Libman Tax - April 2019

Libman Tax - April 2019

LI BMAN 'S AWESOME LETTER

LIBMAN TAX STRATEGIES

APRIL 2019

My After-Tax-Season Vacation: A One-Way Ticket to Rehab!

Whether you’ve been working with me for two years or 20 years, you likely know that during the months from January to April, I’m fairly wound up. I’m sure my wife, Maria, can tell my war stories better than I can, but for approximately three months out of the year, I’m at work 70 hours a week. That means I have to be a terrible father and husband for an entire quarter. You think I’m kidding, but I’m not. Any business owner will tell you stories of sacrifices their family has had to make in order to accommodate the company’s needs or requirements. In many cases, those in the outside world might not see the strains that the entrepreneurial vocation places on familial relationships. They might see a nice house or car and photos from big family vacations, but they overlook the periods of exhaustion, aggravation, and anxiety that laid the foundation for any kind of growth or success. While you start your own business to ensure you have more free time to spend with loved ones, the irony lies in the fact that you have to neglect them until you’ve achieved enough momentum to back off managing all daily operations. Over the years, Maria and I have certainly worked out our own methods of navigating this stressful time. As my sons grow older, they have also gained a better understanding of the sacrifices that both their parents and they have to make three months out of the year. "While you start your own business to ensure you have more free time to spend with loved ones, the irony lies in the fact that you have to neglect them until you’ve achieved enough momentum to back off managing all daily operations."

In addition to accepting that I practically live in my office from January to April, my family also has to make a more imperceptible sacrifice to accommodate my job. Contrary to what others might think, I don’t start celebrating the minute the clock strikes midnight on April 15. I don’t toss confetti, pop bubbly, or light fireworks. Instead, I have to go through an Adam-version of rehab in order to decompress. After spending months getting little sleep, stress eating and drinking, and rarely getting to spend time with my family, I need time to ease myself back into the life that I love. There is one activity I’ve found that helps expedite the decompression process, and that is listening to music. For several years now, I’ve gone to Coachella and Stagecoach, and being able to immerse myself in the musical experience helps me let go of the emotional numbness that sets in after three months of being inundated with stress. In the years that Maria is able to join me for these festivals, we’ve found that we are both able to finally exhale and relax.

There isn’t a day that goes by that I don’t feel gratitude for my amazing family, but as I’m rounding out these final weeks of tax season, I’m especially thankful for their patience,

empathy, and consideration. For now, though, I’ll be looking forward to some decompression, some amazing tunes, and some relaxing time spent with family.

-Adam Libman

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THE 2 MOST COMMONWAYS CRIMINALS STEAL FROM SENIORS

And How to Spot Them

Scamming older adults has become big business. According to the American Journal for Public Health, an estimated 5 percent of seniors are hoodwinked by criminals every year, and that statistic is thought to be a steep underestimate since so many scams go unreported. To stem the tide of seniors unknowingly giving $36 billion to scammers annually, it’s important for retirees and their loved ones to get savvy on the subject.

COMPUTER SOFTWARE SERVICE FRAUD This type of scam is slightly more sophisticated. First, a hacker will call a victim and claim to be a member of a tech support team or an employee from a trusted company like

Here are the two of the most common scams older folks fall prey to — and how to avoid them.

Microsoft or Apple. Then, they’ll tell the victim there is a problem with their phone or computer and that if they cooperate with the “tech support” representative, they can sort it out. They may also ask you to install a piece of software on your device or provide credit card information to “validate your software.” The fact is that well-known tech companies will never send unsolicited emails to ask for your personal or financial information, and they definitely won’t ask you to install some shady software on your computer. If you ever receive a call out of the blue from “Microsoft,” hang up the phone immediately. The first step to stopping these criminals in their tracks is to be aware of their tactics. With these tips in your arsenal, you’ll be able to defend yourself and your bank account effectively.

While I have the good fortune of working with a diverse group of clients who tell me all kinds of awesome (and sometimes unbelievable) stories of how they got to where they are, perhaps no one’s journey has been more amazing than David Chen’s. David has been a client of my family’s for over 20 years. He is retired now, but he used to work in the Los Angeles County property tax field. Prior to living in California, David resided in Burma. Once he decided to immigrate to the United States, he came over with nothing but the clothes on his back. He didn’t know a single person here, he had nowhere to live, and he didn’t have a pile of cash to rely on, either. He made a decision about what he wanted his life to look like, and he made it happen. It’s truly admirable. I think it’s David’s inspiring background that helped him become the positive, kind, and generous human he is today. I know because I’ve experienced it firsthand. One time, we were chatting, and I mentioned in passing that one of my son’s birthdays was ADVANCED FEE FRAUD The most common con in 2017 and 2018 was the classic “You’ve won a sweepstakes!” scam. Victims are told they’ve won some exorbitant amount of money, but they must pay a fee to receive the prize. After the “fee” is paid, victims receive a fake check in the mail, but by the time it bounces, the scammers are gone and they’ve taken the money. If you ever receive a contract from an unknown entity out of nowhere, you should start seeing red flags. Unless you remember entering a contest, there is no chance you’ve won something. And it’s vital to understand that it is never safe to give out financial information over the phone or via email. Client Spotlight Meet David Chen!

