Norton Accounting Services, LLC - April 2022

Norton Accounting Services, LLC - April 2022

NortonAccountingServices.com 985-640-6072 [email protected] APRIL 2022 NORTON NEWSLETTER EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES THE REAL ESTATE TAX PRO ™

The year 2021 was the year for selling properties. It was also a tough year for buying them, if you wanted to get them at a discount. Still, many of you managed to acquire new properties despite the market. FROM THE DESK OF Bob Norton

If you sold a primary residence, then most likely you realized a tax-free gain on the sale!

You CAN Fit Them Into Any Budget! ARE SUBSCRIPTIONS FRIVOLOUS OR AFFORDABLE?

If you sold an investment property, then most likely you are paying tax on the sale.

I want to encourage you to call my team before you sell a property so we can discuss your options to minimize your tax and confirm timelines. For example, the dates that you purchased and sold your property matters in the rate of tax that you pay. Finding out after you sell that you could have saved $$$$$ in taxes by closing a few days later is a bummer. Another strategy to consider is doing a 1031 exchange. This process allows you to defer paying taxes on the sale of an investment property. As with most of these strategies, there are rules that you need to follow. Missing a step in the process means you will be paying tax.

These days, you can subscribe to just about any kind of service. From niche products, like monthly hot sauces and jigsaw puzzle deliveries, to media services that range from Netflix to Spotify, you can find a way to tailor your interests into a monthly subscription. But if you’re someone like me, who’s careful about what they spend, you likely wonder if these subscription-based services are really worth it.

This month, I’m tackling the ever-changing world of subscription-based services to help you answer this very question.

The Pros

Psychologists always say to start with something positive, and there are a few perks to subscription-based services. The first reason is obvious: It’s fun! Who doesn’t love receiving a delivery every month or having access to your entire music or movie library with just a few clicks? That mental and emotional boost might be an investment in your health! There’s also the convenience factor. Shopping chains such as Amazon and Target allow you to sign up for monthly deliveries of commonly used products, like household cleaning products or food and beverages. In doing so, you may be less likely to splurge on other items, and the overall cost of the subscription may be more affordable in the long term.

I know you hate paying tax! So, call us before you sell to find out how to avoid paying too much.

–Bob Norton

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The Cons

morning, so you buy a cup from the local coffee shop. But if you were to track this cost for one month, you may find that a coffee subscription box is more affordable! 2. Consider your lifestyle: Before signing up for a subscription, ask yourself if this service would add value to your life. For instance, if you’re someone who eats out often, you could save money from meal delivery services. If you prefer to cook, you will spend more on meals with a subscription service. Additionally, if you’re a movie or TV buff who watches originals on streaming platforms, the added cost compared to cable may be useful to you. Remember that what works for some may not work for others. 3. Be quick to pause: Don’t hesitate to pause or temporarily cancel your services. Set monthly or quarterly reminders to cancel, place a hold on, or examine if the services are still necessary.

It may be convenient to have your meals shipped right to your door, but that doesn’t make it more affordable. In the case of meal-based services like HelloFresh or Blue Apron, you will spend more money per meal than you would going grocery shopping and preparing your meals at home. Furthermore, the luxury of convenience is what costs more money. For instance, if you subscribe to multiple streaming services — where prices can be anywhere from $8–$15 per month — are you really saving more money than cable? You can likely find an affordable cable plan that allows you to watch hundreds of channels and pay for cheaper internet coverage as part of a bundle, too.

What Should You Do?

The Verdict

Don’t cancel your subscriptions (yet)! Where you can find added value in these products is by subscribing wisely. Here’s how.

Subscription services can add a lot of value to your life, but these products can also be wasteful. I suggest taking your time making a decision before signing up for a subscription service and continually ask yourself if the investment is worth the expense.

1. Do the math : If you’re toying with the idea of a subscription, do some tracking. Let’s say you want fresh, quality coffee every

3 PRANKS THAT SEVERELY BACKFIRED April Fools’ Day Gone Wrong

April 1, aka April Fools’ Day, is when people love to pull pranks on one another. But if they’re not careful, pranks can end with a court case or jail time. Let’s take a look at a few April Fools’ pranks that have brutally backfired.

the contest, and when she went to pick up her brand-new car, the DJ came out with a remote control toy car. They then went on air and laughed about how they fooled everyone. Castillo hired an attorney and sued the radio station for $60,000 — the cost of a new Hummer.

Navistar Plant Shutdown In April 2021, Pamela Sisco texted her sister about an active shooter at Navistar Plant in Clark County. Her sister was frightened, and she called the authorities to let them know about the situation. The plant shut down after hearing about the incident because they thought it was a real threat. When officers were at the scene, they charged Sisco with inducing panic and disrupting public services. This is a fifth-degree felony in Ohio, and she was sentenced to a year in prison.

Practical Joke at Work Creates a Law Glenn Howlett was a services manager at London City Hall in London, Ontario, Canada. In 2004, he decided to take a

vacation to relax and not think about work. His colleagues decided to tell him that a major project he was working on was due earlier than Howlett expected. So, he made his vacation short and decided to return to work to finish his project. He became so stressed out that he began having heart palpitations and collapsed. Afterward, he sued his now former employer for damages. As a result, the city passed a law prohibiting practical jokes within workplaces.

Radio Contest Gone Wrong KBDS (103.9 FM) is a radio station in California that held a contest in 2005. They told their listeners they could win a new Hummer if they tracked the number of miles of two Hummers as they drove around town. Shannan Castillo won

As you plan your pranks for April Fools’ Day, remember not to go too far with your jokes. Make them lighthearted and fun so everyone can laugh about them in the future.

