Libman Tax - June 2019

Libman Tax - June 2019

LI BMAN 'S AWESOME LETTER

LIBMAN TAX STRATEGIES

JUNE 2019

Do You Know What Time It Is? A Mid-Year Evaluation With Your Favorite Tax Strategist

Hello, everyone! I’m back from the annual mental break I take following tax season. While my mind still feels a little broken, I’m back to being a functional member of society. I’m a human again — or at least, I’m trying to be. Even though I’m still getting back into the swing of the allegedly “normal” life I live for nine months of the year, I still want to use this time to impart some important tax wisdom. We’re in the month of June, which means summer has officially started. As you brainstorm awesome ways to keep your kids (who are fresh out of school and probably already bored out of their minds) busy during the summer break, I encourage you to make an appointment with me for a mid-year evaluation of your tax planning. I know many of you just saw me a few months ago, but personal and financial events — such as sending a child off to college, retiring, or getting married — happen throughout the year, and they all can have a big impact on your taxes. If you wait until the end of this year or even next spring to factor those changes into your tax planning, you might have waited too long. We can also evaluate your profit to income ratio for this year. This information will determine which changes, if any, you need to make be as successful and profitable as possible in 2019. “I know many of you just saw me a few months ago, but personal and financial events — such as sending a child off to college, retiring — or getting married, happen throughout the year, and they all can have a big impact on your taxes.”

During past mid-year evaluations, several of my clients discovered that they needed to add new marketing channels to increase their revenue, decrease expenses, or entirely overhaul their operations process. Changes like these can be made with a mid-year evaluation. Other clients find that they are headed in the right direction during their mid-year evaluation; no changes are needed, and they can continue through the rest of the year with some peace of mind.

All in all, while taxes might be the last thing on your mind as you start planning those awesome summer vacations, you’ll live out the rest of your year with a little less hassle

if you pay me a visit now. Give me a call at 626.280.6865. I know it will suck a little, but I promise that your future self will thank you!

-Adam Libman

424.253.0200 • 1

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WHY SENIORS ARE FLOCKINGTO HOME-SHARING PLATFORMS An Opportunity for Easy Money and Social Engagement

Home-sharing allows them to tap into these resources. According to Priceonomics, U.S. Airbnb hosts bring in a monthly average of $924.

But home-sharing can do more than boost your income. By opening a room in your home to travelers, you’ll encounter all kinds of people you might never otherwise meet, prompting dynamic social interactions and meaningful connections. The rating systems on Airbnb and similar platforms almost entirely prevent would-be troublemakers from entering your property, and users report that when a rare negative experience does occur, the company typically has your back. It’s a great way to stay socially engaged while staving off loneliness. Best of all, running a modestly successful Airbnb usually doesn’t take much work. It simply requires you to set up a neat, welcoming space, keep in contact with your guests, and ensure the check-in and check- out processes are as straightforward as possible. In fact, senior hosts seem to have a leg up on their younger counterparts, as elderly hosts earn the most consistently positive ratings across the globe. Airbnb and The Freebird Club won’t make you rich, but they’re relatively low-effort enterprises that come with some massive benefits. If you’re looking for a little busywork, some extra cash, and a little social interaction in your retirement, hosting may be your best bet!

The freedom of retirement certainly comes with its perks, but challenges of post-work living exist as well. Chief among them, for most elderly folks, are fears of social isolation and financial insolvency, as having coworkers and a regular income are not as common in retirement. Perhaps this is why so many retirees are flocking to home-sharing platforms like Airbnb or its seniors-only cousin, The Freebird Club. Airbnb reported last year that the 60-plus age bracket is its fastest- growing demographic worldwide, with the number of senior hosts as much as doubling every year. Home-sharing platforms can be a tremendous boon to a tight retirement budget. It’s an especially attractive option to elderly folks who find themselves rich in assets but struggling with liquid finances.

Some Pretty Cool Clients!