coming up. Without even batting an eye, David gave Maria and me money to take our sons to SeaWorld as a present. There

was another instance where I needed a loan, so he wrote me a check for $50,000 plus interest. I made sure to pay him back, of course, but his decision to help me in a time of need and trust me to pay him back demonstrates how gracious he really is. There aren’t many people in the world who will show up when you actually need them, but David is one of the few who puts the needs of others above his own and who truly means it when he claims to have your back. I’m so grateful to have the privilege of calling him both a client and a friend.

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Opening Day Hamburgers

A Great Example of Taking Action

THE START OF PROPERTY CARE BUILDING SERVICES

Inspired by Saveur Magazine

INGREDIENTS

1 pound ground chuck, 80 percent lean 4 soft, white hamburger buns, split

4 small leaves iceberg lettuce

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4 1/4-inch-thick yellow onion slices 1 teaspoon vegetable oil Salt and pepper, to taste Condiments of your choice

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4 1/4-inch-thick tomato slices

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• • •

12–16 pickle rounds

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DIRECTIONS

1. Lightly grease a small nonstick skillet with oil. Heat over medium-high.

2. While heating, gently shape meat into four patties 3 1/2 inches in diameter. Be careful to handle the meat as little as possible to prevent tough burgers. Season liberally with salt and pepper. 3. Sear patties on each side, about 1 minute per side. Reduce heat to medium-low and continue cooking until desired doneness, about 1 more minute per side for medium-rare, 2 more per side for medium-well. 5. To assemble, place patty on bottom bun and top with tomato, pickles, lettuce, and onion (in that order). Spread condiments on top half of bun and place on top of onion. Serve. TAKE A BREAK 4. Let meat rest for a minimum of 3 minutes.

Let’s face it. Regardless of vocation, everyone drags their feet as they head into work at some point or another. In fact, I’d go as far as to say that a great portion of the world’s population might experience at least a moment or two of dread going to work every single day. People complain about having to climb out of bed, their commute to the office, their manager, their workload, their wages, etc. While there may always be a few frustrating aspects involving one’s job, very few people have the foresight, stamina, or motivation to take action and make changes. Very few people can do what Victoria and Everardo Amezcua did. Nearly four years ago, Everardo decided he wanted to open Property Care Building Services, a privately owned company that would provide janitorial services for hotels and office buildings. Everardo had been working in this industry for a long time, and he had realized that the company for which he was employed wasn’t being managed as efficiently and effectively as possible. Rather than do what everyone else would (sit and complain), Everardo decided to take action and go into business for himself. His wife, Victoria, saw great potential in her husband’s ideas, so she opted to leave her awesome and safe job to help run the business. In just a few short years, Property Care Building Services grew to be a multimillion-dollar company. They now employ over 40 people, and they are kind and attentive managers. I’ve always been and will continue to be extremely impressed with this duo’s work ethic, vision, and energy. They managed to build a large and successful business in a cutthroat industry, starting with nothing but their own experience and ambition. I feel so lucky to get to help them continue making their dreams a reality!

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Revisiting a Classic The Magic of Thinking Big In this issue we’re diving into an old classic that helped define the modern personal development genre and has helped millions of readers improve their lives. “The Magic of Thinking Big” flew off shelves when it was first published in 1959, propelling author David J. Schwartz from university professor to foremost authority on motivation. But does his seminal work still hold true 60 years later? Is there still magic in letting yourself think big in the 21st century? In a word, yes. The lessons in “Thinking Big” are broad, but their wide applicability is also what makes them timeless. While today, many authors and motivational coaches — from “influencer” culture to “growth hacking” — focus on whatever is new and shiny, Schwartz focuses on the fundamentals. This can make the opening chapters in “Thinking Big” feel excessively familiar to those who have read other personal development books. The power of positivity and self-confidence may have been groundbreaking ideas back when Eisenhower was president, but today they’re a given. While this may make some of Schwartz’s ideas feel old hat to modern audiences, the essence of what he wrote in 1959 still rings true today.

