor in the backwoods of Wisconsin caused us to dream of a life like that on our old black and white console television. The world looked so much more exciting on the glass teat (a term from the days when the...

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Today I want to think out loud within earshot of readers. The benefit to readers is they get a better understanding of how I think about business, investments and life/work balance. It also allows me to crowdsource my thoughts where readers can provide advice I can use to make a better decision. And, of course, readers have skin in the game as will soon become apparent. Before we begin we need to...

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In a breaking news story sure to rock the FIRE (financial independence/retire early) community, Mr. Money Mustache (MMM) has fired his accountant for refusing to take early retirement. You may recall Mr. Mustache is the leader of this massive FIRE movement sweeping the planet. Suze Orman has never been the same since she said she “hates, hates, hates” the FIRE movement. Now it has come...

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The Tax Code has gown in complexity the last few years. Finding a qualified tax professional who understands the nuances of taxes is harder than ever. Without proper vetting you can overpay for service and end up with subpar results. The growing complexity of the Tax Code has more tax professionals specializing. This is a good news/bad news situation. The good news is that when you find the best...

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It can happen to anyone: burnout. Long hours conducting a repetitive task increases the risk. Not enjoying the work also increases the risk (though it could be more to do with drudgery than burnout). Not controlling your environment on any level is sure to increase stress and the likelihood of burnout. Burnout is not about working a lot of hours. Rather, it involves stresses on the nervous system...

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Ever since the FIRE (financial independence/early retirement) movement hit the scene I started to question conventional financial wisdom. Most of the advice preached was re-purposed from generations past. A penny saved is a penny earned turned into a variety of frugal anecdotes. You can’t read Proverbs (from the Bible) and not recognize the many similarities in advice.

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It is unfortunate that climate change is such a political hot button when it is such a good tool to build wealth. Much of what I say will cause righteous indignation from both sides of the political isle. Good thing we will have a full wallet to sooth our nerves. Too much focus is on “if” there is climate change and how much is “human” caused. These are the wrong questions...

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Nothing like buying your first car cash. Lien holders: NONE! Just the way it should be. My daughters are very different from the typical young adult. Growing up in the Accountant household was never easy. I preached the Good Word of financial responsibility their entire life without any indication any of it sunk in. As they grew older the firsts rays of hope appeared when I overheard my girls...

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In the middle part of the last decade I found myself standing in line at the grocery store waiting to checkout. Before me were two women in their late 50s discussing work. One woman said to her friend, “Last year I worked in a tax office and it was the hardest job I ever had!” I had to turn away as I suppressed a smile. Later, as I reflected on that conversation, the smile faded.

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One of the most powerful tax strategies a small business owner has is the S corporation. Under most circumstances when a small business has grown beyond $30,000 to $50,000 of annual profits it is time to consider organizing as an S corporation or LLC electing to be treated as an S corporation for tax purposes. The tax savings can be significant. A sole proprietorship is taxed at ordinary rates...

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