Claude and Audrey

Having spent the greater part of my life helping manage people’s financial affairs, I’ve learned the importance of maintaining professionalism in certain work environments — I’ll admit, I usually learn best through my own misfortune. But while I do take my job seriously, I love having awesome clients who make the day go by a little faster by making me laugh. Claude Johnson and his super special someone Audrey are the best examples. Claude and Audrey have been clients of mine and my dad’s for over 30 years. During that time, I’ve dubbed them the funniest couple I know. I’m not exaggerating; I actually make sure I use the restroom before I meet with them because they make me laugh so hard. (Sorry if that’s too much information!) Sometimes we joke that we spend so much time laughing during our appointments that I don’t get any work done. Lately, this claim seems like more than a joke. Their daughter, Sarah, joins them from time to time, as she is also one of my clients. Let me tell you, the funny bone certainly runs in the family.

Claude and Audrey are retired now, but they still make a point to stay active in the community by participating and funding several amazing charities. They are the type of people you meet and immediately want to go out and grab a burger and a beer with. I look forward to seeing them every year. Thank you, Claude and Audrey, for making my job fun and for making my ribs hurt from all the giggles. You two are awesome!

2 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies

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Making Beauty Out of Pain

BLT Dogs

HEATHER MORROW AND HER AWESOME BUSINESS, POTTERY DAILY

Inspired by FoodNetwork.com

Is a hot dog a sandwich or not? We’re not here to weigh in on the ever-contentious debate, but when you combine a hot dog with a BLT, it definitely becomes more sandwich-like — and way more delicious.

INGREDIENTS

4 strips bacon

1 head romaine lettuce, shredded 1 large tomato, seeded and diced Salt and pepper, to taste

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4 hot dogs (ideally Boar’s Head Beef Frankfurters, but any all-beef variety will do)

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4 hot dog buns

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1 tbsp mayonnaise

DIRECTIONS

It’s a common societal belief that great art comes from great pain: Van Gogh painted “The Starry Night” while in emotional torment; Lennon and McCartney forged their creative partnership following the death of their respective mothers; Milton penned “Paradise Lost” after losing his wife, his daughter, and his eyesight. I’ve always been fascinated by artists’ ability to take their negative experiences and use creative outlets to work through them in a healthy way. But perhaps none have impressed me more than my client Heather Morrow. After her first husband tragically passed away from cancer, Heather sought out her creative soul to help her feel more tethered and grounded. She started by painting and then joined a wheel-throwing class, finding that she had a deep connection to the process. Her business grew out of her passion for pottery. Pottery Daily is a company she created to share her adventures, sell her masterpieces, and teach others how to ignite their own love for the craft. Heather also used these experiences to author a book on overcoming loss. While taking her grief and molding it into something beautiful, Heather still maintained her career as a corporate trainer for one of the top law firms in the world. So, she has her own business centered around a hobby that brings her joy and peace, and she also has a job at which she (pardon my language) kicks ass. I seriously encourage anyone and everyone to go to Heather’s website PotteryDaily.com to see her artwork. It’s truly beautiful!

1. Heat a skillet to medium and fry bacon until rendered and crisp. Transfer to a paper towel to drain.

2. Fry hot dogs in bacon drippings, creating a crust, and cook until warmed through.

3. Using a dry skillet or oven, toast buns.

4. Spread mayonnaise on buns, place hot dog and bacon inside, and top with tomatoes and lettuce. Serve. TAKE A BREAK

424.253.0200 • 7

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'Influence' A Road Map to Closing Deals Business majors and longtime entrepreneurs will be very familiar with this work. And in an age when many shiny new theories on leadership and personal development come out every year, it’s refreshing to revisit a classic that has stood the test of time. Thirty-five years after its original publication, “Influence: The Psychology of Persuasion” should still be required reading for marketers, small-business owners, and anyone else looking to improve their negotiation skills. Written by Dr. Robert Cialdini, “Influence” explores why people say yes. A professor of business and psychology, Dr. Cialdini is uniquely qualified to tackle this question, combining scientific >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8

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