In fact, one could argue that several core concepts of this decades-old work are even more applicable today. A running theme in Schwartz’s book is the incomparable benefit of treating people like people. While many personal and business dealings hinge on the power of a handshake,

there’s something refreshing about the common human decency of Schwartz’s outlook. So many motivational works today focus solely on personal reflection — “Thinking Big” reminds us that there is great power in simply being good to other people. Perhaps the largest takeaway today's readers can find here is to take on more and think bigger. “Thinking Big” is replete with real- world success stories of people doing precisely that, from students collaborating to solve supposedly impossible problems to wounded paratroopers making their way across the mountains of Burma toward safety. Whether you’re dusting off an old copy or picking it up for the first time, this classic is still worth a read in 2019.

Companies That Participate in April Fools’ Day

3 Hilarious Pranks Played by Businesses

April Fools’ Day might be the only appropriate time of year for you to prank your friends or coworkers with gags like dipping an onion in caramel and offering it as a candy apple or loosening the tops of the salt and pepper shakers. It’s also the one day of the year when big companies get to join in the mischief as well. Check out these company-wide April Fools’ jokes that left millions of people scratching their heads. NETFLIX’S PSA In 2015, everyone’s favorite online streaming company issued a PSA that warned binge-watchers all over the world of the social, physical, and psychological dangers of watching too much TV. In fact, if viewers watched more than two consecutive episodes of a show on April 1, they were greeted with a PSA from popular actors, like Michael Kelly from “House of Cards” or Taylor Schilling from “Orange Is the New Black.” Some stars even told Netflix users to “Turn off the TV and take a shower. You stink!” BURGER KING’S CHOCOLATE WHOPPER Just last year, Burger King fooled hungry customers by creating the Chocolate Whopper. The imaginary fast-food treat is made with chocolate cake buns, a chocolate "beef" patty, raspberry syrup as the ketchup, rings of white chocolate as the onions, milk chocolate as the lettuce,

vanilla frosting as mayo, and candied blood oranges as the tomatoes. This prank was quite a creative feat by Burger King staff, and merely watching the advertisement spiked glucose levels everywhere.

EHARMONY’S ‘FUREVER LOVE’ DATING SERVICE FOR DOGS Perhaps the most wholesome prank that’s ever been peddled to the masses was the launching of eHarmony’s FURever Love: Canine Compatibility Companion Service. The dating website claimed that based on the algorithms they use for creating compatible human relationships, they built this service to “create robust profiles for dogs based on key dimensions of their personality.” The biographies they created for the pups’ profiles included canine mate preferences, like “Looking for a tug-o-war partner,” “Must love squirrels,” and “It’s been ruff finding a quality stud to go on walks with.” While these April Fools’ Day jokes were all made in jest, the pranks certainly kept audiences guessing long after April 1 had passed, and it’s not hard to see why.

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Does Your Accountant Have an Interesting Side Job? Hopefully Not the Same One as Chuck Lumley!

scheme. Inspired by Chuck’s neighbor Belinda, who works as a prostitute in the evenings, the pair decides to apply Chuck’s financial acumen and Blaze’s entrepreneurial spirit to make the morgue the center of a call-girl operation. Chuck’s timid demeanor vanishes behind his new self-confidence and swagger as a new pimp. But still, he doesn’t leave behind his accounting talents. He works closely with his employees to help them wisely and successfully invest their money, and he figures out a novel way to give them an excellent company health plan. Operations are going quite well until they run into issues with both competitors and policemen. Chuck and Blaze's success draws the ire of dangerous pimps who come to the morgue and threaten to kill Chuck. At the same time, Blaze inadvertently leads undercover cops to the morgue where Chuck is being assaulted by the pimps. A shootout ensues, but Chuck and Blaze are rescued, only to be arrested for promoting prostitution. Because their arrest would be a political embarrassment, the guys are offered their old jobs back and a dismissal of all charges. Chuck’s experience goes to show that while a talent crunching numbers can take you to interesting heights, it’s might not always work out. Luckily for all of our clients at Libman Tax Strategies, I’m not up for any night-shift side gigs! Rainbow Easter Prank Passover Fool Showers Taurus Hoax Spring Butterfly Dandelion Mischief WORD SEARCH

Any accountant will tell you that working with other people’s money makes for a stressful existence — especially when the month of April rolls around. In some instances, the pressure associated with a financially based career can cause accountants to drop out of the rat race. This was certainly the case for Charles “Chuck” Lumley, the protagonist of Ron Howard’s 1982 film, “Night Shift.”