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Shh! This Is Our Little Secret … HIDDEN VACATION GETAWAY GEMS IN THE US

Who says you need to travel abroad for a glamorous or exciting vacation? We have so many incredible spots within the U.S.! From coast to coast, here are three underrated domestic, family-friendly vacation spots you just might be missing out on. Best for Families: Broken Bow, Oklahoma Travel Distance: 3 hours by car from Dallas, TX, or Tulsa, OK Best Time to Visit: Late spring or fall Thanks to its location by Broken Bow Lake, you’ll be surrounded by forest and wildlife in almost any cabin or Airbnb you book in the area. The Wildlife Museum, BigFoot Speedway (a go-kart racing track), and Beaver’s Bend Mining Company (a kid-friendly geology center to learn about rocks, minerals, and the area’s mining history) are great attractions on top of the awesome hiking and lakeside outdoor activities available. Best for Beach Vacationers: Jekyll Island, Georgia Travel Distance: 1.5 hours by car from Savannah, GA, or 1.25 hours by car from Jacksonville, FL Best Time to Visit: Fall This island used to be a private escape for wealthy families in the 1880s — and it shows. It’s a unique vacation spot on the East Coast

for anyone looking for serenity and adventure. With over 10 miles of white sand beaches, and much of it undeveloped, you’ll get a very natural, tranquil experience with excellent seafood and Southern-style dining options.

Best for Quiet Paradise Seekers: Silver Falls State Park, Oregon Travel Distance: 1.25 hours by car from Portland, OR Best Time to Visit: Summer Oregon is already known for its spectacular waterfalls, but if you want to find a quiet oasis of cascading waterfalls and lush scenery, look no further than Silver Falls State Park. Set off on a 9-mile hiking trail loop named Trail of Ten Falls to see all 10 waterfalls. If you choose to stay overnight, the campgrounds include a gorgeous forested setting with spacious sites, nice bathrooms, and options for tent or RV camping. These sites often require a little over an hour’s drive, but that’s why they are perfect for quiet and enjoyable vacations. Consider giving them a try!

Take a Break!

Vegan Garlic Alfredo Sauce

Inspired by TheVegan8.com

Ingredients

• 1 medium white onion, diced • 1 1/2 cups low sodium vegetable broth, divided • 4 large minced garlic cloves • 1/2 tsp salt

• 1/4 tsp ground black pepper • 1/2 cup raw unsalted cashews • 1 tbsp lemon juice • 2 tbsp nutritional yeast

Directions

1. In a large pan over medium-high heat, add the onion and 1 cup of broth. Cook for 8 minutes until the onion is tender. 2. Add the garlic and cook for a few minutes, stirring often, until the broth has evaporated. 3. In a food processor, add the onion and garlic and blend well. Then add the remaining broth, salt, pepper, cashews, lemon juice, and nutritional yeast. Blend on high until creamy and smooth. 4. Serve over pasta of your choice.

BLOOM CLEANING EARTH EASTER

FLOWERS FOOL PRANK RAMADAN

RECYCLE SPRING TEACHER VENUS

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THE REAL ESTATE TAX PRO ™

Norton Accounting Services, LLC

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

NortonAccountingServices.com 985-640-6072 [email protected]

1527 Gause Blvd. Ste. 132 Slidell, LA 70458

INSIDE THIS ISSUE From the Desk of Bob PAGE 1 Are Subscription Services Budget-Friendly? PAGE 1 Major April Fools’ Day Fails PAGE 2 Secret, Beautiful Vacation Spots in the US PAGE 3 Take a Break PAGE 3 Vegan Garlic Alfredo Sauce PAGE 3 A Heroic Dog Saves Her Owner PAGE 4

SHE SAVED HER HUMAN! Meet Tinsley, a Car Crash Survivor

On Jan. 3, 2022, New Hampshire State Police responded to a call about a lone dog wandering around on the interstate near Veterans Memorial Bridge. When they got there, the pup — a Shiloh shepherd named Tinsley — led the officers on what seemed to be a wild goose chase. “When Trooper Sandberg and the Lebanon police officers attempted to get close to the canine, it continued to run northbound on Interstate 89, crossing into Vermont,” the police department wrote in a Facebook post. “A short time later, Trooper Sandberg and the Lebanon police officers located a damaged section of guardrail near the Interstate 91 and Interstate 89 junction.” It turns out Tinsley had a destination in mind: an upside-down pickup truck that had crashed through that very guardrail. The truck had rolled off the highway, and the people who were inside — including Tinsley’s owner, Cam Laundry — were on the ground, badly hurt and hypothermic! Thanks to Tinsley’s bravery, the cops called an ambulance that rushed them to the hospital. “This was almost like a real-life Lassie situation,” one lieutenant told CNN. “It’s really quite remarkable. This dog definitely saved their lives. I don’t think they would have survived the night given the temperatures.”

Tinsley is a real hero on four legs, just like Lassie, a fictional pup who saved two little boys from dying of hypothermia in the snow. Fortunately, Tinsley’s grateful owner, Cam, made a full recovery. He also knows just how special his pup is. “She gets spoiled all the time,” he told the WPTZ news station. “She’ll get some venison, probably [a] burger tonight, and probably some back scratches with it.” Tinsley is not the only dog who has saved a human from the cold. In the winter of 2017, a rescue pooch named Peanut saved the life of a 3-year-old girl in Michigan who had wandered away from home, and a golden retriever named Kelsey saved her owner after he slipped in the snow and broke his neck. She kept him warm for 19 hours and barked until help came. To read the full story of Tinsley’s roadside rescue, visit CNN.com and search “real-life Lassie.”

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