Chuck, a formerly successful stockbroker and number cruncher, found refuge from the ulcer-inducing world of Wall Street by taking up a job as an attendant

at the New York City morgue. Played by “Happy Days” star Henry Winkler, Chuck often lets himself get pushed around by the harsh realities of life. But that bullying mentality ceases the moment he meets his new coworker, Bill “Blaze” Blazejowski, played by Michael Keaton.

Blaze, a self-proclaimed “idea man” crashes into Chuck’s humdrum life at the morgue like a train, and the two draw up an unlikely

Here at Adam Libman Tax Strategies, our Diamond Club is invitation only and reserved for our top clients. If you have questions about the privileges that come with being a Diamond Client or want more information, make sure you give Adam a call! Diamond Clients Have You Heard About Our Diamond Club?

• Randy Gleckman * • Jay & Laine Zuckerman * • Ken Ma & Juliana Tu • Max Keylor • Lynn Adkins * • Ms. X

*Founding Members of the Diamond Club

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WorldsWithin Pages Books to Engage the Whole Family Learning to read opens up a world of possibilities. When your child walks through the back of the wardrobe into Narnia with Lucy Pevensie or rides with Harry Potter on the train to Hogwarts, they connect to something beyond their own experiences. In the U.S., April 23 is World Book Day, and the date commemorates the deaths of legendary authors Cervantes, Shakespeare, and Garcilaso de la Vega, as well as the birth of author Vladimir Nabokov. World Book Day is the perfect time to sit down with your family and let yourself be transported to new worlds. So, here are three great stories to help you take young readers on brand-new adventures. FOR THE ELEMENTARY READER: ‘SONG OF THE WILD: A FIRST BOOK OF ANIMALS’ “Song of the Wild” makes a great read- aloud book for beginner readers because they can get lost in the beautiful artwork while you read the text. Written in prose and rhyming poems, this book showcases sprawling landscapes — savannahs, jungles, and oceans — and features the wildlife living there. It’s worth a read simply to appreciate the colorful depictions of each animal. This book was written by Nicola Davies and illustrated by Petr Horácek.

FOR THE MIDDLE SCHOOLER: ‘THE NIGHT DIARY’ 12-year-old Nisha navigates her world after the partition of India creates the new country of Pakistan and her family is forced to leave their

home. Her mother may be gone, but Nisha finds solace in writing nightly letters to her in her diary as she discovers what the future holds. Based on author Veera Hiranandani’s memories of her own family, this moving tale lets readers experience life through someone else’s eyes. FOR TEENS: ‘BRAZEN: REBEL LADIES WHO ROCKED THE WORLD’ While some might not think of comics as proper reading, Penelope Bagieu’s graphic novel forces reconsideration. Her clever, colorful artwork and engaging narrative take the reader through the biographies of 30 women, from Bette Davis and Mae Jemison to lesser-known but equally intriguing ladies like Giorgina Reid. All in all, this book provides a great way to get kids excited about history in an entertaining form.

Maria's Corner

FromMy Wife’s Perspective!

Tax season is certainly a trying time in our household. When Adam decided to go into the accounting or financial field after college, we spent a lot of time talking through potential issues that might arise during the time he’d have to spend hunkered down in his office for three months during tax season. But even with all our preparations, the first couple years hit us both fairly hard. Fortunately, we now understand the strain that this time places on our household, and we have made adjustments to help it flow as seamlessly as possible. While it definitely has its ups and down, this process has taught me a lot about my own independence. As Adam puts it, “I’m basically a single mom for the first quarter of the year.” So, while the process is stressful on both of us, if nothing else, it has given me a new perspective regarding the experiences of moms who raise their kids on their own. I have a newfound respect for them!

While Adam and I will both

need some time to decompress from the chaos and stress, we’ll start planning a family vacation to celebrate the end

of the season. In fact, Adam has promised the kids an awesome trip by the end of the month. We are all counting down the days.

While these three months are difficult every single year, we’ve figured out a way to navigate it. To any other mom out there who is married to a business owner, I want you to know that I see your struggle and want you to keep your chin up — it’ll all be worth it in the end.

As we get closer to April 15, the boys and I are looking forward to some amazing experiences and reconnecting with their dad.

-Maria Libman

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My Best Business! Meet Gareth Goetz and Scatt Pack Medical Services

the phenomenon in action through my friend and client Gareth Goetz and his company, Scatt Pack Medical Services.

Just as he is a committed and doting father who plays soccer and baseball with his children, Gareth is also one of the most successful and talented salesmen I’ve ever met. Through Scatt Pack Medical Services, Gareth sells medical supplies to hospitals and doctors. For the last 10 years, he has found abundant success selling orthopedic screws (the ones drilled into bones to treat an injury) to surgeons. What sets Gareth apart from other salesmen in a similar field is that he has this unexplainable ability to make his clients feel as though they are old friends. He has also mastered the specs on his product, which makes him both knowledgeable and trustworthy. While I certainly feel fortunate to have worked with Gareth for the last 20 years, one of the coolest things I’ve learned about him is that he only spends approximately 3–4 hours a day working. He’s found this amazing way to accomplish his goals and achieve his dream while still being able to provide for his family and spend his free time with his kids. He’s an inspiration to me and all business owners!

A trend I’ve noticed over the years is that some of the best salespeople I know are also some of the best parents. I’m sure there are studies that explore this connection, but in my head, a great salesperson knows the ins and outs of their market demographics better than anyone. They know what their audience needs or wants to hear. In a similar way, parents know the best ways to communicate and interact with their children because they know their child better than anyone else. While this is all based on my own personal theory, I’ve seen

These prizes are absolutely real, and they are our FREE gifts to you. For more information about this program, please visit AdamLibman.com/prizes. Our Prize Giveaway Program Gift Cards, Tablets, andVacations!

Here at Libman Tax Strategies, our mutual relationship with you is what makes our business function at its highest level. I am honored that so many customers trust us enough to recommend our services to others. We can’t possibly express how much these referrals mean to us, but with our new referral PRIZE GIVEAWAY PROGRAM, we hope we are at least coming close! PRIZE NO. 1: If you like reading our newsletter and think someone you know might enjoy it too, we’d love to add them to our mailing list. Send us their name and address, and we’ll send them a newsletter. To thank you for your referral, we’ll give you a $5 gift card to Starbucks! PRIZE NO. 2: If you get a friend, family member, colleague, or even a stranger in the grocery store to use our services, we will give you a FREE Amazon tablet! Easy as that! PRIZE NO. 3: After we give you the FREE Amazon tablet as a thank-you for your referral, we will enter your name in a quarterly drawing for a romantic weekend getaway to Palm Springs!

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150 N. Santa Anita Avenue, Suite 740 Arcadia, CA 91006 424.253.0200 www.AdamLibman.com

LIBMAN TAX STRATEGIES

INSIDE THIS ISSUE P1 What Does Adam Do After Tax Season? P2 2 Tactics Criminals Use to Steal From Older Adults Client Spotlight: Meet David Chen! P3 WhatWe Can Learn From ‘Night Shift’ Our Diamond Club P4 Books to Engage theWhole Family MyWife’s Perspective P5 My Best Business: Meet Gareth Goetz and

Scatt Pack Medical Services Check Out Our Free Prizes!

P6 Book Review: Discover

‘The Magic of Thinking Big’ 3 Hilarious April Fools’ Pranks Played by Businesses P7 Victoria and Everardo Amezcua and Property Care Building Services Opening Day Hamburgers P8 3 Travel Myths Debunked

Paris on a Budget?

3 Travel Myths You Should Stop Believing

Traveling has many social and educational benefits, but some people have hesitations that prevent them from jetting off on new adventures. Below are three debunked travel myths to give you some ease as you plan your summer vacation! MYTH: VACATIONS ARE EXPENSIVE. Fact: You can travel anywhere on a budget. Tracking flights to score the best deal, setting spending limits, and packing meals are a few ways to save money. Hostels and Airbnbs are great alternatives to spendy hotel stays. Additionally, you don’t have to cross the country to have a great trip. Every state has museums, unique roadside attractions, historical sites, and a booming nightlife. When you know your price limits and what you want to do, traveling can be a fun and inexpensive venture. MYTH: TRAVELING IS DANGEROUS. Fact: If you’re smart about what you do and where you go, traveling can be safe. Go with your gut and only stay somewhere that is approved by travel guides. Visit places you feel comfortable in, and do your research by reading travel blogs, websites, and books to find places that have been vetted by others. Traveling

in groups can also be a great way to lower your risk of danger. As long as you plan ahead, you will have a safe trip.

MYTH: JET LAG IS CAUSED BY A LACK OF SLEEP. Fact: While jet lag can make you sleepy, it’s actually caused by a disruption in your circadian rhythm. Our bodies are cyclical, and the circadian rhythm is set by both a natural need for your body to reset and outside forces, such as your job, time zone, and diet. Travel can disrupt this rhythm and routine, which leaves you lethargic during and after your vacation. Sticking to water before and during your flights and staying physically active during and after traveling are great ways to fight jet lag and get back into your normal rhythm. Don’t let these travel myths keep you from seeing the world. Set a budget, go with your gut, and prepare for a shifting rhythm to make your next adventure the best one yet.

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